Air India Crash: Modi Govt Slams Western Media For Blaming Pilot Over Engine Fiasco
Russian Deputy Foreign Minister Sergey Ryabkov clarified that BRICS nations don't aim to replace the US dollar, but rather seek alternatives for mutual settlements to circumvent US sanctions. He stated BRICS intends to trade in national currencies, with Russia already conducting 90% of payments with partners in local denominations. This counters US President Trump's concerns and threats of tariffs on BRICS countries, who are also developing "BRICS Pay," a decentralized blockchain payment system for cross-border transactions.
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The Hindu
a minute ago
- The Hindu
U.S., E.U. reach an 'across the board' agreement on tariffs
The United States and the European Union reached a tariff deal Sunday (July 27, 2025) after a brief meeting between President Donald Trump and European Commission chief Ursula von der Leyen. A White House deadline was days away for imposing punishing import taxes on the 27-member E.U., which is America's leading global trading partner. 'It was a very interesting negotiation. I think it's going to be great for both parties,' Mr. Trump said. The make-or-break talks were meant to head off trade penalties — and promised retaliation from Europe — that could have sent shock waves through economies around the globe. Mr. Trump and Ms. Von der Leyen held private talks at one of Mr. Trump's golf courses in Scotland, then emerged a short time later saying they had reached an 'across the board' agreement. In remarks before the session, Mr. Trump pledged to change what he characterised as 'a very one-sided transaction, very unfair to the United States.' 'I think the main sticking point is fairness,' he said while also noting, 'We've had a hard time with trade with Europe, a very hard time.' Ms. Von der Leyen had said the U.S. and E.U. combined have the world's largest trade volume, encompassing hundreds of millions of people and trillions of dollars. Trump said the stakes involved meant of making a deal, 'We should give it a shot.' Ms. Von der Leyen said Mr. Trump was 'known as a tough negotiator and dealmaker' which caused the president to interject with 'but fair." She said that, if they are successful, 'I think it would be the biggest deal each of us has ever struck.' For months, Mr. Trump has threatened most of the world with large tariffs in hopes of shrinking major U.S. trade deficits with many key trading partners. More recently, he had hinted that any deal with the EU would have to 'buy down' the currently scheduled tariff rate of 30%. The Republican president pointed to a recent U.S. agreement with Japan that set tariff rates for many goods at 15% and suggested the E.U. could agree to something similar. Asked if he would be willing to accept tariff rates lower than that, Mr. Trump said 'no.' As for the threat of retaliation from the Europeans, he said: 'They'll do what they have to do.' Their meeting came after Mr. Trump played golfed for the second straight day at his Turnberry course, this time with a group that included sons Eric and Donald Jr. The President's five-day visit to Scotland is built around golf and promoting properties bearing his name. A small group of demonstrators at the course waved American flags and raised a sign criticizing British Prime Minister Keir Starmer, who plans his own Turnberry meeting with Mr. Trump on Monday. Other voices could be heard cheering and chanting 'Trump! Trump!' as he played nearby. On Tuesday, Mr. Trump will be in Aberdeen, in northeastern Scotland, where his family has another golf course and is opening a third next month. The President and his sons plan to help cut the ribbon on the new course. Joining Ms. Von der Leyen were Maros Sefcovic, the E.U.'s chief trade negotiator; Björn Seibert, the head of Ms. Von der Leyen's Cabinet; Sabine Weyand, the commission's directorate-general for trade, and Tomas Baert, head of the trade and agriculture at the EU's delegation to the US. The deadline for the Mr. Trump administration to begin imposing tariffs has shifted in recent weeks but was now firm, the administration insisted. 'No extensions, no more grace periods. August 1, the tariffs are set, they'll go into place, Customs will start collecting the money and off we go," US Commerce Secretary Howard Lutnick told 'Fox News Sunday.' He added, however, that even after that 'people can still talk to President Trump. I mean, he's always willing to listen.' Without an agreement, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes. If Mr. Trump eventually made good on his threat of tariffs against Europe, it could meant that everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals would be more expensive in the United States. The U.S. and Britain, meanwhile, announced a trade framework in May and a larger agreement last month during the Group of Seven meeting in Canada. Mr. Trump says that deal is concluded and that he and Mr. Starmer will discuss other matters — though the White House has suggested it still needs some polishing.
Time of India
a minute ago
- Time of India
US to release result of probe into chip imports in two weeks
Academy Empower your mind, elevate your skills The Trump administration will announce the results of a national security probe into imports of semiconductors in two weeks, Commerce Secretary Howard Lutnick said on Sunday, as President Donald Trump suggested higher tariffs were on the told reporters after a meeting between Trump and European Commission President Ursula von der Leyen that the investigation was one of the "key reasons" the European Union sought to negotiate a broader trade agreement that would "resolve all things at one time."Trump said many companies would be investing in semiconductor manufacturing in the United States, including some from Taiwan and other places, to avoid getting hit by new said von der Leyen had avoided the pending chips tariffs "in a much better way."Trump and von der Leyen announced a new framework trade agreement that includes across-the-board 15% tariffs on EU imports entering the United said the agreement included autos, which face a higher 25% tariff under a separate sectoral tariff Trump administration in April said it was investigating whether extensive reliance on foreign imports of pharmaceuticals and semiconductors posed a national security probe, being conducted under Section 232 of the Trade Expansion Act of 1962, could lay the groundwork for new tariffs on imports in both Trump administration has begun separate investigations under the same law into imports of copper and lumber. Earlier probes completed during Trump's first term formed the basis for 25% tariffs rolled out since his return to the White House in January on steel and aluminum and on the auto has upended global trade with a series of aggressive levies against trading partners, including a 10% tariff that took effect in April, with that rate set to increase sharply for most larger trading partners from August U.S. relies heavily on chips imported from Taiwan, something Democratic former President Joe Biden sought to reverse during his term by granting billions of dollars in Chips Act awards to lure chipmakers to expand production in the United States.
Time of India
13 minutes ago
- Time of India
Rebate checks coming to bank accounts of millions - Trump floats payouts to Americans amid Epstein fallout
US President Donald Trump is trying to change the story as the Epstein scandal continues to loom large. The move seems to have been timed to take the public's attention away from the renewed interest in his past ties to Epstein. Donald Trump has hinted that he might send Americans rebate checks that would be paid for by higher tariff revenue . The announcement comes at a time when people are once again talking about Trump's relationship with Jeffrey Epstein. Trump is trying to shift the focus to economic gains while staying away from the ongoing Epstein fallout . Explore courses from Top Institutes in Please select course: Select a Course Category Degree Data Analytics Data Science Public Policy Management Artificial Intelligence Leadership MCA Design Thinking Operations Management Cybersecurity MBA healthcare Project Management CXO Finance Others Healthcare Data Science Technology Digital Marketing Product Management PGDM others Skills you'll gain: Data-Driven Decision-Making Strategic Leadership and Transformation Global Business Acumen Comprehensive Business Expertise Duration: 2 Years University of Western Australia UWA Global MBA Starts on Jun 28, 2024 Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 90s Icon: A Look at Her Today I Am Famous Undo Trump suggested cash relief while promoting his most recent trade agreements on Friday, after saying that "people should really focus on how well the country is doing" instead of his ties to the deceased child trafficker, as per a report by the Daily Beast. How is Donald Trump planning to use tariff money? Live Events At the White House, he told reporters, "We're thinking about that actually—we have so much money coming in, we're thinking about a little rebate.' 'We have so much money coming in from tariffs that a little rebate for people of a certain income level might be very nice.' He is doing this by collecting more than $100 billion in tariffs. According to U.S. Treasury data, tariff revenue topped $100 billion for the first time this fiscal year, indicating that the Trump administration's policies have resulted in higher levies. ALSO READ: National chicken finger day: Here's how to get a free chicken finger this July 27 The U.S. government could receive $2.8 trillion in tariff revenue over the next ten years, according to Treasury Secretary Scott Bessent, who stated on Tuesday that he anticipates the growth to continue. Although the administration has previously suggested a rebate, Trump's remarks come as he tries to shift the public's attention away from the Epstein scandal and toward more conventional GOP areas of strength, like immigration and the economy, as per a areport by the Daily Beast. Could rebate checks shift public attention? However, despite efforts to calm the situation, it appears to be getting worse in battleground states that will be crucial for the midterm elections next year as well as in Washington, where House Republicans joined Democrats on Wednesday to vote on the release of the Epstein files. Pennsylvania-based GOP consultant Christopher Nicholas told The Daily Beast, "It's resonating in the'real world,' as you might say, only because it's pretty obvious that no one knows what they're doing about it." Additionally, issues of this nature simply cut across traditional partisan divides. Everyone in society agrees that child abuse is horrible and wrong, and it appears that this case has been handled badly from the beginning. Why now, amid renewed Epstein scrutiny? The announcement, however, didn't happen in a vacuum. It followed days of escalating attention on Trump's past relationship with Epstein, the disgraced financier who died in jail in 2019 while awaiting trial on federal trafficking charges. Though Trump has long denied any close connection to Epstein, his comments Friday made it clear he's feeling the heat. According to Trump, the public ought to concentrate on Epstein's other associates, citing former Harvard president and Treasury Secretary Larry Summers as well as former President Bill Clinton. He even offered to give a "list" of individuals to examine, claiming that it would include "hedge fund guys" who shared a residence with Epstein. And as the 2026 midterms get closer, Trump seems eager to get more support from voters with lower and middle incomes. He is relying on a promise of real financial help, along with claims of being a good economic steward, to protect himself from a scandal that won't go away. The rebate plan is still just that: a plan. But the timing, tone, and purpose of his actions show that Trump knows exactly what kind of political storm he's trying to avoid. Whether Americans believe the economic pitch or want more information about Epstein is a question that could shape the next few months. FAQs Who would be eligible for Trump's proposed rebate checks? Trump suggested that they could target people with specific income levels, but he did not elaborate. Is this the first time President Trump has mentioned tariff rebates? No, but it's the first time he's mentioned it in light of the growing controversy surrounding Epstein's ties.
