As US Targets India On Russian Oil, Army Digs Up America's 1971 Arms Aid To Pakistan
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First Post
30 minutes ago
- First Post
Trump's 50% tariffs fail to hit $30 bn of Indian exports: Pharma, smartphones exempted
Despite US President Donald Trump's decision to double tariffs on Indian goods to 50% from August 6, a major chunk of Indian exports worth nearly $30 billion remains untouched for now. Key sectors like pharmaceuticals and electronics including smartphones and semiconductors continue to enjoy exemptions under a carve-out list that shields them from higher duties. The tariff hike, justified by the Trump administration as a response to India's continued procurement of Russian energy and arms is expected to impact India's labour-intensive export segments. However, shipments of critical products such as medicines, mobile phones and energy supplies have been spared at least for the moment. STORY CONTINUES BELOW THIS AD In FY25, India exported pharmaceuticals and electronics worth $10.5 billion and $14.6 billion respectively to the US, together accounting for over 29% of its total exports to America which stood at $86.5 billion. Interestingly, India's petroleum exports amounting to $4.09 billion have also been excluded from the latest tariffs due to their placement in the energy exemption list. These high-value categories had previously escaped the initial 25% tariff announced on July 30 as well. While these exemptions offer temporary relief, uncertainty remains. Trump has warned of tariffs going as high as 250% on foreign-manufactured pharmaceuticals and the status of smartphones may shift depending on future policy decisions. The executive order signed on August 6 clarified that all goods currently listed under exemptions would continue to receive preferential access to the US market at lower or zero tariffs. The original 25% tariff was introduced after talks to finalise a limited trade deal between the two countries collapsed. That move, which takes effect on August 7, paved the way for this latest escalation. India and the US are still working towards concluding a broader Bilateral Trade Agreement (BTA), targeted for finalisation by the end of the year.
New Indian Express
30 minutes ago
- New Indian Express
'Economic blackmail': Rahul Gandhi slams Trump's 50 per cent tariff on India
NEW DELHI: Leader of Opposition in Lok Sabha Rahul Gandhi on Wednesday said US President Donald Trump's 50 per cent tariff on Indian goods is "economic blackmail" to bully India into an unfair trade deal. Soon after Trump announced a penalty of another 25 per cent on India for buying Russian oil, the former Congress president said Prime Minister Narendra Modi should not let Indian interests be overridden. "Trump's 50% tariff is economic blackmail - an attempt to bully India into an unfair trade deal. "PM Modi better not let his weakness override the interests of the Indian people," Gandhi said in a post on X.
Hindustan Times
30 minutes ago
- Hindustan Times
Brazil's President Lula plans joint statement with PM Narendra Modi, other BRICS leaders on Donald Trump's tariffs
Brazilian President Luiz Inacio Lula da Silva on Wednesday indicated his plans to call PM Narendra Modi and other leaders of the BRICS bloc in response to the tariffs imposed by US President Donald Trump. Brazil's President Luiz Inacio Lula da Silva speaks during an interview with Reuters at the Alvorada Palace, in Brasilia, Brazil, He said he was planning to ring PM Narendra Modi, Chinese President Xi Jinping and other leaders of BRICS.(REUTERS) The US tariffs on Brazilian goods jumped to 50% on Wednesday, but Lula said that his country won't announce any reciprocal measures. Instead, the Brazilian President told Reuters in an interview that he was planning to ring PM Narendra Modi, Chinese President Xi Jinping and other leaders of BRICS to discuss the possibility of a joint statement on Trump's tariffs. Trump had announced that the US would impose an additional 10 per cent tariff on 'any country aligning themselves with the Anti-American policies of BRICS' with 'no exceptions'. The BRICS countries, including India, had released a joint declaration voicing 'serious concerns' about the 'rise of unilateral tariff and non-tariff measures' in an apparent jibe at the Trump administration's trade policy. Lula might be looking for a more stinging statement from BRICS this time around. Brazil President doubles down on not calling Donald Trump Brazil's President Luiz Inacio Lula da Silva is in no rush to ring the White House, doubling down on his earlier statement that he wouldn't call Donald Trump to hold talks over the tariff issue. "The day my intuition says Trump is ready to talk, I won't hesitate to call him. But today my intuition says he doesn't want to talk. And I'm not going to humiliate myself," Lula told Reuters. Lula described the US-Brazil relations at a 200-year nadir after Trump tied the new tariff to his demand for an end to the prosecution of right-wing former President Jair Bolsonaro, who is standing trial for plotting to overturn the 2022 election. The President said Brazil's Supreme Court, which is hearing the case against Bolsonaro, "does not care what Trump says and it should not," adding that Bolsonaro should face another trial for provoking Trump's intervention, calling the right-wing former president a "traitor to the homeland." "We had already pardoned the US intervention in the 1964 coup. But this now is not a small intervention. It's the president of the United States thinking he can dictate rules for a sovereign country like Brazil. It's unacceptable," Lula said. Despite Brazil's exports facing one of the highest tariffs imposed by Trump, the new US trade barriers look unlikely to derail Latin America's largest economy, giving its President more room to stand his ground against Trump than most Western leaders.
