Pro-Putin Viktor Orban & Robert Fico lash out at EU; ‘Change is needed, this cannot go on…'
Hungarian Prime Minister Viktor Orbán and his Slovakian counterpart Robert Fico delivered fiery speeches at the 2025 CPAC Hungary conference in Budapest, launching scathing critiques of the European Union's leadership. Orbán accused Brussels of 'hijacking and derailing' Europe's future and echoing his sentiments was Fico, who accused the EU of suppressing dissent. Fico's comments followed his visit to Russia for the 2025 Victory Day Parade. Watch their remarks here.
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Indian Express
18 minutes ago
- Indian Express
Staying the course on trade pacts with the UK and US
The uncertainty unleashed by Donald Trump's tariffs has only been aggravated by a spate of recent court rulings. On May 28, the US Court of International Trade struck down Trump's 'Liberation Day' tariffs, saying that the emergency law (International Emergency Economic Powers Act) does not give the President the power to impose broad tariffs. However, a day later, a federal appeals court temporarily reinstated the tariffs. The case is now likely to work its way through the US legal system. The uncertainty is likely to linger on as the 90-day pause on the Liberation Day tariffs ends in the second week of July. The Trump administration may have hoped that some trade deals would be quickly negotiated. And while the US and the UK have reached an agreement — the deal was announced on May 8th — progress with other major trading nations/blocks remains a protracted process. Take the case of China. A few days ago, US Treasury Secretary Scott Bessent is reported to have said that trade talks between the US and China 'are a bit stalled'. Last Friday, Trump said that China has 'totally violated' its agreement with the US, a charge that China has rejected. The US President is expected to speak to Chinese President Xi Jinping this week to iron out their differences. In the case of Japan, several rounds of talks have taken place, and another is expected before the G7 summit. But last Friday, the legal challenges to his tariffs notwithstanding, Trump also raised the tariffs on steel and aluminium to 50 per cent, potentially impacting countries such as Canada, Mexico and South Korea, which account for a sizeable share of US steel imports. A day later, the European Union, which had agreed to 'accelerate talks' on a US trade deal, has also responded firmly, saying it is prepared to impose 'countermeasures' against the US. It noted that such moves to increase tariffs 'undermine ongoing efforts to reach a negotiated solution'. The new tariffs are effective from June 4. These latest tariff moves come at a time when India and the US are negotiating a bilateral trade deal. A US team is expected to visit India over the coming few days. On Monday, US Commerce Secretary Howard Lutnick, speaking in Washington at the US-India Strategic Partnership Forum's leadership summit, said that a deal between the US and India could happen in the 'not too distant future'. The India-EU trade deal also appears to be on course. As per a report, the two sides have agreed on several chapters, and the pact could be concluded before the end of the year. Coming after the finalisation of the India-UK agreement, the successful culmination of these deals would increase the country's attractiveness as an investment destination.
Indian Express
an hour ago
- Indian Express
Trump signs order to double steel and aluminium tariffs to 50%, exempts UK
US President Donald Trump signed an order on Tuesday to double the steel and aluminium tariffs from 25% to 50%. The move by the Trump administration to hike tariffs on steel and aluminium imports, which affects key inputs in everything from cars to canned foods, is the second increase since March. Trump said the measures to increase tariffs on steel and aluminium imports would come into effect from Wednesday onwards and they are intended to secure the future of the American steel industry. Meanwhile, the US announcement to double tariffs on steel and aluminium would exempt the United Kingdom, hours after the UK government said the two countries agreed on the need to implement a tariff relief deal as soon as possible. President Trump just signed a proclamation raising tariffs on steel and aluminum imports by 50% to protect U.S. steel and national security.🇺🇸 THE GOLDEN AGE IS HERE! — The White House (@WhiteHouse) June 3, 2025 A UK government spokesperson said, 'The UK was the first country to secure a trade deal with the US earlier this month and we remain committed to protecting British business and jobs across key sectors. We will continue to work with the US to implement our agreement, which will see the 25% US tariffs on steel removed,' Reuters reported. However, critics have said that the decision to levy 50% tariffs on steel and aluminium would wreak havoc on steel producers outside of the US, could trigger retaliation measures from trade partners, and the American metal users would eventually bear the cost of another trade jam. According to the US government, America is the biggest importer of steel in the world, after the European Union. The United States procures its metal from Canada, Brazil, South Korea and Mexico among others. During Trump's first tenure, the US had imposed a 25% tariff on steel and 10% tariff on aluminium wherein the US president had cited a law that gives him the authority to protect industries considered vital to national security.
Hindustan Times
2 hours ago
- Hindustan Times
India, UK sign trade deal with scope for renegotiation
The free trade agreement between India and the UK, concluded on May 6, incorporates a mechanism that would allow either party to renegotiate specific clauses if the other offers better terms to a third country through separate bilateral agreements, according to people familiar with the matter. The provision, now undergoing legal review, reflects UK's concern about missing future opportunities as India rapidly expands its trade relationships with major economies, including ongoing negotiations with the US and the European Union. 'The mechanism is mainly proposed by the British side as almost all major developed economies are holding FTA talks with India, which is rapidly growing to become the third largest by 2028. The UK does not want to miss out on any major opportunities even in future,' said one of these people, who asked not to be named. Although the agreement was concluded on May 6, it will require almost a year of clause-by-clause legal scrutiny and necessary approvals from competent authorities in both countries before it can be implemented, the official added. In a recently published policy paper on the India-UK FTA, the British government highlighted this renegotiation feature. The paper described the 'ambitious' deal as laying 'a stronger and mutually beneficial' relationship between the two countries, noting: 'We have sought to secure a deal that will keep pace with India as it grows. Alongside India committing to more than double their tariff reductions over the next 10 years, we have also secured numerous mechanisms that ensure that if India were to offer better terms to a different country, we could return to the table.' The timing is significant as India simultaneously pursues trade agreements with multiple partners. The country is currently in intensive negotiations with the US for a Bilateral Trade Agreement, with an early tranche of it expected this month. The India-UK agreement includes several key provisions designed to protect both countries' domestic interests while facilitating trade. General provisions and exceptions would allow both parties to take measures that might not otherwise conform with the agreement's commitments in order to serve legitimate public policy objectives. 'The trade agreement will also ensure the two countries would protect their respective domestic interests and respond appropriately to international developments in future. In other words, the two partners will be free to undertake justifiable measures to protect their respective security interests,' a second person familiar with the negotiations said. According to the UK policy paper, these flexibilities will 'protect domestic policy space and preserve the UK and India's rights to regulate in the public interest.' The agreement establishes an institutional framework including a joint committee with defined powers and functions to oversee the pact, ensuring it can drive economic growth in both countries. A subcommittee on sustainability will also be created. Trade facilitation features prominently in the deal, with both partners agreeing to release goods as rapidly as possible after arrival at customs. 'The idea is to do so within two days provided all necessary requirements are met in such cases where no physical examination would be necessary,' the second person said. According to an analysis by consultancy firm EY dated May 7, the deal will significantly benefit both economies. British exports will see 90% of UK tariff lines facing reduced tariffs, benefiting products including whisky, gin, automotive goods, medical devices, cosmetics, aerospace components, lamb, salmon, electrical machinery, soft drinks, chocolate, and biscuits. Whisky and gin tariffs will decrease from 150% to 75% initially, dropping to 40% over a decade. Automotive tariffs will fall from over 100% to 10% under a tariff rate quota system. For India, 99% of Indian tariff lines covering nearly 100% of trade value will benefit from zero duty, opening export opportunities for textiles, marine products, leather, footwear, sports goods, toys, gems, jewellery, engineering goods, auto parts, engines, and organic chemicals. The FTA is projected to increase UK GDP by £3.3 billion by 2035 and support significant employment gains in India, particularly in labour-intensive sectors like textiles, leather, and footwear. Bilateral trade, valued at $60 billion in 2024, is projected to double to $100 billion by 2030, according to the EY report.
