Global powers will bully India unless it becomes most unapologetic superpower: Eternal CEO
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Economic Times
2 minutes ago
- Economic Times
Donald Trump's new India tariffs could hit American household kitchen cabinet. Here's how, why?
Live Events FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel A dash of this and a pinch of that could cost more in American kitchens with new tariffs on goods from India. Many spices used by home chefs, restaurants and large manufacturers are imported from India, and the 50 per cent tariffs on the country imposed by President Donald Trump could drive costs higher, a trade association warned year, the United States imported more than $410 million in spices from India, according to the U.S. Department of essential spices, including cinnamon, pepper, nutmeg and cloves, require tropical climates and, therefore, cannot be grown in the United States on a large enough scale to meet demand, Laura Shumow, executive director of the American Spice Trade Association, said in a spice industry is one of many sectors that are tallying up the potential costs of Trump's trade wars with various partners, warning that the fallout could hit either profits at American companies or consumers' late June, executives at McCormick warned that Trump's tariff policy could cost the spice company $90 million a year."Tariffs on these products -- including additional new tariffs announced this week -- do not incentivize U.S. production or create American jobs," Shumow said. "Instead, they place an undue financial burden on U.S. food manufacturers, restaurants and, ultimately, American consumers."The spice association noted that in the framework of a trade deal with Indonesia, the Trump administration had created the potential for exemptions or reductions in tariffs for commodities not naturally available or produced in the United States. The trade group said it hoped a similar framework could be put into agreements with other nations."We firmly believe that smart, targeted trade policies can support the U.S. spice industry and other American businesses," Shumow said, "while helping to keep grocery costs down for families."A1. President Donald Trump has imposed 50 per cent tariffs on India.A2. Last year, the United States imported more than $410 million in spices from India, according to the U.S. Department of Agriculture.
Mint
2 minutes ago
- Mint
KPMG India reappoints industry veteran Yezdi Nagporewalla as CEO
KPMG India on Thursday, 7 July 2025, announced the re-appointment of Yezdi Nagporewalla as the Chief Executive Officer (CEO) of the consultancy firm for the three years beginning February 2027, according to the official announcement. The company also said that the second CEO's term will begin immediately after the expiry of the current executive's term. 'KPMG in India today announced the re-appointment of Yezdi Nagporewalla as Chief Executive Officer for a second term, which will span three-years, beginning February 2027. The extension will take effect immediately after the expiry of his current term,' the company said in an official filing. The company also said that the decision to re-appoint Yezdi Nagporewalla comes as the board of directors and partners of the Indian-arm are focused on the market as the firm continues its growth journey. 'My focus will be to continue sharpening the firm's client focus, integrating innovative approaches, deepening expertise and enhancing our culture to unlock value for our clients. Over the past years, we have built trust among our stakeholders with a clear emphasis on ethics and quality, which will remain our core,' said Yezdi Nagporewalla in the official statement. Ajay Mehra, the Non-Executive Chairman at KPMG India, said that Yezdi Nagporewalla has been leading the Indian company over the last three years, and his strength lies in maintaining and strengthening relationships with the clients and people. 'It has been our privilege to have Yezdi lead the India firm over the last three years. His strength lies in maintaining and strengthening relationships with our clients and people. His insights and experience will help scale the firm to a better and brighter future,' he said in the filing. Yezdi Nagporewalla has a career of close to three and a half decades, during which time he has dedicated two and a half decades to KPMG India. Yezdi has garnered expertise in diverse areas, including client relations, market expansion, strategy, business improvement, transformation, and governance and regulatory matters, according to the company data.
Mint
2 minutes ago
- Mint
Chinese Ambassador mocks Donald Trump after 50% tariff on India: ‘Give the bully an inch, he will take a mile'
Chinese Ambassador to India Xu Feihong on Thursday slammed US President Donald Trump over his 50 per cent tariff imposition on New Delhi. "Give the bully an inch, he will take a mile," the Chinese envoy to India wrote on X. His post accompanied a quote by Chinese foreign minister Wang Yi, who said on August 6 that the US is using tariffs to suppress other countries. 'Using tariffs as a weapon to suppress other countries violates the UN Charter, undermines WTO rules and is both unpopular and unsustainable,' he had said in a phone call with in a phone call with Celso Amorim, chief advisor to the president of Brazil. Feihong's remarks came hours after Trump indicated a possibility of slapping extra tariffs on China for its continued purchase of Russian oil. On Wednesday (local time), the US President had hit India with additional tariffs of 25 per cent specifically tied to the purchase of Russian oil. India had responded by calling the decision 'unfortunate' and comparing itself with other countries, including China, who had bought oil from Russia but did not face such penalties. Donald Trump had on Thursday indicated that he might increase tariffs on China over its continued ties with Russia, a country that he has off late reprimanded for its war with Ukraine. At a news conference in the White House, the US President was asked if similar secondary sanction would apply to China given that the Chinese are the largest buyers of Russian Crude oil. 'It may happen, I don't know, I can't tell you yet, we did it with India and we are doing it probably with a couple of others, one of them could be China,' Trump replied. According to data by the Centre for Research on Energy and Clean Air (CERA) for June 2025, China has bought 47 per cent of Russia's crude exports, followed by India (38 per cent), the EU (6 per cent), and Turkiye (6 per cent). 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday, responding to a US threat of imposing 100 per cent tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests," the ministry said.
