Europe Loses Out On Weapons As Trump Prioritises Ukraine? US ‘Reshuffles' Patriot Delivery To…
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
20 minutes ago
- Business Standard
Pakistan to import US crude for first time after Trump trade deal
Pakistan's top refiner will receive its first-ever US crude shipment in October, following a new Trump-brokered energy pact aimed at deepening trade and geopolitical ties New Delhi Pakistan's largest refiner Cnergyico will import one million barrels of crude oil from Vitol in October, the company's vice-chairman Usama Qureshi said on Friday. This marks the country's first-ever purchase of US-origin oil, following a landmark trade agreement. Why it matters This is the first time Pakistan will import crude oil from the United States. The shift follows a strategic trade agreement amid rising US tariffs and shifting alliances in the region. State of play Pakistan's largest refiner Cnergyico will import one million barrels of crude oil from Vitol in October, the company's vice-chairman Usama Qureshi confirmed. The deal marks a first for US-origin crude entering the country. Zoom in: West Texas crude to arrive in Karachi The shipment of West Texas Intermediate light crude will be loaded from Houston this month and is expected to arrive in the second half of October. 'This is a test spot cargo under our umbrella term agreement with Vitol. If it is commercially viable and available, we could import at least one cargo per month,' Qureshi said, adding the cargo is not for resale. Between the lines: Trump's energy diplomacy deepens ties The import decision follows President Donald Trump' s announcement of a new US–Pakistan energy initiative. Trump claimed Pakistan had 'massive' oil reserves and even suggested it could eventually export oil to India. His comments came amid heightened tensions with India, where Trump has imposed 25 per cent tariffs and criticised India's crude purchases from Russia. What they're saying Qureshi said the deal followed several rounds of talks starting in April, shortly after Trump threatened to impose 29 per cent tariffs on Pakistani imports. Pakistan later welcomed the agreement, citing tariff relief and greater investment prospects, though details on revised tariff levels remain unclear. Context: A diplomatic shift amid regional tensions A close ally of China, Pakistan has moved closer to the Trump administration after facing tariff threats. Islamabad credits the US for helping ease tensions with India and has even nominated Trump for the Nobel Peace Prize. Numbers game Oil is Pakistan's biggest import item, accounting for nearly 20 per cent of its total import bill. Oil imports (FY25): 11.3 billion dollars Cnergyico's processing capacity: 156,000 barrels per day It also operates the country's only single-point mooring terminal near Karachi, enabling it to handle large tankers — an edge over other refiners The bottom line The US–Pakistan oil deal marks a diplomatic and economic pivot, giving Islamabad an energy alternative while strengthening ties with Washington at a time of growing strain with India.
Economic Times
20 minutes ago
- Economic Times
Gold prices are up; here's what Trump's tariffs and Fed decisions have to do with it
Gold prices saw a rise due to US trade tensions. President Trump imposed tariffs on goods from South Korea, India, and Brazil. This move created market uncertainty. Investors are turning to gold as a safe haven. The US economy grew, but the Federal Reserve is cautious. Tariffs may increase prices on imported goods. Investment markets could remain unstable. When global trade is uncertain, investors often feel anxious. During these times of unease, many turn to gold, a timeless "safe haven" for protecting wealth. Tired of too many ads? Remove Ads Why does gold matter here? Tired of too many ads? Remove Ads But isn't the US economy doing well? So, what does it mean for you? The new tariffs may raise the prices of some imported goods. Depending on where they come from, that could impact electronics, cars, or household items. Investment markets may stay shaky, especially if trade tensions continue. That could affect your retirement fund or stock investments. Gold just made a small comeback, and the reason may have something to do with rising tensions between the US and its global trading partners. On Thursday, July 31, the price of gold climbed to $3,308.83 per ounce, bouncing back after hitting a one-month silver dipped slightly, both metals have had a strong year, with gold up more than 35 per cent. That's a big deal for investors and for anyone watching the Trump announced a fresh wave of tariffs, basically extra taxes, on goods imported from several countries, including South Korea, India, and Brazil. These changes include a 15 per cent tariff on South Korean products, a 25 per cent tariff on Indian goods, and new rules for items like cheap imports also lost their previous exemptions. These moves shook up markets overnight, especially the copper market, which saw prices fall by nearly 20 per global trade becomes uncertain, investors get nervous. And when people are worried about where to put their money safely, many turn to gold, a classic "safe haven" during turbulent time is no different. Trump's tariff announcement sparked anxiety about the future of international trade and its impact on the economy. As a result, people started buying gold to protect their wealth, pushing its price US economy grew by 3 per cent in the second quarter, which was better than expected. Despite that, the Federal Reserve , America's central bank, has decided not to lower interest rates for now, saying it wants to see more data before making any changes. Inflation is also ticking up slightly, which adds to the becomes more attractive to investors, which usually signals a more cautious outlook for the global economy.
Economic Times
20 minutes ago
- Economic Times
Europe is breaking its reliance on American science
AI generated used for representation European governments are taking steps to break their dependence on critical scientific data the United States historically made freely available to the world, and are ramping up their own data collection systems to monitor climate change and weather extremes, according to Reuters interviews. The effort - which has not been previously reported - marks the most concrete response from the European Union and other European governments so far to the U.S. government's retreat from scientific research under President Donald Trump's administration. Since his return to the White House, Trump has initiated sweeping budget cuts to the National Oceanic Atmospheric Administration, the National Institutes of Health, the Environmental Protection Agency, the Centers for Disease Control and other agencies, dismantling programs conducting climate, weather, geospatial and health research, and taking some public databases offline. As those cuts take effect, European officials have expressed increasing alarm that - without continued access to U.S.-supported weather and climate data - governments and businesses will face challenges in planning for extreme weather events and long-term infrastructure investment, according to Reuters interviews. In March, more than a dozen European countries urged the EU Commission to move fast to recruit American scientists who lose their jobs to those cuts. Asked for comment on NOAA cuts and the EU's moves to expand its own collection of scientific data, the White House Office of Management and Budget said Trump's proposed cuts to the agency's 2026 budget were aimed at programs that spread "fake Green New Scam 'science,'" a reference to climate change research and policy. "Under President Trump's leadership, the U.S. is funding real science again," Rachel Cauley, an OMB spokesperson, said via email. European officials told Reuters that - beyond the risk of losing access to data that is bedrock to the world's understanding of climate change and marine systems - they were concerned by the general U.S. pullback from research. "The current situation is much worse than we could have expected," Sweden's State Secretary for Education and Research Maria Nilsson, told Reuters. "My reaction is, quite frankly, shock." The Danish Meteorological Institute described the U.S. government data as "absolutely vital" - and said it relied on several data sets to measure including sea ice in the Arctic and sea surface temperatures. "This isn't just a technical issue, reliable data underpins extreme weather warnings, climate projections, protecting communities and ultimately saves lives," said Adrian Lema, director of the DMI's National Center for Climate Research. Reuters interviewed officials from eight European countries who said their governments were undertaking reviews of their reliance on U.S. marine, climate and weather data. Officials from seven countries - Denmark, Finland, Germany, Netherlands, Norway, Spain and Sweden - described joint efforts now in the early stages to safeguard key health and climate data and research programs. As a priority, the EU is expanding its access to ocean observation data, a senior European Commission official told Reuters. Those data sets are seen as critical to the shipping and energy industries as well as early storm warning systems. Over the next two years, the senior official said, the EU plans to expand its own European Marine Observation and Data Network which collects and hosts data on shipping routes, seabed habitats, marine litter and other concerns. The initiative was aimed at "mirroring and possibly replacing US-based services," the senior European Commission official told Reuters. Europe is particularly concerned about its vulnerability to U.S. funding cuts to NOAA's research arm that would affect the Global Ocean Observing System, a network of ocean observation programs that supports navigation services, shipping routes and storm forecasting, a second EU official told Reuters. The insurance industry relies on the Global Ocean Observing System's disaster records for risk modelling. Coastal planners use shoreline, sea-level, and hazard data to guide infrastructure investments. The energy industry uses oceanic and seismic datasets to assess offshore drilling or wind farm viability. In addition, the senior EU Commission official said, the EU is considering increasing its funding of the Argo program, a part of the Global Ocean Observing System which operates a global system of floats to monitor the world's oceans and track global warming, extreme weather events and sea-level rise. NOAA last year described the program, in operation for over 25 years, as the "crown jewel" of ocean science. It makes its data freely available to the oil and gas industry, marine tourism and other industries. The United States funds 57% of Argo's $40 million annual operating expenses, while the EU funds 23%. The White House and NOAA did not respond to questions about future support for that program. The European moves to establish independent data collection and play a bigger role in Argo represent a historic break with decades of U.S. leadership in ocean science, said Craig McLean, who retired in 2022 after four decades at the agency. He said U.S. leadership of weather, climate and marine data collection was unmatched, and that through NOAA the U.S. has paid for more than half of the world's ocean measurements. European scientists acknowledge the outsized role the U.S. government has played in global scientific research and data collection - and that European countries have grown overly dependent on that work. "It's a bit like defense: we rely heavily on the U.S. in that area, too. They're trailblazers and role models-but that also makes us dependent on them," Katrin Boehning-Gaese, scientific director of Germany's Helmholtz Centre for Environmental Research, told Reuters. A number of European governments are now taking measures to reduce that dependence. Nordic countries met to coordinate data storage efforts in the Spring, Norwegian Minister of Research and Higher Education Sigrun Aasland told Reuters. European science ministers also discussed the U.S. science budget cuts at a meeting in Paris in May. Aasland said Norway was setting aside $2 million to back up and store U.S. data to ensure stable access. The Danish Meteorological Institute in February started downloading historical U.S. climate data in case it is deleted by the U.S. It is also preparing to switch from American observations to alternatives, Christina Egelund, Minister of Higher Education and Science of Denmark, said in an interview. "The potentially critical issue is when new observations data stop coming in," the Institute's Lema said. While weather models could continue to operate without U.S. data, he said the quality would suffer. Meanwhile, the German government has commissioned scientific organizations, including the center, to review its reliance on U.S. databases. Since Trump returned to the White House, scientists and citizens worldwide have been downloading U.S. databases related to climate, public health or the environment that are slated for decommissioning - calling it "guerrilla archiving." "We actually received requests-or let's say emergency calls-from our colleagues in the U.S., who said, 'We have a problem here... and we will have to abandon some datasets", said Frank Oliver Gloeckner, head of the digital archive PANGAEA, which is operated by publicly funded German research institutions. About 800 of NOAA's 12,000-strong workforce have been terminated or taken financial incentives to resign as part of Trump's Department of Government Efficiency cuts. The White House 2026 budget plan seeks to shrink NOAA even further, proposing a $1.8 billion cut, or 27% of the agency's budget, and a near-20% reduction in staffing, bringing down the NOAA workforce to 10,000. The budget proposal would eliminate the Office of Oceanic and Atmospheric Research, NOAA's main research arm, which is responsible for ocean observatory systems including Argo, coastal observing networks, satellite sensors and climate model labs. It is also reducing its data products. Between April and June, NOAA announced on its website the decommissioning of 20 datasets or products related to earthquakes and marine science. NOAA did not respond to requests for comment. Gloeckner said there were no legal hurdles to storing the U.S. government data as it was already in the public domain. But without significant funds and infrastructure, there are limits to what private scientists can save, said Denice Ross, a senior fellow at the Federation of American Scientists, a nonprofit science policy group and the U.S. government's chief data officer during Joe Biden's administration. Databases need regular updating - which requires the funding and infrastructure that only governments can provide, Ross said. Over the last few months, the Federation and EU officials have held a series of talks with European researchers, U.S. philanthropies and health and environment advocacy groups to discuss how to prioritize what data to save. "There is an opportunity for other nations and institutions and philanthropies to fill in the gaps if U.S. quality starts to falter," she said.
