In Gaza, hunger as a weapon of war
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Hindustan Times
28 minutes ago
- Hindustan Times
Gold steady amid Trump's 100% tariff threat on chip imports and trade tensions
Gold held a moderate loss, as traders looked past uncertainty created by US President Donald Trump's latest trade moves, including threatening a 100% tariff on chip imports. Traders also watched for Trump's nomination within days of a temporary Federal Reserve governor who is expected to be more aligned with his agenda to ease monetary policy.(AFP File Photo) Bullion was steady around $3,370 an ounce after a 0.3% decline in the previous session. This came after Trump said he would impose a 100% levy on semiconductor imports in a bid to force companies to move production back to the US. Meanwhile, relations with key trade partners soured, with the US leader doubling the tariff on Indian goods to 50% over the South Asian country's continued purchases of energy from Russia. Japan may also face higher duties than agreed last month on some products, Kyodo reported. Traders also watched for Trump's nomination within days of a temporary Federal Reserve governor who is expected to be more aligned with his agenda to ease monetary policy. Lower rates benefit gold, which doesn't yield interest. The precious metal's recent rally has been driven by rising expectation of rate cuts. Central bank buying and a broad trend of diversifying away from US dollar-denominated assets have also offered support. It's climbed nearly 30% this year, though the bulk of its gains happened in the first four months, as geopolitical and trade tensions rattled the market. Gold was 0.1% higher at $3,373.45 an ounce as of 8:42 a.m. in Singapore. The Bloomberg Dollar Spot Index was steady. Silver, palladium and platinum all rose.
Indian Express
28 minutes ago
- Indian Express
UCLA says Trump administration froze $584 million of its federal funding
President Donald Trump's administration has frozen $584 million in federal funding for the University of California, Los Angeles, UCLA said on Wednesday after the government reprimanded the university over pro-Palestinian protests. The Trump administration has threatened to cut federal funds for universities over pro-Palestinian protests against US ally Israel's war in Gaza. The government alleges universities, including UCLA, allowed antisemitism during the protests. Large demonstrations took place at UCLA last year. Protesters, including some Jewish groups, say the government wrongly equates their criticism of Israel's military assault in Gaza and its occupation of Palestinian territories with antisemitism, and their advocacy for Palestinian rights with support for extremism. 'Currently, a total of approximately $584 million in extra-mural award funding is suspended and at risk,' UCLA Chancellor Julio Frenk said in an update on the university website. University of California President James Milliken separately said the institution agreed to have talks with the federal government to restore its funding. Milliken said funding 'cuts do nothing to address antisemitism.' The White House had no immediate comment. Last week, UCLA agreed to pay over $6 million to settle a lawsuit by some students and a professor who alleged antisemitism. It was also sued this year over a 2024 violent mob attack on pro-Palestinian protesters at the height of the campus protest movement. The government has in recent weeks settled its probes with Columbia University, which agreed to pay over $220 million, and Brown University, which said it will pay $50 million. Both institutions accepted certain government demands. Talks to settle with Harvard University are ongoing. Rights advocates have raised concerns about academic freedom and free speech. The government has also attempted to deport foreign student protesters but faced judicial roadblocks. Stanford University's student-run newspaper sued the Trump administration on Wednesday, saying student writers censored themselves and turned down assignments related to Gaza to avoid being targeted for deportation. Rights advocates have noted a rise in antisemitism, anti-Arab bias and Islamophobia due to the war. The Trump administration has not announced equivalent probes into Islamophobia.
India.com
28 minutes ago
- India.com
Rs 2580000000000: US's treasury overflowing with billions in tax revenue! Here's how Trump administration plans to use money..., Americans to get...
Escalating his tariff offensive against India, US President Donald Trump on Wednesday slapped an additional 25 per cent duty–doubling it to 50 per cent–on Indian goods over New Delhi's continued imports of Russian oil. The move that is likely to hit sectors such as textiles, marine and leather exports hard was slammed by India as 'unfair, unjustified, and unreasonable'. How much has the US government collected so far this year? The Treasury Department reported that in the last month, the US government collected almost $30 billion in tariff revenue in July, a 242% increase from July of last year, reported CNN. The government has earned $100 billion in revenue from tariffs since April, when the president instituted a 10% tariff on nearly all goods and many other even higher tariffs. This is three times more than was collected in the previous year in the same four months. So the question arises: what will the Trump administration do with all this money? As reported by CNN, Trump has offered two possible options for the tariff revenue: Either to reduce the government's multi-trillion-dollar debt or to send 'tariff rebate checks' back to the American people. 'The purpose of what I'm doing is primarily to pay down debt, which will happen in very large quantity,' Trump was quoted as saying by CNN. 'But I think there's also a possibility that we're taking in so much money that we may very well make a dividend to the people of America,' he added. How will tariff revenues affect the federal budget deficit? According to CNN reports, neither of those plans has come to fruition – at least not at this time. So, many Americans may feel that the billions of dollars coming in from tariffs, mostly paid upfront by U.S.-based businesses importing foreign goods, are sitting idle. There is a lot more going on behind the scenes. The government collects revenue from various sources, such as taxes and tariffs. The revenue is all sent into the general fund, which is managed by the Treasury Department. The Treasury calls this general fund 'America's checkbook.' The Treasury Department then spends that money on the government's obligations, including payments such as Social Security. When the money raised by the government does not equal the expenses it has, resulting in a budget deficit, it needs to borrow money to cover the expenses it cannot pay with tax revenue. The national debt is now exceeding $36 trillion, and the debt is increasing. Many economists are concerned about the increasing debt and think it could be impacting economic growth. This is because the government, like an individual, is also required to pay interest on the money borrowed. The more it borrows, the larger its interest obligations grow—adding another monetary impediment that forces money away from critical public investments, like upgrading roadways and infrastructure. While the tariff revenue isn't enough to plug the $1.4 trillion budget deficit the government is facing this fiscal year, it has helped close the gap somewhat. Therefore, the government is borrowing a bit less than it would in the absence of these tariff collections. If Congress agrees to Trump's proposal to use tariffs to send 'rebate checks' to Americans—an idea supported by a bill introduced last week by Republican senator Josh Hawley—it would probably create a budget hole, Ernie Tedeschi, director of economics for the Budget Lab at Yale, and a former economist in the Biden White House said, reported CNN.
