Indonesia launches 5-year US dollar Islamic bond, 10-year green sukuk, term sheet shows
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Hindustan Times
8 minutes ago
- Hindustan Times
Explained: Donald Trump's landmark $1.35 trillion trade deal with EU before tariff deadline
In a significant breakthrough, President Donald Trump on Sunday announced that the United States and the European Union have reached a comprehensive trade deal, just days before a 30 per cent tariff on European imports was due to take effect. U.S. President Donald Trump and European Commission President Ursula von der Leyen announced a trade deal between the US and the EU.(REUTERS) After high-stakes negotiations in Scotland's Turnberry with European Commission President Ursula von der Leyen, the two leaders revealed a new trade framework aimed at averting a full-blown transatlantic trade war. The deal, according to CNN, hailed by both sides as 'powerful' and 'historic', centers around new tariffs, large-scale energy purchases, and significant investment commitments. Also read: Donald Trump turns up to play golf amid protests against his Scotland trip What does the US-EU deal include? Under the terms of the agreement, the EU will purchase $750 billion worth of US energy, marking a massive expansion in transatlantic energy cooperation. Additionally, the 27-member bloc has committed to investing $600 billion more into the US than its current levels, stated another CNBC report. The report added that in exchange, Trump has agreed to impose a 15 per cent tariff on most European imports to the US, down from the 30 per cent rate he previously announced. The deal is expected to significantly ease trade tensions between the long-time allies. A CNBC report quoted Donald Trump declaring that this was a 'very big deal, biggest of all' as he stood alongside von der Leyen. Meanwhile, the European Commission chief, speaking after the meeting, acknowledged the difficulty of the talks and said, 'It is a good deal, it is a huge deal, with tough negotiations.' Donald Trump-EU deal impact The agreement was finalized just before the August 1 deadline, after which the Trump administration had vowed to raise tariffs on most EU goods from 10 per cent to 30 per cent. Earlier in the day, US Commerce Secretary Howard Lutnick had reaffirmed that Washington would not give further extensions, calling the deadline 'firm', reported CNN. Had the talks collapsed, Brussels was prepared to launch a major counter-tariff package targeting a wide range of US exports and invoke its new Anti-Coercion Instrument, a legislative mechanism designed to push back against economic pressure. Also read: Trump says US will work with Thailand and Cambodia, adds both 'want to settle' A fractured trade relationship The US-EU trade relationship is among the world's largest, valued at nearly $1.97 trillion in 2024, including both goods and services. While the EU ran a goods trade surplus, it faced a deficit in services, resulting in an overall $58.7 billion surplus with the US. Trump repeatedly criticized the imbalance and used it to justify tougher trade terms. 'The US and EU have one of the largest trade deficits,' he had said, defending the imposition of tariffs as leverage. FAQs What is the latest trade deal Trump announced? Trump and EU President Ursula von der Leyen finalized a deal where the EU will buy $750 billion in US energy and invest $600 billion more into the country in exchange for lower tariffs. Why was this deal considered urgent? It came just days before Trump was set to increase tariffs on European imports from 10 per cent to 30 per cent on August 1. What was at stake in the US–EU trade balance? The EU had a $58 billion overall surplus with the US in 2023, mainly due to goods exports, prompting Trump to demand fairer trade terms. What other trade deals has the Trump administration secured? The administration has renegotiated NAFTA (now USMCA), reached agreements with Japan and South Korea, and imposed tariffs on China during its broader trade overhaul. What is the proposed new tariff structure? Instead of the planned 30 per cent hike, the new deal imposes a 15 per cent across-the-board tariff on most EU imports. What are the key risks or criticisms? Critics argue the deal may strain diplomatic ties, shift costs to consumers, and provoke retaliation from other trading partners not offered similar terms.
Time of India
37 minutes ago
- Time of India
Robust tourism helps excise dept boost revenue by 45% since 2022
Panaji : Goa's excise department has seen a significant jump in revenue, with a 45% increase over the last four financial years. The department raked in Rs 947.9 crore in 2024-25, as against Rs 650 crore in 2021-22. This increase is attributed to robust tourist footfalls and enforcement by the department. Goa's excise collection shot up to Rs 865 crore in 2022-23 due to several measures implemented by the excise department. In 2023-24, the department's revenue increased to Rs 900.2 crore. Goa's excise revenue is largely driven by tourists who either purchase alcohol from retail stores or consume liquor at restaurants and hotels. Alcohol sales are also driven by events in the state. Data shared with the legislative assembly also shows that Rs 4.1 crore is owed to the department by 242 retail outlets, bars and alcohol manufacturers since 2018. Of the 242 defaulters, most are from Tiswadi and Salcete talukas. While some of the licence holders have come forward and cleared their dues, the department has been forced to issue notices to most of the excise licence holders to recover what is owed. Those outlets which have ignored notices and reminders to pay the annual audit fees risk having their licences being cancelledwith the department already proposing to cancel some licences">, said officials. In the Goa budget 2023-24, the excise duty on high-end liquor was reduced and duty on other categories of Indian made foreign liquor (IMFL) was marginally increased to shore up revenues. The department said that while no tax refund or waiver has been granted under the Excise Duty Act, applicants have been offered an adjustment of excise duty only in cases where permits are cancelled and the said excise duty paid for liquor goods in these cancelled permits are adjusted in their future permits.
Time of India
38 minutes ago
- Time of India
Govt owes tourism contractors over Rs 39.7cr with bills from 2019
Panaji : From housekeeping services and painting to legal fees and translations, the tourism department has racked up Rs 39.7 crore in unpaid bills. Contractors for events, vehicles and executed projects have been fretting with their money lying locked up with the tourism department as well as the Goa Tourism Development Corporation (GTDC), with some of the bills dating all the way back to 2019. Among those that the department owes money are govt entities such as Goa Human Resource Development Corporation Limited and Goa Electronics Limited. The tourism department's 17 outstanding bills are largely for tourism roadshows and trade fairs, and most are for the current year with just two bills dating back to Dec 2024. However, GTDC's track record of clearing bills of contractors and event management firms is not on par. The Goa Human Resource Development Corporation Ltd provided security services at GTDC residencies for 2019-20 for which it billed GTDC Rs 1.03 crore, an amount that remains unpaid, shows data released in the state legislative assembly. Invoices towards the organisation of the Manohar Parrikar Vidnyan Mahostav in Dec 2021 worth Rs 3.7 lakh also remain unpaid. Taxi bills worth Rs 8.65 crore remain unpaid, shows the data released in the state legislative assembly. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Emergency Generators in Sevilla: (Prices May Surprise You) Emergency Generator | Search Ads Search Now Undo Information provided by the department also shows that Rs 4.4 crore has to be released to a private firm for development of amenities at the Bom Jesus Basilica under the PRASHAD Scheme. GTDC said that many of these bills are 'under consideration' and will be cleared once scrutiny and approval is obtained. Bills for the G20 meetings, which were held in Goa, also remain unpaid. Goa hosted several G20-related meetings during India's presidency in 2023, including the G20 Tourism Working Group Meeting and the Tourism Ministers' Meeting.
