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Business Standard
20 minutes ago
- Business Standard
Trump's tariff hike could shave 0.3 pp off India's GDP: Goldman Sachs
India condemns new 25% duty on exports; total levy now at 50%; analysts expect talks before August 27 deadline New Delhi India's economy could take an additional 0.3 percentage point (pp) annualised hit to real gross domestic product (GDP) growth following US President Donald Trump's decision to impose a fresh 25 per cent duty on Indian imports, Goldman Sachs said. This is over and above the 0.3 pp impact previously estimated from the April 2025 tariff round. According to Goldman Sachs, once exclusions, such as those under Section 232 of the US Trade Expansion Act, 1962, are applied, the effective average tariff rate on Indian exports to the US will settle at around 32 per cent. US doubles tariff on Indian goods On Wednesday evening, Trump issued an executive order imposing an additional 25 per cent duty on Indian imports. This brings the total levy to 50 per cent, effective August 27. India's US exposure significant India's exposure to the US market is substantial. Around 4 per cent of India's GDP is linked to final demand from the United States, Goldman Sachs analysts noted. In FY25, India exported goods worth $86.5 billion to the US, while imports stood at $45.7 billion. Key exports include electronics, chemicals, pharmaceuticals, and textiles, while major imports are crude oil, gems and jewellery, and machinery. Russian crude oil: A flashpoint in India-US trade relations One major point of tension is oil. While Russia provided about one-third of India's crude oil in FY25, the US share was just 4 per cent. That share did rise to 8 per cent in April and May 2025, but the US remains a minor supplier overall. MEA terms move 'unfair' India's Ministry of External Affairs (MEA) called the US action ' unfair, unjustified, and unreasonable.' It said India's energy sourcing was guided by market pricing and supply security. 'It is extremely unfortunate that the US has chosen to penalise India for decisions being made by several other countries in their own national interest,' the MEA said in a strongly worded statement. PM Modi: Farmers, fishers, dairy will not be sacrificed Addressing the MS Swaminathan Centenary International Conference on Thursday, Prime Minister Narendra Modi asserted that India would not compromise on the interests of its farmers, fishers, or dairy industry. ' The interest of our farmers is our top priority … I know that I will have to pay a heavy personal price for this. But I am ready for it,' the Prime Minister said. Room for negotiations remains Goldman Sachs has not revised its India GDP forecast yet, but flagged the possibility of further impact if retaliatory actions or broader trade restrictions follow. 'There is a window for negotiation,' the report said, pointing to the three-week gap before the new tariffs come into effect. A day earlier, the Reserve Bank of India (RBI) held its FY26 GDP growth projection steady at 6.5 per cent, citing a lack of sufficient data to warrant revisions. RBI Governor Sanjay Malhotra, speaking after the Monetary Policy Committee (MPC) meeting, said, ' We do not have sufficient data to revise our GDP forecast,' adding that global uncertainties had already been factored into earlier projections.
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Business Standard
20 minutes ago
- Business Standard
UCLA in talks with Trump admin to reinstate $584 million in grants
By Maxwell Adler and Liam Knox The University of California at Los Angeles said it has entered into negotiations with the Trump administration to reinstate about $584 million in frozen federal research funding. The move came after the US Justice Department had given the school a Tuesday deadline to enter into a resolution agreement after a US investigation found UCLA violated federal civil rights laws by failing to stop antisemitic harassment on campus. 'Our immediate goal is to see the $584 million in suspended and at-risk federal funding restored to the university as soon as possible,' James Milliken, president of the UC system, said in a statement Wednesday. The amount of frozen funding cited by Milliken was considerably higher than a $200 million estimate by California Governor Gavin Newsom last week. The freeze is affecting hundreds of grants from agencies including the National Science Foundation and the National Institutes of Health. The DOJ said last week that UCLA acted with 'deliberate indifference' to alleged targeting of Jewish and Israeli students after the Oct. 7, 2023, Hamas attack and Israel's subsequent invasion of Gaza. It had threatened to file a complaint in federal district court by Sept. 2 unless the school agreed to enter into talks. UCLA became a flashpoint in spring 2024 as campus protests escalated nationwide over Israel's war against Hamas, which is designated as a terrorist group by the US and the European Union. In addition to widespread allegations of anti-Jewish bigotry at the California school, at least 15 people were injured on campus in April of last year when pro-Israel counter-demonstrators attacked a pro-Palestinian encampment by launching fireworks and swinging metal rods. President Donald Trump's administration has seized on campus unrest over the war in Gaza to step up civil-rights enforcement at universities across the US. While the administration's efforts have focused largely on some of the nation's most elite private universities — including Harvard, Cornell and Northwestern — they have also extended to the public sphere, with the 10-campus University of California system, including Berkeley, facing heightened scrutiny. Two Ivy League universities, Columbia and Brown, reached agreements with the White House in July after Trump froze hundreds of millions in federal research grants at the schools. At UCLA, Chancellor Julio Frenk said the university was receiving counsel to 'actively evaluate our best course of action.' 'We are doing everything we can to protect the interests of faculty, students and staff — and to defend our values and principles,' Frenk wrote in a letter to students Wednesday. 'Death Knell' In his statement disclosing the talks with the federal government, Milliken, who assumed his role overseeing the state system on Aug. 1, assailed the cuts, saying they 'do nothing' to address antisemitism. 'The announced cuts would be a death knell for innovative work that saves lives, grows our economy, and fortifies our national security,' he said. Michael Chwe, a political science professor who sits on the board of the UCLA Faculty Association, said the impact of the freezes are already being felt, especially in medical and engineering departments. 'My colleagues who operate labs funded by NIH and NSF grants are saying they were told to stop work immediately last week,' Chwe said. If UCLA entered into negotiations with the government like many Ivy League colleges, Chwe said, it would be 'an absolute disaster.' He said he hopes that the university's position is strengthened by support from the California state government — and Newsom, a Democrat who has positioned himself as an active antagonist to Trump. For some researchers at the university, the disaster is already here. Carrie Bearden, a clinical psychology professor, said the grant funding her lab's work studying risk factors for severe adolescent mental illness was suspended. She doesn't support a deal with the White House but said that for her staff whose jobs are dependent on that money the freeze was an 'immediate crisis.' She said she stayed up until 2 a.m. on Tuesday looking for alternative funds. 'We don't have time to see what the administration will do,' she said, referring to the White House. Last week Newsom called the UCLA freeze a 'cruel manipulation' of antisemitism claims, saying cutting critical funding for research 'makes our country less safe.' Columbia agreed in July to pay $221 million and to appoint an independent monitor who will review the school's compliance with federal laws in its hiring and admissions processes. Brown said it would pay $50 million over the next decade to support workforce development programs in its home state of Rhode Island, take steps to improve campus climate for Jewish students, and revise its policies on gender identity in line with new White House guidelines.
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First Post
20 minutes ago
- First Post
A 24-karat gold relief for Apple: Tim Cook's special gesture for Trump
When Apple CEO Tim Cook visited the Oval Office, he didn't show up empty-handed. He gave Donald Trump a large glass plaque mounted on a 24-karat gold base, with the president's name and 'Made in USA' engraved on it. Apple also pledged additional new investments worth $100 billion in US manufacturing, taking total investments to $600 billion read more Apple CEO Tim Cook gave a glass piece made by Corning, with President Trump's name printed across the top. AP When Apple CEO Tim Cook visited the Oval Office, he didn't show up empty-handed. Along with announcing a fresh $100 billion investment in US manufacturing, he brought a symbolic gift for President Donald Trump, a piece of iPhone glass, mounted on a 24-karat gold base. The moment was captured on video, showing Cook presenting the memento as Trump and Commerce Secretary Howard Lutnick looked on. Cook has built a strong working relationship with Trump over the years. After Trump's second-term win, several business leaders reportedly looked to Cook's example when it came to navigating conversations with the President. STORY CONTINUES BELOW THIS AD This comes as Trump has previously publicly pushed Apple and other companies to shift their manufacturing to the US and has even warned of possible tariffs if they don't. So what's the story behind this gift? And why does it matter? Let's take a closer look. What is the gift special? At first glance, it might seem like a simple glass disc, but it carries much more meaning. The piece was made by Corning, the company behind the durable and ultra-clear glass used in iPhones. It features the Apple logo etched into the centre, with President Trump's name printed across the top. 'This glass comes off the Corning line. It's engraved for President Trump. It's a unique unit of one. It was designed by a US Marine Corps corporal, a former one, who works at Apple now,' Cook shared. Apple CEO Tim Cook gifts President Trump a piece of glass with 24k gold 🚨 This comes after promising an additional $100 billion on top of the $500 billion in U.S. investment — Apple Hub (@theapplehub) August 7, 2025 STORY CONTINUES BELOW THIS AD The base of the glass, a 24-karat gold stand, adds a luxe touch, and according to Cook, the gold was sourced from Utah. At the bottom of the disc, there's Cook's signature along with the words 'Made in USA' and the year 2025. And while the exact weight wasn't mentioned, it's worth noting that the current price of gold is over $3,300 an ounce, as per Reuters. Trump's push to make Apple 'Made in USA' Donald Trump has repeatedly pushed American tech giants, especially Apple, to bring manufacturing jobs back to the United States. Shortly after he came back for his second term, he made it clear that he wants fewer iPhones made in India or China, and more assembled on American soil. 'I have long ago informed Tim Cook … that I expect their iPhones … sold in the United States … to be manufactured and built in the United States, not India, or anyplace else,' Trump had written on Truth Social. 'If that is not the case, a tariff of at least 25 per cent must be paid by Apple to the US.' Donald Trump has repeatedly pushed American tech giants, especially Apple, to bring manufacturing jobs back to the United Image/ AFP In response to that pressure and in line with growing political and consumer expectations, Apple has pledged a significant boost to its domestic investments. CEO Tim Cook recently announced that Apple is adding another $100 billion to its existing commitment of $500 billion in the US over the next four years. STORY CONTINUES BELOW THIS AD As part of this effort, Cook said that soon, 100 per cent of the cover glass used for iPhones and Apple Watches will be made in the United States. 'Companies like Apple, they're coming home. They're all coming home,' Trump told reporters in the Oval Office after receiving the custom-made Apple gift. 'This is a significant step toward the ultimate goal of ensuring that iPhones sold in America also are made in America,' he added. With input from agencies
