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Indian Express
15 minutes ago
- Indian Express
Modi likely to be in US next month for UNGA meet, bilateral talks with Trump
Preparations are underway to schedule a visit by Prime Minister Narendra Modi to the US in the last week of September, The Indian Express has learnt. The ostensible reason is to attend the United Nations General Assembly in New York, but a key objective will be to meet US President Donald Trump, iron out the issues on trade and arrive at a common ground on tariffs. This will also give an opportunity for the two leaders to announce a trade deal. However, for this to fructify, a lot of moving parts have to fall in place. There has to be movement on two fronts — the Russia-Ukraine war and the Indo-US trade deal. Negotiations are underway on both fronts, and the stakes for Delhi are high since it has been slapped with 50 per cent tariffs by the US — 25 per cent for its high tariffs and 25 per cent penalty for buying Russian oil. On the Russia-Ukraine war front, Delhi is closely following the meeting between Trump and Russian President Vladimir Putin on August 15 to discuss a resolution to the war in Ukraine. Modi has already spoken to Putin and Ukrainian President Volodymyr Zelenskyy in the last few days. A resolution to the conflict is in India's interest, sources said, and this has been conveyed to both leaders. On the trade deal front, Indian and American negotiators had been close to sealing a deal, but the US President was not happy about the deal that was agreed between the interlocutors. So, the negotiators have to discuss the terms of the deal further, and they have to offer new terms, as red lines have been drawn. But the two sides are focused on the new goal for bilateral trade — 'Mission 500' — aiming to more than double total bilateral trade to $500 billion by 2030. This was decided during Modi's visit to the White House where he met Trump in February this year. They had also agreed that to realise this ambition, they would require new, fair-trade terms, and they had announced plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall this year. And to conclude a wide-ranging BTA, the US and India had agreed to take an integrated approach to strengthen and deepen bilateral trade across the goods and services sector, and work towards increasing market access, reducing tariff and non-tariff barriers, and deepening supply chain integration. But that has run into rough weather. And the officials and negotiators have to unlock the issues and negotiate a deal by September last week – the Prime Minister's visit to the US is expected to 'dot the i's and cross the t's', sources said. Now, to schedule the visit, as a first step, the Indian side has reached out to the UN headquarters for a speaking slot for the Prime Minister at the UN General Assembly. As of now, that has been scheduled for September 26 morning. Trump is slated to speak on September 23. At the UNGA, permanent missions to the UN have to indicate the level of representation from each country, and the speaking slot of 15-minutes is granted accordingly. If the PM's visit takes place, it will give an opportunity to speak at the UNGA and hold bilateral meetings with Trump and other world leaders. Zelenskyy also indicated Monday, after his phone call with Modi, that they 'agreed to plan a personal meeting in September during the UN General Assembly'. Sources said plans are underway since the entire process of accreditation and travel arrangements to the UN needs to be completed in August. Ties between India and the US have been impacted in recent months after Trump claimed to have brokered a ceasefire between India and Pakistan — a claim denied by Delhi. He followed it with diatribes against India on tariffs, and imposed 50 per cent tariffs. Sources said that since the two countries are strategic partners, they have to sort out the issues, and the PM's visit will be to smoothen the issues, so that a visit by the US President to India can take place in October for the summit of Quad leaders.
India Today
30 minutes ago
- India Today
Trump threatens lawsuit against Fed chair Powell over costly renovations
US President Donald Trump has intensified his criticism of Federal Reserve Chair Jerome Powell, saying he is considering allowing a 'major lawsuit' over Powell's handling of costly renovations at the Fed's Washington, DC, a Truth Social post on Tuesday, Trump accused Powell of overseeing 'grossly incompetent' management of the project, which he claimed has soared to USD 3 billion from what should have been a USD 50 million fix-up. advertisementWhite House press secretary Karoline Leavitt confirmed the president is considering legal action but offered no further details. So far, the Fed has not issued any response over the matter. The renovations, involving two historic buildings, were originally budgeted at USD 1.9 billion but are now projected to cost USD 2.4 billion, according to Fed documents. The central bank attributes the overruns to higher labor and materials costs, asbestos abatement, and other unforeseen has repeatedly pressured Powell to slash interest rates, arguing that lower borrowing costs would save the US billions. The Fed, which raised rates in 2022 and cut them several times in 2024, has so far held them steady in 2025 despite Trump's demands. Powell has previously pushed back, including during a recent meeting with Trump at the construction site.A Supreme Court ruling earlier this year reaffirmed that the Fed chair cannot be removed by the president over policy disagreements, highlighting the central bank's independence.- EndsTune InMust Watch
Economic Times
43 minutes ago
- Economic Times
Donald Trump trade tariffs: Country-wise, product-specific taxes. Check full list
Donald Trump trade tariffs have change the global business landscape. We have a list of targeted tariffs he has implemented or threatened to put in place. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads FAQs U.S. President Donald Trump has launched a global trade war with an array of tariffs that target individual products and countries. Trump has set a baseline tariff of 10 per cent on all imports to the United States, as well as additional duties on certain products or countries. China and the United States delayed higher tariffs on each other's imports for 90 days, hours before a trade truce between the world's two largest economies was due to expire Tuesday. US President Donald Trump signed an executive order on Monday that will "extend the Tariff Suspension on China for another 90 days," according to a post on his Truth Social platform. The White House said its halt on steeper tariffs will be in place until November 10. China also said it would continue suspending its earlier tariff hike for 90 days, starting August 12, while retaining a 10-percent duty, according to a joint the United States and China slapped escalating tariffs on each other's products this year, bringing them to prohibitive triple-digit levels and snarling trade, both countries in May agreed to temporarily lower is a list of targeted tariffs he has implemented or threatened to put in - 15%Algeria - 30%Angola - 15%Bangladesh - 20%Bolivia - 15%Bosnia and Herzegovina - 30%Botswana - 15%Brazil - 50%, with lower levels for sectors such as aircraft, energy and orange juiceBrunei - 25%Cambodia - 19%Cameroon - 15%Canada - 10% on energy products, 35% for other products not covered by the U.S.-Canada-Mexico AgreementChad - 15%China - 30%, with additional tariffs on some products. This agreement, which was due to expire on August 12, has been extended for another 90 days through an executive order, according to a White House Rica - 15%Cote d'Ivoire - 15%Democratic Republic of the Congo - 15%Ecuador - 15%Equatorial Guinea - 15%European Union - 15% on most goodsFalkland Islands - 10%Fiji - 15%Ghana - 15%Guyana - 15%Iceland - 15%India - 25%, additional 25% threatened to take effect Aug. 28Indonesia - 19%Iraq - 35%Israel - 15%Japan - 15%Jordan - 15%Kazakhstan - 25%Laos - 40%Lesotho - 15%Libya - 30%Liechtenstein - 15%Madagascar - 15%Malawi - 15%Malaysia - 19%Mauritius - 15%Mexico - 25% for products not covered by USMCAMoldova - 25%Mozambique - 15%Myanmar - 40%Namibia - 15%Nauru - 15%New Zealand - 15%Nicaragua - 18%Nigeria - 15%North Macedonia - 15%Norway - 15%Pakistan - 19%Papua New Guinea - 15%Philippines - 19%Serbia - 35%South Africa - 30%South Korea - 15%Sri Lanka - 20%Switzerland - 39%Syria - 41%Taiwan - 20%Thailand - 19%Trinidad and Tobago - 15%Tunisia - 25%Turkey - 15%Uganda - 15%United Kingdom - 10%, with some auto and metal imports exempt from higher global ratesVanuatu - 15%Vietnam - 20% for some products, 40% on transshipments from third countriesZambia - 15%Zimbabwe - 15%Steel and aluminum - 50%Autos and auto parts - 25%Copper pipes, tubes and other semi-finished products - 50%Pharmaceuticals - up to 200%Semiconductors - 25% or higherMovies - 100%Timber and lumberCritical mineralsAircraft, engines and partsApple iPhones - 25%A1. The impact of Trump's tariffs was mixed and widely debated. On one hand, some U.S. industries—like steel and aluminum—saw short-term benefits from reduced foreign competition. On the other hand, many businesses faced higher costs due to increased prices on imported materials and components. Studies showed that the tariffs often led to higher prices for American consumers and retaliatory tariffs from other countries, which hurt U.S. exporters, especially in agriculture. While the tariffs aimed to bolster domestic manufacturing, the broader economic outcomes included trade disruptions and higher overall costs for businesses and consumers alike.A2. President of USA is Donald Trump.
