Lara Trump skips North Carolina US Senate race, clears way for Roy Cooper vs Michael Whatley
Republicans currently hold a 53-47 majority in the Senate, and North Carolina will be the site of one of the half-dozen most competitive races in next year's midterm elections, following Republican Thom Tillis' decision not to seek reelection.
"After much consideration and heartfelt discussions with my family, friends, and supporters, I have decided not to pursue the United States Senate seat in North Carolina at this time," Lara Trump said in a posting on X on Thursday.
Multiple U.S. media outlets, citing unnamed sources, have reported that Whatley and Cooper intend to enter the race. The two could not be reached for comment on Thursday.
North Carolina is one of six Senate races that are seen as competitive by political analysts. The other five are in Georgia, Maine, Michigan, Minnesota and New Hampshire.
Democrats face an uphill battle in capturing control of the chamber, as they would need to defend seats in Michigan, Minnesota and New Hampshire where incumbents are retiring and flip at least four Republican-held seats for a majority.
They are seen as having better odds of capturing the House of Representatives, though efforts underway in heavily Republican Texas to redraw district lines could dim their chances in that chamber as well.
Tillis opted not to seek reelection after drawing Trump's ire for voting against a sweeping tax-cut bill that will cut Medicaid funding. That may have provided Democrats with the ammunition to help sway the state's rural voters.
"It would result in tens of billions of dollars in lost funding for North Carolina, including our hospitals and rural communities," Tillis said of the massive bill the Senate passed on July 1.
Cooper also blasted the bill in a July 3 posting on social media, saying that it hurt "working families, seniors, children and veterans so those at the top can have big tax breaks."
On Monday, in his role as Republican National Committee head, Whatley posted criticism on social media of Representative Abigail Spanberger, the Democrat running for governor of Virginia this year. His missive might provide a hint on how a head-to-head matchup with Cooper might look.
"She's an open-borders, pro-DEI, radical leftist who put America last in Congress and would do the same if she's elected as governor," Whatley said of Spanberger. (Reporting by Richard Cowan; editing by Scott Malone and Rosalba O'Brien)
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First Post
17 minutes ago
- First Post
As Trump unleashes tariff tirade on India over Russian oil, who gains at New Delhi's expense?
With 50% tariffs imposed by US President Donald Trump, analysts predict that Indian exports could shrink by up to 45%, representing an annual loss of around $35-45 billion. Here is the breakdown of which countries will gain at India's expense. read more US President Donald Trump meets Indian Prime Minister Narendra Modi at the White House in Washington, DC, US, February 13, 2025. (Photo: Kevin Lamarque/Reuters) In a dramatic escalation of trade tensions, US President Donald Trump has imposed punitive tariffs of 50 per cent on Indian imports — doubling the rate from the earlier 25 per cent. The executive order, signed in early August 2025, directly targets India's continued purchase — and re-export — of Russian crude oil, which Washington claims is indirectly funding Moscow's ongoing war in Ukraine. This decision marks a significant moment in global economics and diplomacy, entangling energy geopolitics with trade warfare. The implications will be long-lasting — not just for Indian exporters, but also for competitor nations poised to benefit from India's sudden loss of competitiveness in the US market. STORY CONTINUES BELOW THIS AD What prompted the tariff hike? According to the order, the Trump administration considers India's prolonged Russian oil imports a 'threat to the national security and foreign policy of the United States'. Despite pressure from both Democratic and Republican lawmakers, India has held firm, arguing that affordable energy is a non-negotiable priority for a developing economy. The tariffs are being presented as a tool to deter Indian firms —particularly refiners and intermediaries— from continued energy ties with Russia. New Delhi, in turn, has labelled the move an 'unfair and unprovoked economic penalty', signalling possible retaliatory action under World Trade Organization mechanisms. Major Indian sectors affected by Trump's tariffs The broad-based 50 per cent tariffs affect a wide range of Indian exports, with consequences expected across: Textiles and garments Gems and jewellery Automotive components and vehicles Leather goods Machinery and engineering products Marine and seafood products Steel and aluminium Chemicals and agrochemicals Selective pharmaceutical and processed goods Exporters in these sectors now find themselves priced out of the American market, losing a competitive edge to rivals that face significantly lower import duties. Some analysts predict that Indian exports in the affected industries could shrink by up to 45 per cent, representing an annual loss of between $35 billion and $45 billion. Who benefits at India's expense? As India falls behind due to steep tariffs, multiple countries stand ready to fill the vacuum. The following nations are poised to gain the most, sector by sector: 1. Textiles and apparel Winners: Vietnam, Bangladesh, Cambodia, Mexico, Pakistan, Turkey Why: Countries like Vietnam face US tariffs of just 12–20 per cent, compared to India's 50 per cent. They are likely to capture substantial market share, particularly in cheap cotton-based garments and synthetic fibres. 2. Gems and jewellery Winners: Belgium, Israel, UAE, Thailand, China Why: Indian diamonds often dominated the US import pipeline. These competitors, many of whom face tariffs of under 10 per cent, will likely absorb up to $2–3 billion of lost Indian jewellery trade. 3. Automobiles and components Winners: Mexico, Canada, South Korea, Japan, Thailand Why: Free trade agreements offer favourable terms for Mexico and Canada. With India's costs doubled, these markets look increasingly attractive to US manufacturers. Winners: Vietnam, Bangladesh, China, Italy Why: India's exporters face tariffs of 50 per cent, while rivals continue to pay less than 15 per cent. US buyers are expected to pivot accordingly. 5. Engineering goods and machinery Winners: Germany, South Korea, China, Japan Why: As Indian machinery losses mount, countries with established industrial supply chains will step into the breach. 6. Chemicals and agrochemicals Winners: EU nations, China, Brazil Why: Disruptions in chemical exports from India create openings for existing suppliers familiar to US agricultural sectors. 7. Marine products Winners: Vietnam, Indonesia, Ecuador Why: India is the second-largest shrimp exporter to the US; its loss is Vietnam and Ecuador's gain. Quantifying the trade shifts Sector Expected loss to India Projected gains to rivals Textiles & apparel $10–12 billion Vietnam, Bangladesh, Mexico (~$8–9 billion) Jewellery & gems $2–3 billion Israel, UAE, Thailand (up to $2 billion) Auto & components $1.5–2 billion Mexico, South Korea (~$1.7 billion) Leather & footwear $1 billion+ Vietnam, Bangladesh (~$750 million) Marine products $1.2–1.5 billion Vietnam, Ecuador (~$1 billion) Engineering goods $2.5 billion+ Germany, Japan (~$2 billion) There may be strategic and political fallout Trump's tariffs threaten to unwind portions of the US–India strategic partnership — a relationship cultivated over two decades across defence, technology, and energy sectors. While India's independent energy policy remains domestically popular, prolonged economic pressure may ultimately push it to rethink its sourcing strategy or seek new trade alignments. From Washington's viewpoint, the move reflects President Trump's return to leveraging economic instruments as geopolitical tools, echoing his administration's first-term tactics against China, the EU, and other trade partners. A global economic tipping point Trump's tariff offensive has jolted global markets. At 50 per cent, it is one of the highest ever imposed by the US on a major trading partner. As Indian exporters scramble, countries like Vietnam, Mexico, and Germany are gearing up to absorb lost volumes. In today's fragmented economy, tariffs are no longer just taxes — they are weapons. And right now, India is caught in the crosshairs.
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First Post
an hour ago
- First Post
Is India facing the highest tariffs? How do other countries fare?
Trump's punishing new tariffs on more than 90 countries have snapped into place, marking a new global trade order. Among the countries listed is India, which has been slapped with a 25 per cent levy along with another 25 per cent penalty for purchasing Russian oil. This puts India on the same level as Brazil — both with 50 per cent tariffs, followed by war-torn Syria (41 per cent) read more With the newly announced 25 per cent additional tariff on imports, India has now joined Brazil at the top of the list of countries facing the highest import taxes under President Trump's adjusted tariff regime. File image/AP After several false starts, a new trade order is now in effect, courtesy Donald Trump's new tariffs. 'It's midnight! Billions of dollars in tariffs are now flowing into the United States of America!,' the US president said on social media minutes before the midnight deadline in Washington, DC. On Thursday (August 7), Trump's reciprocal tariffs, which he announced a week ago, snapped into place. Few of America's major trading partners have been spared under Trump's updated slate of duties, which together have sent the average effective US tariff rate to its highest level in nearly a century. STORY CONTINUES BELOW THIS AD Among those hit by the new tariffs is India, which has been slapped with a 25 per cent levy. However, that's not it. Trump, on Wednesday (August 6) also announced another 25 per cent tariff on India as punishment for its continued purchase of Russian oil. This takes India combined levies to 50 per cent — putting it at par with Brazil, followed by Syria. Catch all the live updates on here Trump's tariffs on India As part of the executive order that Trump signed last week, India's tariff was increased to 25 per cent. Then on Wednesday, he ramped up the tariff rate by levying another 25 per cent as punishment for purchasing Russian oil. According to the executive order, the 25 per cent tariff for buying Russian oil will come into effect 21 days later, on August 27. Earlier in the week, Trump had threatened India with the new tariffs, saying they were helping Russia wage war in Ukraine. '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. They don't care how many people in Ukraine are being killed by the Russian war machine,' he wrote on social media. However, in its defence, India said Delhi had already made clear its stance on imports from Russia, and reiterated that the tariff is 'unfair, unjustified and unreasonable'. In a statement, the Ministry of External Affairs said, 'It is therefore extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest. 'India will take all actions necessary to protect its national interests.' Prime Minister Narendra Modi also issued a strong reaction to the tariffs imposed by Trump, saying, 'The interest of farmers is our top priority. India will never compromise with the interests of its farmers, livestock holders, and fishermen. And I know that I will have to pay a huge price for this personally, but I am ready. India is ready, for the sake of the country's farmers, fishermen and livestock holders.' STORY CONTINUES BELOW THIS AD Cargo containers line a shipping terminal at the Port of Oakland as Trump's new tariffs for over 90 countries come into effect. AP Trump tariffs on other countries But India isn't the only nation that has been slapped with tariffs. More than 90 countries have been slapped with varying degrees of tariffs — ranging from 10 per cent to as high as 41 per cent. Before Thursday, virtually every country's goods were subject to a minimum 10 per cent tariff. Now rates vary substantially from country to country. The highest rates imposed are on goods from Brazil (50 per cent), Laos (40 per cent), Myanmar (40 per cent), Switzerland (39 per cent), Iraq (35 per cent) and Serbia (35 per cent). An additional 21 countries also face levies greater than 15 per cent. This includes several countries the US relies heavily on for a variety of goods, such as Vietnam (20 per cent), Taiwan (20 per cent) and Thailand (19 per cent). According to the list published by the White House last week, members of the European Union will be subjected to a 15 per cent tariff. Last week, Trump also boosted the tariff rate on Canada from 25 per cent to 35 per cent, saying the country had 'failed to cooperate' in curbing the flow of fentanyl and other drugs across the US border. The Canadian government says it is cracking down on drug gangs. STORY CONTINUES BELOW THIS AD But most Canadian exports to the US will dodge the import tax due to an existing trade treaty — the United States-Mexico-Canada Agreement (USMCA). Notably, India's tariffs are among the highest among the Asian countries. Its neighbours Pakistan, Bangladesh and Sri Lanka have been subjected to levies ranging from 20 per cent to 15 per cent. Status of trade deals Trump's new tariffs come into effect even as countries continue to negotiate with the Trump administration on trade deals. Countries like the UK, Japan and South Korea have already reached agreements to get lower tariffs than Trump threatened in April. Meanwhile other countries are still trying to negotiate deals. For instance, Swiss President Karin Keller-Sutter and Economy Minister Guy Parmelin were in Washington on Wednesday to negotiate a deal. However, they failed to convince the US government on the 39 per cent tariffs on Swiss goods. China, too, is in the midst of negotiating a trade deal with the US with an August 12 deadline looming over them. India is also trying to negotiate a trade deal with the United States. The last talks between the two delegations was in mid-July but no breakthrough could be achieved. The next set of talks is reportedly scheduled for the second half of August. STORY CONTINUES BELOW THIS AD However, it remains to be seen if the sixth round of talks bear any fruit for New Delhi. With inputs from agencies
Hindustan Times
an hour ago
- Hindustan Times
How Trump tariffs could impact India's oil purchase from Russia: Explained
India finds itself in a tight spot as it faces United States' crushing 50 per cent tariffs, half of which are a punishment for doing business with Russia. While the US move comes as a strategy to pressurise Russia into stopping the war with Ukraine, it is India which is at the receiving end too, analysts say. Moving away from purchasing oil from Russia may have political repercussions for India as it could be seen as giving into the US' pressure.(AP) Understanding India's oil trade with Russia In the last fiscal year, India saved around $3.8 billion on its oil purchases on discounted prices from Russia, according to Investment Information and Credit Rating Agency (ICRA), reported Bloomberg. However, its exports to the US in 2024 touched around $87 billion, a far bigger figure. India was never a big Russian oil purchaser traditionally, and even until 2021, and mostly depended on the Middle-East, the report said. That changed in 2022 when Russia invaded Ukraine and the Group of Seven (G7) nations placed a price cap on Russian oil at $60 per barrel, aiming to curb Moscow's oil revenues. India was allowed to buy under this cap, which made the Russian oil available at discounted prices, and went on to increase its oil purchase from Russia, added the report. Also read: 'India is ready for it': PM Narendra Modi after Donald Trump tariff hit, backs farmers' interest This came at the expense of its traditional oil suppliers such as Saudi Arabia, Iraq and Nigeria. Today, Russia makes for around a whopping 37 per cent of India's total oil imports, according to Kpler, a data analytics firm, making India one of Russian crude's two top buyers along with China. Officials have said the move to increase oil imports from Russia was aimed at avoiding a supply shortage and to keep prices from inflating too much. Until recently, the US seemed comfortable with this approach. While visiting India last year, US Treasury officials said the price cap was 'a mechanism for India and other partners to access Russian oil at discounted prices' and did not express any intention to curb India's Russian oil purchase. However, Trump's distance from this position has caught India off-guard, say experts. Also read: Trump's first round of tariffs on India kicks in: 'Billions of dollars now flowing into US' What experts say 'Everyone understands Trump's aim is to try and pressure Putin, but to do it with a gun on India's shoulder is not going down well with New Delhi,' Bloomberg quoted Vandana Hari, founder of consultancy Vanda Insights, as saying. Looking at the difference between how much India benefits from Russian oil purchase and how much it exports to the US, Warren Patterson, head of commodities strategy at ING Groep NV in Singapore, said, 'If you look at the size of India's trade with the US, and look at how much savings India gets from buying Russia crude, it's pretty clear what India would do… Are you going to risk up to $87 billion worth of exports to the US in order to save a few billion from oil discounts?' Also read: 'Could happen': Donald Trump on if China faces India-like additional tariffs for buying Russian oil Can India stop purchasing oil from Russia? At present, the crude prices are below $70 and global supply is ample, the report said. In May, Indian buyers were paying only $4.50 less per barrel for Russian crude compared to the oil it imported from Saudi Arabia. This was a huge drop from 2023, when the discount exceeded $23 a barrel. This means that theoretically India could move away from Russian oil imports without much hurt. According to Shilan Shah of Capital Economics, the cost of shifting suppliers away from Russia is 'not actually that big'. 'It feels like a political decision rather than an economic one. India doesn't want to be seen caving to Trump's demands. India and Russia have pretty longstanding trade relations, which I think India would be keen to maintain,' he said. How are Indian oil buyers reacting The Indian oil company executives are unsure at the moment on where to purchase the oil from, since no clear instructions have been given so far by the government, the Bloomberg report said. State-run oil companies, which usually buy Russian oil through spot deals, are 'already staying on the sidelines', people familiar with the matter told Bloomberg on condition of anonymity. (With inputs from Bloomberg)
