logo
India welcomes August 15 Trump-Putin Summit in Alaska, backs peace efforts

India welcomes August 15 Trump-Putin Summit in Alaska, backs peace efforts

Time of India2 days ago
India on Saturday welcomed an understanding reached between the US and Russia for a meeting of leaders of the two countries in Alaska on August 15 and endorsed the Summit by suggesting that it is ready to support these efforts. "This meeting holds the promise of bringing to an end the ongoing conflict in Ukraine and opening up the prospects for peace. As Prime Minister
Narendra Modi
has said on several occasions, "This is not an era of war"," a spokesperson in the Ministry of External Affairs said in a statement. The latest development tracks US President Donald Trump harshly criticising New Delhi of supporting Moscow's war efforts through continued purchases of Russian crude oil and doubling American tariffs on Indian goods to 50%. It also follows a phone conversation on Friday between Russian President Vladimir Putin and Prime Minister Narendra Modi. Both leaders discussed the latest developments concerning Ukraine, among other issues during the call.
On Friday, National Security Advisor (NSA) Ajit Doval met Russia's first deputy prime minister Denis Manturov, who is the point person for economic-industrial partnership with India, and explored a slew of industrial projects, including in the aviation industry.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Breaking news live updates, August 12: Rahul Gandhi lauds INDA bloc MPs for support in 'movement against vote theft'
Breaking news live updates, August 12: Rahul Gandhi lauds INDA bloc MPs for support in 'movement against vote theft'

Time of India

time23 minutes ago

  • Time of India

Breaking news live updates, August 12: Rahul Gandhi lauds INDA bloc MPs for support in 'movement against vote theft'

00:17 (IST) Aug 12 US stocks are drifting around their record heights on Monday as Wall Street waits for an upcoming update on inflation. The S&P 500 fell 0.1% and is just below its all-time high set two weeks ago. The Dow Jones Industrial Average was down 171 points, or 0.4%, as of 2:30 p.m. Eastern time, and the Nasdaq composite fell 0.1%, coming off its own record. The highlight of this week for Wall Street is likely to arrive on Tuesday, when the government will report how bad inflation was across the country in July. Economists expect it to show U.S. consumers had to pay prices for groceries, gasoline and other costs of living that were 2.8% higher in July from a year earlier, a slight acceleration from June's 2.7% inflation. Inflation has remained above 2%, even if it has improved substantially from its peak above 9% three years ago. And the worry is that President Donald Trump's tariffs could push it higher. That in turn is raising fears about a potential, worst-case scenario called 'stagflation' where the economy stagnates but inflation remains high. The Federal Reserve has no good tool to fix both at once, and it would need to concentrate on either the job market or inflation first. But helping one of those areas by moving interest rates would likely hurt the other. A top Fed official, Michelle Bowman, said on Saturday that she believes the job market is the bigger concern. She is still backing three cuts to interest rates by the Fed this year following this month's stunning, weaker-than-expected report on the U.S. job market. Trump himself has also been angrily calling for cuts to interest rates to support the economy. Other Fed officials, led by Chair Jerome Powell, are more hesitant. Powell has said he wants to wait for more data about how Trump's tariffs are affecting inflation before the Fed makes its next move, and Tuesday's update on the consumer price index may offer a big clue about that. Strategists at Stifel are warning that stagflation may already be on the way, with spending by U.S. consumers slowing, and they warn that it could cause the U.S. economy to slow to a crawl by the second half of the year. That in turn could create a reckoning for investors after they sent stock prices soaring to records from their low point in April. 'Rate cuts cannot save an overvalued S&P 500,' according to the strategists, led by Thomas Carroll and Barry Bannister. One way companies can make their stock prices appear less expensive is to deliver bigger profits. Micron Technology climbed 3% Monday after raising its forecasts for profit and revenue in the current quarter, which will end later this month. The maker of memory for computers said it's benefiting from higher prices for its products. AMC Entertainment rose 2.9% to shave its loss for the year so far, which came into the day at 26.4% after it reported better results for the spring than analysts expected. The theater chain said moviegoers paid more for their tickets per person than ever before, while also spending more on food and drinks. TKO Group Holdings climbed 8.2% after reaching a deal to distribute the full slate of its 13 marquee UFC numbered events, along with 30 'Fight Nights' on the Paramount+ streaming platform. Paramount Skydance's stock fell 1.6%. Nvidia and Advanced Micro Devices advanced after a U.S. government official confirmed that the two agreed to share 15% of their revenues from chip sales to China with the U.S. government. The two had said in July that Washington would allow them to resume sales of their advanced H20 and MI308 chips, which are used in artificial intelligence development, in China but didn't reveal the 15% cut. Nvidia added 0.2%, and AMD climbed 0.7%. On the losing side of Wall Street was after the AI application software company warned it may report an operating loss as large as $124.9 million for its first quarter. CEO Thomas Siebel called the first-quarter sales results 'completely unacceptable,' and its stock tumbled 25%. In stock markets abroad, indexes were mixed amid mostly modest movements across Europe and Asia. In the bond market, the yield on the 10-year Treasury held at 4.27%, where it was late Friday.

'We'll see what happens': Trump dodges question on extending August 12 China tariff deadline
'We'll see what happens': Trump dodges question on extending August 12 China tariff deadline

First Post

time23 minutes ago

  • First Post

'We'll see what happens': Trump dodges question on extending August 12 China tariff deadline

US President Donald Trump on Monday dodged a question about whether he would extend the August 12 deadline for imposing higher tariffs on Chinese goods, saying 'we'll see what happens' read more US President Donald Trump on Monday dodged a question about whether he would extend the August 12 deadline for imposing higher tariffs on Chinese goods, saying 'we'll see what happens,' while praising China for its cooperation in ongoing trade talks with the US. 'We've been dealing very nicely with China. As you have probably heard, they have tremendous tariffs that they're paying to the United States of America,' Reuters quoted Trump as saying at a news conference at the White House. STORY CONTINUES BELOW THIS AD 'They've been dealing quite nicely,' he said, adding that he had a good relationship with Chinese President Xi Jinping. A tariff truce between the US and China is set to expire on August 12, though the Trump administration has signaled the deadline could be extended. More from World PM Modi to visit China: Why the trip matters amid Trump's steep tariffs on India Without an extension, US tariffs on Chinese goods are expected to surge to 145%, while Chinese tariffs on American products could reach 125%. The two countries agreed to a 90-day pause in their trade dispute during talks in Geneva this May, allowing time for further negotiations. A follow-up meeting in Stockholm in late July ended without any announcement on extending the truce. US Treasury Secretary Scott Bessent said Washington is making progress and expressed optimism about reaching a deal with Beijing. With the clock ticking, Trump on Sunday night called on China to quadruple its purchases of American soybeans and noted that doing so would help reduce America's trade deficit with China. 'China is worried about its shortage of soybeans,' Trump wrote on Truth Social in a message directed to Xi Jinping, China's leader. 'Our great farmers produce the most robust soybeans,' he added. With inputs from agencies

Why is Trump not imposing extra tariffs on China just like India for importing Russian oil? Is he scared? VP Vance admits...
Why is Trump not imposing extra tariffs on China just like India for importing Russian oil? Is he scared? VP Vance admits...

India.com

time23 minutes ago

  • India.com

Why is Trump not imposing extra tariffs on China just like India for importing Russian oil? Is he scared? VP Vance admits...

New Delhi: US President Donald Trump imposed 25 percent tariff on India for buying Russian oil. On being asked why he isn't imposing same tariff on China for buying Russian oil, there is no straight answer. Meanwhile, US Vice President JD Vance has admitted that imposing tariffs on China is a very difficult decision. JD Vance has said that after imposing a huge tariff hike on Russian oil imports from India, US President Donald Trump is now considering similar measures against China. But he stressed that deciding to impose tariffs against China would be much more difficult and politically sensitive. Why did Trump not impose tariff on China for importing Russian oil? It is clear from the statement of Vice President JD Vance that Donald Trump is afraid of China's retaliation. In fact, when Trump imposed tariffs on China for the first time, China immediately retaliated and reduced the supply of those rare minerals to America, which are most needed by America's defense industry. The current situation is that American defense companies are struggling to make weapons, and many companies have been forced to extend the delivery date of weapons by two to three months. What did VP Vance say on the issue? That is why JD Vance has admitted that 'the relations between the two countries also affect many other issues.' That is, America is looking after its own interests and is avoiding imposing tariffs on China due to fear. Speaking on Fox News' Sunday Morning Futures, Vice President JD Vance said, 'imposing tariffs on China is being considered, but no decision has been taken yet.' Vance said, 'The President (Donald Trump) has said that he is thinking about it, but he has not taken any concrete decision. The China issue is a little more complicated because our relationship affects many other things that have nothing to do with the Russian situation.' How much oil did China purchase from Russia in July? China's imports of Russian crude oil crossed $ 10 billion in July, the highest monthly level since March. However, the figures so far in 2025 are 7.7% lower than in 2024. Vance said that the President is 'reviewing his options' and 'a decision will be taken at the right time.' At the same time, senior advisor Peter Navarro warned that such tariffs 'can also harm America.' This statement of JD Vance comes after the recent 25 percent additional tariff imposed by the US against India. Due to which the total tariff rate on Indian goods has increased to 50%. This additional duty will come into effect from August 27.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store