Russia starts direct commercial flights between Moscow and Pyongyang
Russian Foreign Minister Sergey Lavrov, who visited North Korea's new Wonsan-Kalma beach resort earlier this month to meet with North Korean leader Kim Jong Un, promised to encourage Russian tourists to visit the complex.
The resort, which can accommodate nearly 20,000 people, is at the center of Kim's push to boost tourism to improve his country's troubled economy. North Korea has been slowly easing the curbs imposed during the pandemic and reopening its borders in phases. But the country hasn't said if it would fully resume international tourism.
Regular flights between Russia's eastern port city of Vladivostok and Pyongyang reopened in 2023 following a break caused by the coronavirus pandemic.
Russia and North Korea have sharply expanded military and other ties in recent years, with Pyongyang supplying weapons and troops to back Russia's military action in Ukraine.
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Economic Times
12 minutes ago
- Economic Times
US-Russia-India tensions could spark crude oil prices to touch $80 per barrel
Synopsis Oil market experts predict Brent crude oil prices will likely surge to USD 80 per barrel due to escalating US-Russia tensions threatening global oil supplies. Potential sanctions and tariffs on countries trading with Russia, initiated by the US, could further inflate prices. Disruptions in Russian oil flow could push prices even higher, potentially reaching USD 100-120 per barrel. ANI Representative image. Brent crude oil prices are expected to rise to USD 80 per barrel in the coming months as tensions between the United States and Russia threaten to disrupt the global oil supply chain, highlighted oil market experts in conversation with prices may face upward pressure as geopolitical risks increase. NS Ramaswamy, Head of Commodities & CRM at Ventura, said, "Brent Oil (Oct'25) from USD 72.07 has a short-term target of USD 76. Year end 2025 could reach USD 80-82. Downside support and cap at USD 69. U.S. President Donald Trump has given Russia a deadline of 10-12 days to end the war in Ukraine, failing which it runs a risk of additional sanctions and secondary tariffs of 100 per cent on countries trading with Russia, which would push the oil prices higher."This move by US President Trump could further increase oil prices, as countries dependent on Russian crude would face a difficult choice between buying cheaper oil and facing heavy export tariffs to the WTI Crude Oil (Sep'25), experts expect a short-term target of USD 73 from the current level of USD 69.65. The price could rise to USD 76-79 by the end of 2025, while the downside support is at USD 65. Experts said such developments could disrupt the global oil market. A supply shock may result from reduced spare production capacity, which would likely push oil prices higher through dilemma remains that President Trump wants lower oil prices, but a quick increase in US oil production is not possible, as it involves infrastructure, labour, and expert Narendra Taneja told ANI, "Russia exports 5 million barrels of oil into the global (oil) supply system every day. Crude oil prices would rise significantly - USD 100 to 120 per barrel, if not more - if the Russian oil is forced out of the global supply chains".He also added, "If Russian oil stops flowing into Indian refineries, prices would rise globally for sure. There would be no shortage of oil in India because our refiners import from 40 different countries, but balancing the price for consumers would be a challenge."Even if Saudi Arabia and select OPEC countries step in to fill the supply gap, it will take time, adding to short-term price pressure. The oil market could shift into a deficit situation even if OPEC+ does not announce further production the recent US-EU trade deal has provided some support to the market, but geopolitical tensions persist and continue to add upside risks. The market is also closely watching US inventory levels and the upcoming interest rate decision, with a stronger US dollar keeping some pressure on oil extended US-China trade truce has also supported market sentiment, but risks remain elevated in the oil sector.
The Hindu
12 minutes ago
- The Hindu
All about India-U.S. trade: Infographics
U.S. President Donald Trump on Thursday (July 31, 2025) announced a 25% tariff on Indian imports into the U.S., effective August 1, following a 90-day pause in tariffs announced in April. In a post on the platform Truth Social, he called India's tariffs 'too high' and said that it had 'strenuous and obnoxious non-monetary trade barriers.' He also criticised India for its fossil fuel trade with Russia. Mr. Trump has been trying to broker a ceasefire between Russia and Ukraine to stop the three-year ongoing war between the two countries, with no firm deal in sight yet. In this context, here is an overview of the India-U.S. trade. How much does India export to and import from the U.S.? In 2024-25, India's exports to the U.S. were valued over 86,000 million dollars, with imports being over 45,000 million dollars. In terms of percentage, the U.S. made up around 20% of India's exports and 6.3% of its imports. India has always imported more than it exported to the U.S. Exports to the U.S. fell sharply in January this year and have continued to remain below levels not seen after 2022. India exported in March this year the lowest since April 2016. What does India send to the U.S.? India's major exports to the U.S. include telecom equipment, drug formulations and biologicals, textiles, petroleum, iron and steel, pearl and precious stones and more. However, there are variations in the percentage of each of these products that India exports to the U.S. compared to total exports of the product to all countries. For instance, India sends over 63% of all telecom exports to the U.S. For petroleum products, this is 7%. India-Russia trade One of Mr. Trump's criticisms is India's trade with Russia in the area of energy. As part of its opposition to Russia's actions in Ukraine, the European Union along with other Western countries imposed sanctions on Russian goods and individuals, and cut down on its imports of Russian energy after 2022. However, India increased its imports of Russian energy from around 2% of total Russian exports to over 20% in response to cheaper prices of discounted Russian oil. In a media briefing on Friday (August 1, 2025), the Ministry of External Affairs Spokesperson Randhir Jaiswal said that decisions regarding the sourcing of energy were 'based on the price at which oil is available in the international market and depending on the global situation at that time.' Similarly, External Affairs Minister said in 2023 that the country had to source oil where it was cheapest. He pointed out that European countries are 'diverting production out of the Middle East and raising prices.' Besides energy imports, India's imports of Russian military equipment was another of Mr. Trump's complaints. In 2024, India imported around 40% of its military imports from Russia. Exports to India made up 34% of Russia's total exports. According to SIPRI, Russia was the top supplier to India, followed by France and Israel in 2024. However, Indian sources told Reuters that the country was looking to pivot away from Russian arms since Russia's munitions were depleted due to its war with Ukraine. This also aligns with Prime Minister Narendra Modi's 'Make in India' programme to boost domestic production. On military procurement, Mr. Jaiswal said sourcing was determined 'solely by our national security imperatives and strategic assessments' on Friday. (With inputs from Reuters)
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Business Standard
42 minutes ago
- Business Standard
India reacts with outrage to Trump's tariff hike, 'dead' economy remarks
India is hardly alone in facing Trump's trade wrath - and not the subject to the very highest rates - but the news left business and political leaders wondering how to cope with the fallout Bloomberg By Satviki Sanjay and Swati Gupta Shock, dismay and angst swept across India as businesses, policymakers and citizens digested US President Donald Trump's sharp remarks and a surprise 25 per cent tariff rate earlier this week. While Indian government officials weighed a response and business groups tallied the cost of the trade barrier, the local social media flared up with users protesting Trump's comments and criticizing Indian Prime Minister Narendra Modi for not speaking up. It started with Trump saying that India's trade barriers were the 'most strenuous and obnoxious,' in a Truth Social post July 30. He added the US may also impose a penalty for New Delhi's purchase of Russian weapons and energy. Less than a day later, he ripped into India again for aligning with Russia, calling them 'dead economies' in another post. I don't think any head of state has insulted India as Trump does. I don't know how @narendramodi calls him a friend and doesn't speak up. Tariffs, penalties, and saying 'I don't care what India does with Russia. They can take their dead economies down together, for all I care. — Maheshwer Peri (@maheshperi) July 31, 2025 With no imminent trade deal, the 25 per cent tariffs kicked in as of Friday. India is hardly alone in facing Trump's trade wrath — and not the subject to the very highest rates — but the news left business and political leaders wondering how to cope with the fallout. 'Blunt-Force' Message 'Overnight, the US-India trade equation shifted from tense to turbulent,' said Akshat Garg, assistant vice president at Choice Wealth, a Mumbai based financial services firm. The levies 'feel less like structured policy and more like a blunt-force political message.' Complicating the narrative around the India trade deal — or the lack of it — was the US pact with its traditional rival Pakistan that came through on the same day. As the US released rates across the world on Aug. 1, India's relative disadvantage to competitor exporting countries became more apparent, dampening moods and stoking tempers further. 'The biggest blow is that Pakistan and Bangladesh got a better rate than us,' V. Elangovan, managing director at SNQS Internationals, an apparel maker in the south Indian manufacturing hub of Tirupur, told Bloomberg News. 'We were expecting something in the 15 to 20 per cent range.' India's annoyance can be traced back in part to Trump declaring himself the peacemaker that helped broker a ceasefire in the armed conflict between India and Pakistan in May. The move was seen as an effort to upstage Modi and put the two South Asian neighbors on an equal footing, despite India's larger military and economy. The events of this week have cemented that impression further in the eyes of some Indian observers. India has hoped it could do a fair deal with US. But succumbing to bullying is not part of the deal. At the end of the day, a trade deal has to be fair, and it must ensure that lives of Indians become better, not worse. Trump too shall pass. US tariffs are not the end of the… — sushant sareen (@sushantsareen) July 30, 2025 When the tariff rate news first dropped in late Wednesday evening in India, Ashish Kanodia recalls being 'very disturbed.' A director at Kanodia Global, a closely held exporter that gets over 40 per cent of its revenue from the US selling home fabrics to toys, the entrepreneur already has two of its largest US customers seeking discounts to make up for the levy. 'The next six months are going to be difficult for everyone,' Kanodia said, adding that profit margins will be squeezed. If the pain continues for 'months and months,' he said he'll have to start cutting his workforce. The US is India's largest trading partner, with the two-way trade between them at an estimated $129.2 billion in 2024. Compared with India's 25 per cent, Bangladesh was subjected to a 20 per cent tariff, Vietnam got a 20 per cent levy and Indonesia and Pakistan each received 19 per cent duties. 'We know that we have got a deal that is worse than other countries,' said Sabyasachi Ray, executive director at The Gem and Jewelry Export Promotion Council. 'We will take it up with the government.' Quite the unravelling of the Delhi - Washington relationship over the past 48 hours... ???????????????? > Trump announces 25% tariffs against India > Trump announces oil deal with Pakistan > US imposes sanctions against Indian petrochem companies for trading with Iran — Kabir Taneja (@KabirTaneja) July 31, 2025 Trump's actions mark a 180-degree turn for New Delhi's hopes of preferential treatment over regional peers. It was among the first to engage Washington in trade talks in February, confident of hammering out a deal sooner than others. Trump had called India's Prime Minister Narendra Modi 'my friend' in a Feb. 14 post on X and the bond between the two countries 'special.' India is now weighing options to placate the White House, including boosting US imports, Bloomberg News reported citing people familiar with the matter, and many hope that the bilateral relationship and the tariff rate can still be improved. 'It is a storm in the India-US relationship at this moment but I think there's a good chance that it will go away,' Vivek Mishra, deputy director of the Strategic Studies Programme at Delhi based Observer Researcher Foundation, told Bloomberg News. Indian business and trade groups are supporting the government's stance on the deal as the negotiations for a US-India trade deal continue. Negotiating Tactic Jewelry businesses 'are worried but they are not panicking' because they hope a more favorable deal can be worked out, said Ray of the gems export body. 'The negotiation that should be happening should be a win-win, not a win-lose.' The abrupt announcement by Trump over social media when negotiations with India were ongoing 'seems like a knee-jerk reaction,' according to Rohit Kumar, founding partner at public policy research firm The Quantum Hub. 'This appears to be a negotiating tactic aimed at unresolved discussion points,' Kumar said.
