Iran slams Donald Trump over sanction on 6 Indian companies: ‘Coercive, discriminatory actions violate…'
'The United States continues to weaponize the economy and use #sanctions as tools to dictate its will on independent nations such as Iran and India and impede their growth and development,' the Iranian Embassy said in a post on X.
'These coercive discriminatory actions violate the principles of international law and national sovereignty, representing a modern form of economic imperialism. Resisting such policies is a stand for a more powerful emerging non Western-led multilateral world order and a stronger Global South,' it added.
(This is a developing story. Check back for updates)
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Hans India
26 minutes ago
- Hans India
US tariff impact on commodities: Copper plunges nearly 2 pc, gold rebounds
Commodity prices witnessed sharp swings last week, with base metal copper dropping nearly 2 per cent while gold gained over 1 per cent after US President Donald Trump imposed a 25 per cent tariff on most Indian goods. Fresh tariff announcements by Trump fanned fears of a global trade war, leading to a rout in base metals while safe-haven demand lifted precious metal gold last week, analysts said. They said the unexpected US tariff structure, especially on semi-finished copper goods, sent shockwaves across global commodity markets, with copper prices tumbling sharply and crude oil showing mixed trends amid geopolitical concerns. --Copper crashes as US slaps tariffs on semi-finished imports-- Copper was the worst-hit among base metals as the Trump administration imposed a steep 50 per cent tariff on imports of semi-finished copper goods such as wires, tubes and rods. The new duties will come into force from August 7. However, refined copper, ores, and cathodes were excluded from the levy, creating uncertainty in global supply chains. On MCX, the August contract of copper fell by Rs 16.35 or 1.82 per cent last week. On July 31, copper prices dropped by Rs 36 or 4 per cent to hit an all-time low of Rs 861.70 per kg. On COMEX, copper prices initially fell nearly 22 per cent from peak levels before rebounding by 1.79 per cent to close at USD 4.45 per pound. LME Copper futures ended the week up 0.31 per cent at USD 9,639.60 per tonne. "President Trump's tariff announcements have sent shockwaves across global commodity markets, particularly metals. The US imposed a 50 per cent tariff on semi-finished copper products, a 25 per cent levy on Indian imports, and additional trade penalties related to Russian energy transactions," Riya Singh - Research Analyst, Commodities and Currency, Emkay Global Financial Services, said. 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Naik also highlighted China's indirect exposure, being the world's top producer of copper products, and added that base metals broadly fell over 1.5 per cent last week amid weak demand and tariff headwinds. -- Gold and silver trade mixed -- On the Multi-Commodity Exchange (MCX), gold futures for October delivery rose Rs 1,292 or 1.3 per cent last week. In global markets, COMEX gold futures surged USD 51 or 1.52 per cent to settle at USD 3,413.80 per ounce in New York on Saturday. Silver, on the other hand, extended losses. MCX silver futures for September delivery plunged Rs 2,829 or 2.5 per cent to end the week lower. COMEX silver futures managed marginal gains of 0.59 per cent to close at USD 37.08 per ounce. "Gold continues to be viewed as a reliable store of value, especially with the US Fed maintaining a restrictive policy stance and global uncertainties flaring," said Riya Singh, Research Analyst - Commodities and Currency at Emkay Global Financial Services. 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Adding that any secondary sanctions on Russian oil imports could force India to more expensive alternatives, which could impact domestic refiners such as IOC and Reliance, and affect the rupee. Heena Naik added that crude surged by over 5 per cent as investors focused on developments on the US President's tighter deadline for Russia to end the war in Ukraine. However, a weak industrial demand and uncertainty over OPEC+ supply decisions kept oil prices under pressure. -- Commodities to see volatility this week -- Analysts emphasised that as investors deal with the effects of US tariffs, China's economic slowdown, and shifting geopolitical tensions, commodity markets are expected to be turbulent in the weeks ahead. "Price discovery has been skewed by Trump's tariff structure, which targets semi-finished goods while excluding raw copper forms. Regarding demand and future trading channels, the market is still unclear," Singh stated. 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Hindustan Times
26 minutes ago
- Hindustan Times
'India NOT reviewing list of US goods exempted from tariffs': MEA debunks fake reports
Amid the tariff row between the United States and India, the Ministry of External Affairs has debunked certain fake reports circulating on social media. Taking to X, the fact check unit of the ministry has dismissed reports that India is reviewing US goods exempted from tariffs as it works towards a response to Trump's 25 percent bombshell on New Delhi. US president Donald Trump announced 25 percent tariffs on "good friend" India last week. The tariffs for India come with a penalty due to its participation in BRICS and trade with Russia,(PTI) In another post, the fact check unit for MEA dismissed a report which claimed that India is reviewing its bilateral agreements with the United States and considering suspending them 'if hostile economic policies continue.' This is a developing story…
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First Post
26 minutes ago
- First Post
Post-Assad Syria sees fresh violence as Druze, SDF clash; Israel raids southern border
New outbreaks of violence overnight into Sunday rocked Syria at two distinct flashpoints, straining a fragile ceasefire and calling into question the ability of the transitional government to exert its authority across the whole country. read more Bedouin fighters rest in the shade of a house as Syrian government security forces block them from entering Sweida province, in Busra al-Harir village, southern Syria, Sunday, July 20, 2025. (AP Photo/Ghaith Alsayed) Syria was shaken by renewed violence overnight into Sunday with fresh clashes reported in two volatile regions, further undermining a fragile ceasefire and raising concerns over the interim government's ability to assert control nationwide. In the country's north, pro-government forces engaged in skirmishes with Kurdish-led troops who currently hold sway over much of the area. Simultaneously, armed confrontations broke out between state forces and Druze militias in the southern province of Sweida. 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Since Assad's ouster, Israel has conducted numerous strikes and military operations in southern Syria, saying its forces are taking out militant groups that they suspect could harm Israelis and residents in the Golan Heights. Damascus has been critical of Israel's military activity, and the two sides have been trying to reach a security arrangement through U.S.-mediated talks. Syria has repeatedly said it does not intend to take military action against Israel. Those talks intensified after Israel backed the Druze in Sweida during the earlier clashes. Israel struck military personnel near the southern city and most notably launched an airstrike targeting the Defense Ministry headquarters in the heart of Damascus. STORY CONTINUES BELOW THIS AD With inputs from agencies
