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Economic Times
30 minutes ago
- Economic Times
Trump's tariff gamble puts America's ties with India at risk
Synopsis President Trump has threatened India with 50% tariffs for continuing to purchase Russian oil, aiming to pressure Russia to end the war in Ukraine. This move jeopardizes the strategic partnership between the U.S. and India, potentially pushing India closer to Russia and China. The tariffs could significantly harm India's economy, while the future of U.S.-India relations remains uncertain. President Donald Trump has staked enormous political capital on being the one to end the war in Ukraine, even asserting that he could do so "in 24 hours." In perhaps his biggest gamble yet to achieve that goal, he pledged Wednesday to punish India with tariffs of 50% for buying Russian oil. At stake is the relationship between the United States and an increasingly important strategic partner in Asia. India, the world's most populous democracy, and the United States, its most powerful one, have an unusual relationship. They are friendly but not close, brought together by mutual interests and shared values, especially in recent decades. On Wednesday, Trump seemed ready to ditch that relationship. He doubled already hefty tariffs on Indian exports to the United States for its steadfast refusal to stop buying oil from Russia, in an effort to pressure Russia to end the war. Trump has accused India of helping Russia finance its war on Ukraine through oil purchases; India has said it needs cheap oil to meet the energy needs of its fast-growing economy. India called the additional tariffs "unfair, unjustified and unreasonable," pointing out that it was being punished for doing something -- buying Russian oil at a discounted price -- that other nations have done, although it didn't mention names. China is the largest buyer of Russian oil, and Turkey has also deepened its energy links with Russia since the start of the war in Ukraine, without incurring similar penalties. Analysts said Trump's pressure tactics could damage the long-standing ties between India and the United States. "We are better off together than apart," said Atul Keshap, a retired U.S. diplomat and president of the U.S.-India Business Council. "The partnership forged by our elected leaders over the past 25 years is worth preserving, and has achieved considerable mutual prosperity and advanced our shared strategic interests." It's difficult to quantify what exactly America would lose if its relationship with India cools. India is a valuable strategic partner for the United States, acting as a counterweight to China. It is also important to many American companies, including Apple, which has shifted some manufacturing of its products to India from China. Ajay Srivastava, a former trade official at the Global Trade Research Initiative, a New Delhi-based think tank, said the U.S. action "will push India to reconsider its strategic alignment, deepening ties with Russia, China and many other countries." India and the United States, along with Japan and Australia, are part of a diplomatic partnership called the Quad, set up largely to counter China's growing influence in the Indo-Pacific region. India is planning to host the Quad Leaders' Summit later this year. Trump was expected to attend, although it's now unclear if he will. For India, the costs of a damaged relationship may prove to be higher. Trump's move puts Prime Minister Narendra Modi in a bind. Russia is the source of 45% of its oil imports. If India stops buying Russian oil, accepting higher prices for consumers and domestic manufacturing, it would be politically damaging for Modi's government. If it ignores Trump's threat and continues buying Russian oil, the hit to India's economy will be far costlier. The higher tariffs could cut India's more than $86 billion in exports to the United States by half, according to the Global Trade Research Initiative, an Indian research group. The United States is India's biggest trading partner, and exports account for nearly 20% of India's economy. India ranks only 10th among American trade partners in goods. India has also come to value American backing for its bid to be recognized as a global superpower. Modi has touted his relationship with Trump, courting the U.S. president during his first term in office and calling him a "true friend." But that friendship, as many American allies have learned, may mean little when Trump's own priorities are at stake. In recent weeks, Trump announced that he had struck deals with Japan, Korea and the European Union, but even after months of negotiation, India had not reached an agreement. India was reluctant to make concessions on politically sensitive sectors like dairy and agriculture. India also publicly denied Trump's repeated claims that he helped broker a ceasefire between India and Pakistan after a brief, four-day conflict between the two neighbors in May. India has maintained that the ceasefire was negotiated bilaterally with Pakistan, and Indian leaders bristled at Trump's willingness to insert himself into that bitter rivalry. It is not yet clear whether the punitive tariffs Trump has threatened will ever take effect. In the executive order he issued Wednesday, Trump said the tariffs would be implemented within a month, but he could modify the order if circumstances changed. The order included a provision that the United States would look at other countries' purchases of Russian oil as well. So far, there is no indication that Trump intends to take a similar approach to China, which is the biggest buyer of Russian oil. Chinese and U.S. officials are in the middle of sensitive negotiations about potential trade agreements after an initial round of retaliatory tariffs threatened to destabilize the global economy. With his tariff moves against India, Trump is keeping his eye on big strategic goals -- a deal with China, and keeping the pressure on Russia before a potential meeting with the leaders of Russia and Ukraine, which he disclosed Wednesday. Far from being "a dead economy," as Trump called it, India is the fastest-growing large economy in the world. But its place on the president's list of priorities may be much less certain.
Hindustan Times
an hour ago
- Hindustan Times
Chandigarh: Gillco MD moves high court for pre-arrest bail
Gillco Group managing director and BJP leader Ranjit Singh Gill has moved the Punjab and Haryana high court seeking anticipatory bail, days after Punjab vigilance bureau (VB) conducted searches at his properties. Gillco Group managing director and BJP leader Ranjit Singh Gill. (HT File) A bench of justice Aaradhna Sawhney referred the plea to the chief justice for appropriate orders, after the state counsel said the case is linked to two FIRs — one in a disproportionate assets case against Bikram Singh Majithia registered on June 25 and another drugs-related FIR registered in 2021. The government counsel has requested the matter be sent to the special bench hearing cases involving MPs and MLAs. Gill, a Kharar-based real estate developer joined the BJP on August 1. The petition alleged that he was being falsely targeted by the vigilance bureau on account of his political affiliation.
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Business Standard
an hour ago
- Business Standard
ump eyes 100% tariff on chips, firms investing in US to be exempted
US President Donald Trump said on Wednesday (local time) he would impose a 100 per cent tariff on imported semiconductors in a sweeping move to push tech manufacturing back to the US. However, companies that are building, or have committed to build production facilities in the US, will be exempted. Trump made the announcement at the White House alongside Apple CEO Tim Cook, where the iPhone maker also unveiled a new $100 billion US investment plan. Trump said the exemption would apply even to firms that have not yet started production, so long as their US projects are underway. 'We'll be putting a tariff of approximately 100 per cent on chips and semiconductors. But if you're building in the United States of America, there's no charge,' Trump said, reported Bloomberg. Apple wins exemption, pledges new US investments Apple emerged as the immediate beneficiary of the exemption, with Cook announcing a new $100 billion US investment plan designed to bring more of the company's manufacturing home. The expanded plan includes: This investment builds on Apple's previously announced $500 billion plan, bringing its cumulative US commitment to $600 billion. The earlier plan includes a server manufacturing plant in Houston, a supplier academy in Michigan, and expanded supplier contracts across the country. Tariff threat looms for global chip supply chain Despite Apple's win, Trump's surprise announcement has sent ripples through the tech industry, which remains unsure how broadly the tariffs will be implemented. Trump has so far spared consumer electronics like smartphones, monitors, and laptops from his nation-specific reciprocal tariffs. However, he hinted these items could be targeted next, especially if they contain semiconductors. Trump confirmed the chip tariff is just one piece of a broader import crackdown, with new levies coming Thursday and more potentially next week. Winners and losers: Who's exempt, who's exposed If Trump's exemption applies broadly to firms with US-based operations, several major chipmakers may avoid penalties. These include: Taiwan Semiconductor Manufacturing Co (TSMC) Samsung Electronics Intel Corp Texas Instruments Micron Technology GlobalFoundries All have either operational factories or active expansion plans in the US. However, firms like Nvidia and AMD, which rely on outsourced chip manufacturing primarily in East Asia, may face challenges. While Nvidia has pledged significant US investments, it remains part of a globally complex supply chain that can't be quickly reshored. India, Vietnam targeted with new levies Trump's tariff agenda also includes steep duties on countries crucial to Apple's manufacturing network. India, a major production base for iPhones, will be hit with a 50 per cent tariff, half aimed at trade imbalances and the rest as retaliation for India's Russian energy imports. Vietnam, which makes Apple Watches, iPads and MacBooks, is already facing a 20 per cent tariff. Cook navigates Trump ties, tariffs Cook's long-standing ties with Trump may have helped Apple secure a favourable outcome. He attended Trump's 2025 inauguration, donated to the president's inaugural committee, and has held multiple meetings with the administration, including one earlier this year when Trump threatened a 25 per cent tariff if Apple didn't shift iPhone assembly to the US. Cook responded by noting that while final iPhone assembly would continue abroad 'for a while,' many components were already being made in the US. Trump appeared pleased with the response. 'Look, he's not making this kind of an investment anywhere in the world, not even close,' Trump said.
