From The Hindu, August 14, 1925: Russians enter Afghanistan
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The Wire
15 minutes ago
- The Wire
'Start Acting Like a Strategic Partner': White House Trade Adviser Says India's Russian Oil Purchase Has to Stop
Peter Navarro has called India's dependence on Russian crude 'opportunistic and deeply corrosive of the world's efforts to isolate Putin's war economy.' Peter Navarro. Photo: Video screengrab. New Delhi: White House trade adviser Peter Navarro has said in an op-ed on Financial Times that India has to stop "funding" Russian president Vladimir Putin's war in Ukraine. "If India wants to be treated as a strategic partner of the US, it needs to start acting like one," he said. Navarro's op-ed comes as worries mount in India as the day nears when US president Donald Trump's additional 25% tariff on Indian goods is going to come into effect. Trump had imposed this penalty on the original 25% tariff imposition, citing New Delhi's continued purchases of Russian oil, taking the total percentage of tariffs to 50%. It also comes as India has welcomed the Trump-Putin summit in Anchorage on August 15, which it was closely watching for signs of whether there might be relief for it. The Wire has noted how New Delhi's response can be read as relief that the focus on dialogue creates a potential opening for India – squeezed between its strategic partnership with Washington and its heavy reliance on Russian energy. Reuters reports based on sources' inputs, meanwhile, that a planned visit by US trade negotiators to New Delhi from August 25-29 has been called off. Navarro, a key Trump aide, placed the blame on India's oil refining companies: "Importantly, before Russia invaded Ukraine in February 2022, Russian oil made up less than 1 per cent of India's crude imports. Since then, daily imports have soared to more than 1.5mn barrels — more than 30 per cent of India's total. "To be clear, this surge has not been driven by domestic oil consumption needs. Rather, what really drives this trade is profiteering by India's Big Oil lobby. Refining companies have turned India into a massive refining hub for discounted Russian crude." Noting in his op-ed that the proceeds form India's purchase of Russian oil flow to India's "politically connected energy titans, and in turn, into Vladimir Putin's war chest," Navarro calls India's dependence on Russian crude "opportunistic and deeply corrosive of the world's efforts to isolate Putin's war economy." Navarro has emerged the economic voice who can complement Trump and his administration's plans. The fact that he had quoted a fictitious expert, Ron Vara, an anagram of 'Navarro' repeatedly in his books, did not appear to damage his standing in the White House. In the FT op-ed, Navarro claimed that while the Biden administration "largely looked the other way at this strategic and geopolitical madness," the Trump administration is "confronting it." The adviser also said how India's demand for transfer of US military capabilities to itself is under a cloud now as New Delhi was "now cozying up to both Russia and China." The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments. Advertisement
Time of India
an hour ago
- Time of India
Trump's tariff gamble sparks Indian export rush to US, but a 50% duty threat hangs heavy
Indian exporters frontloaded shipments to the US to avoid potential higher duties, leading to a 21% export surge between April and July. While this growth provides a buffer for discounts, exporters fear a 50% tariff could devastate businesses with thin margins. Industry leaders are seeking government assistance to mitigate potential job losses, particularly in the MSME sector. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The frontloading of consignments by Indian exporters to stay ahead of higher duties may have led to exports of goods to the US growing seven times faster than the overall pace, ToI April-July, goods exports to the US rose 21% to $33.5 billion, while overall exports grew 3% to $149.2 billion, according to the latest commerce department data. Although a 22% share of shipments going to the US leaves India more exposed to the risk of a 50% additional duty, the strong growth has given some exporters the space to offer discounts if the 25% extra levy announced by Trump takes effect from August 27.'We have spent the last week talking to buyers and in case of old buyers we are looking at some additional discount to retain the business even if it means that we have to pay out of our pockets for sometime…Although official negotiations with the US (scheduled to start Aug 25) have been postponed, we expect some breakthrough in the forthcoming weeks,' ToI cited Sudhir Sekhri, chairman of the Apparel Export Promotion Council (AEPC).For the first 25% duty, which has already been imposed, exporters have so far shared the burden and kept their business, with some consignments being rushed through before the deadline. For the next round, contracts are being drawn up with conditions that discounts offered will not apply if the additional 25% duty, or secondary tariffs on India for buying Russian oil, are not industry players said that business could not survive a 50% tariff. 'We operate on a very thin margin of 5-7%, where is the question of offering steep discounts to offset the impact of 25% additional duty? We can sacrifice our profits but can't sustain the business with losses,' said Rajendra Kumar Jalan, chairman of the Council for Leather Exports. He added that the US-Russia talks had given exporters some hope that the penalties may not be Ralhan, president of the Federation of Indian Export Organisations (Fieo), has called a meeting of export promotion councils on Monday to prepare a joint petition for government help. 'There will be significant job losses if export orders are cancelled, especially in the MSME sector,' he far, the situation has stayed positive. July's sectoral export data for all countries showed that shipments to the US may have lifted growth. Gems and jewellery, where goods can be moved quickly by air, posted a 28% rise in July, compared with a fall of 0.7% in April-July. Pharma exports rose 14% in July, compared with 7.4% in the first four months of the financial year. Engineering goods were up 13.8% in July, against 6% in April-July, and plastics grew 4.4% in July, compared with 2.6% for April-July.'The US market has been expanding and Indian exporters have also focused on it as returns are good,' said Ajay Sahay, director general at Fieo. 'Everybody was trying to frontload shipments. Order book was good in April-May, business generally was looking up because of the overall sentiment due to China+1. The sudden brakes will result in deceleration,' added AEPC's Sekhri.
Mint
an hour ago
- Mint
Gold price today: MCX gold rate trades flat below ₹1 lakh after Trump-Putin meet; silver price gains
Gold prices on Multi-Commodity Exchange of India (MCX) traded flat on Monday, tracking stable global bullion prices, amid signs of cooling geopolitical tensions as hopes of an end to the Russia-Ukraine war strengthened. MCX gold prices opened 0.12% higher at ₹ 99,960 per 10 grams as against its previous close of ₹ 99,838. MCX silver prices opened at 1,13,951 per kg as compared to its previous close of ₹ 1,13,943. At 9:15 AM, the MCX gold price was trading flat at ₹ 99,834 per 10 grams, while the MCX silver price was up 0.07% at ₹ 1,14,025 per kg. In the international market, gold prices rose after hitting a two-week low, supported by lower US Treasury yields. Spot gold price gained 0.3% to $3,345.64 per ounce, after hitting its lowest level since August 1. US gold futures for December delivery rose 0.3% to $3,391.80. Spot silver rose 0.3% to $38.08 per ounce. US President Donald Trump held a meeting with Russian President Vladimir Putin in Alaska on August 15, aimed at ending the war in Ukraine, decreasing the safe-haven appeal for the yellow metal. 'Gold prices stayed close to two-week lows, as prospects of easing geopolitical tensions dulled the metal's safe-haven appeal. Markets will be closely watching Federal Reserve Chair Jerome Powell's upcoming remarks at the Jackson Hole Symposium, along with the minutes from the Fed's latest meeting, amid growing expectations for a September interest-rate cut,' said Jigar Trivedi, Senior Research Analyst at Reliance Securities. Investors now await Donald Trump's meeting with Ukrainian President Volodymyr Zelenskiy and European leaders later today to discuss a peace deal with Russia. Jigar Trivedi expects the MCX gold rate for October futures to stay range-bound in today's trading session. 'MCX gold may face resistance at ₹ 100,000 per 10-gram level, while support for the yellow metal is seen at ₹ 99,500 level,' Trivedi said. According to Rahul Kalantri, VP Commodities, Mehta Equities Ltd, gold prices have support at $3,320 - $3,300, and resistance at $3,362 - $3,380. Silver has support at $37.80 - $38.65, while resistance is at $38.24 - $38.45. 'MCX gold price has support at ₹ 99,410 - ₹ 99,150, while resistance at ₹ 1,00,150 - ₹ 1,00,480. Silver price has support at ₹ 1,13,380 - ₹ 1,12,550, while resistance is at ₹ 1,14,750 - ₹ 1,15,400,' Kalantri said.
