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Hans India
3 minutes ago
- Hans India
Trump threatens more tariffs on India
Washington/New Delhi: In a fresh trade threat against India, President Donald Trump on Monday said he will "substantially" raise US tariffs on New Delhi, accusing it of buying massive amounts of Russian oil and selling it for big profits. Last week, the Trump administration slapped a 25 per cent duty on all Indian goods. The US President also announced a penalty for buying "vast majority" of Russian military equipment and crude oil, but no mention was made in the notification. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump said in a social media post on Monday. "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. In its reaction, India said it will take all necessary steps to safeguard and promote national interest and that the implications of the tariffs are being examined. India's import of crude oil from Russia has risen from 0.2 per cent of total purchases before the Russia-Ukraine war to 35-40 per cent. New Delhi is the largest buyer of Russian oil after China. On August 1, Trump signed an Executive Order titled 'Further Modifying The Reciprocal Tariff Rates', raising tariffs for over five dozen countries, including a steep 25 per cent for India. The executive order, however, did not mention the 'penalty' that Trump had said India will have to pay because of its purchases of Russian military equipment and energy. White House Deputy Chief of Staff Stephen Miller, in an interview to Fox News Sunday, stated that President Trump has said very clearly that 'it is not acceptable for India to continue financing" the Ukraine war by purchasing oil from Russia. Last week, Trump mounted a sharp attack on India and Russia for their close ties and said the two countries can take their "dead economies down together", a remark which prompted New Delhi to say that India is the world's fastest-growing major economy. Declaring that the US has a massive trade deficit with India, Trump had said that while 'India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the world, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any country.
Mint
3 minutes ago
- Mint
Indian stock market: 7 things that changed for market overnight - Gift Nifty, Trump's tariff threat to Wall Street rally
Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open on a muted note Tuesday, as investors remain cautious about the US President Donald Trump threatening India with higher tariffs. Global market cues were positive as Asian markets traded higher, and the US stock market rallied overnight. On Monday, the Indian stock market ended higher, led by broader-based buying across sectors, with the Nifty 50 closing above 24,700 level. The Sensex gained 418.81 points, or 0.52%, to close at 81,018.72, while the Nifty 50 settled 157.40 points, or 0.64%, higher at 24,722.75. 'There continues to be no dearth of trading opportunities across sectors. Traders are advised to align their positions accordingly, with a strong emphasis on stock selection and effective trade management,' said Ajit Mishra – SVP, Research, Religare Broking Ltd. Here are key global market cues for Sensex today: Asian markets traded higher on Tuesday, following overnight rally on Wall Street. Japan's Nikkei 225 gained 0.42%, while the Topix rose 0.45%. South Korea's Kospi rallied 1.76%, and the Kosdaq surged 1.83%. Hong Kong's Hang Seng Index futures indicated a weaker opening. Gift Nifty was trading around 24,740 level, a discount of nearly 53 points from the Nifty futures' previous close, indicating a weak start for the Indian stock market indices. US stock market ended higher on Monday, with the benchmark indexes scoring their biggest daily percentage increases since May 27. The Dow Jones Industrial Average rallied 585.06 points, or 1.34%, to 44,173.64, while the S&P 500 gained 91.93 points, or 1.47%, at 6,329.94. The Nasdaq Composite closed 403.45 points, or 1.95%, higher at 21,053.58. Tesla share price rose 2.2%, Nvidia stock price surged 3.62%, Microsoft shares rallied 2.20% and Advanced Micro Devices stock gained 2.99%. Joby Aviation shares jumped 18.8 and Blade Air stock price spiked 17.2%. Berkshire Hathaway shares fell 2.7%. US President Donald Trump said he would be 'substantially raising' the tariff on Indian exports to the US over New Delhi's purchases of Russian oil, accusing India of profiting by reselling discounted Russian oil in global markets. However, Trump did not specify the exact tariff rate he intends to impose. Japan's service sector activity rose at the fastest pace in five months in July. The S&P Global final Japan Services purchasing managers' index (PMI) climbed to 53.6 in July from 51.7 in June, marking the strongest expansion since February. Gold prices rose, after gaining in the last three sessions, supported by a weaker US dollar and lower Treasury yields. Spot gold price rose 0.2% to $3,380.61 per ounce, while US gold futures also gained 0.2% to $3,434.30. Crude oil prices were little changed after three days of declines on mounting oversupply concerns. Brent crude futures eased 0.01% to $68.75 a barrel, while US West Texas Intermediate crude was at $66.26 a barrel, down 0.05%. Both contracts fell by more than 1% in the previous session to settle at their lowest in a week. (With inputs from Reuters) Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Business Standard
3 minutes ago
- Business Standard
Oil dips to one-week low as Opec+ output boost stokes oversupply fears
Oil prices fell to their lowest levels in a week on Monday after Opec+ agreed to another large output increase in September, adding to oversupply concerns after US data showed lacklustre fuel demand in the top consuming nation. Brent crude futures fell 91 cents, or 1.3 per cent, to settle at $68.76 a barrel, while US West Texas Intermediate crude declined by $1.04, or 1.5 per cent, to close at $66.29 a barrel. Both contracts settled at their lowest in a week, after declining close to 3 per cent on Friday. The Organization of the Petroleum Exporting Countries and its allies, together known as Opec+, agreed on Sunday to raise oil production by 547,000 barrels per day (bpd) for September. The latest in a series of accelerated output increases aimed at capturing market share was in line with market expectations and marks a full and early reversal of the group's largest tranche of output cuts, amounting to about 2.5 million bpd, or about 2.4 per cent of global demand. While the group cited healthy market fundamentals to back its decision, data released by the US government last week showed the weakest gasoline demand in May, the start of the country's summer driving season, since the COVID-19 pandemic of 2020. The data also showed US oil production at a monthly record high in May, adding to global oversupply concerns. Oil traders are now hedging for the possibility of further supply increases from Opec+, with potential discussions to unwind a further 1.65 million bpd of cuts at the group's next meeting on September 7 adding pressure to oil prices. "Opec+ retains a substantial amount of spare production capacity, and markets are now watching closely to see whether the group will tap into it," StoneX analyst Alex Hodes said. "So far, there are no clear signals that Opec+ intends to deploy this additional capacity, but the possibility remains on the table," he added. Analysts at Goldman Sachs expect the actual increase in supply from the eight Opec+ countries that have raised output since March will be 1.7 million bpd because other members have cut output after overproducing. Investors also continued to digest the impact of the latest US tariffs on exports from dozens of trading partners, and remain wary of further US sanctions on Russia. US President Donald Trump has threatened to impose 100 per cent secondary tariffs on Russian crude buyers as he seeks to pressure Moscow into halting its war in Ukraine. Trump on Monday said he will substantially raise tariffs on India over its purchases of Russian oil, after two Indian government sources told Reuters over the weekend that the country will keep buying oil from Moscow despite Trump's threats. That development helped limit oil's losses. About 1.7 million bpd of crude supply will be at risk if Indian refiners stop buying Russian oil, ING analysts said in a note. "All eyes in the market will now shift to US President Trump's decision on Russia this Friday and whether he targets buyers of Russian oil with secondary sanctions/tariffs or not," UBS analyst Giovanni Staunovo said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
