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Calgary Herald
a day ago
- Business
- Calgary Herald
Trump says he will give Putin new 10-12 day truce deadline
(Bloomberg) — President Donald Trump said he would shorten his timeline for Russian leader Vladimir Putin to reach a truce with Ukraine or face potential economic penalties, heightening pressure on Moscow to bring the fighting to a halt. Article content 'I'm going to make a new deadline of about 10, 10 or 12 days from today,' Trump told reporters in Scotland on Monday during talks with UK Prime Minister Keir Starmer. Article content Article content Article content 'I'll announce it probably tonight or tomorrow,' Trump added. 'But there's no reason to wait. If you know what the answer is,' expressing frustration with Putin for rebuffing previous calls for a ceasefire. Article content Article content An end to the conflict has proven elusive for the American president, who as a candidate promised to quickly resolve the Russia-Ukraine war as well as the one between Israel and Hamas. Article content Trump on July 14 initially announced a 50-day deadline on Russia — which would have fallen on Sept. 2 — threatening to impose stiff economic penalties on Putin if he did not end hostilities with Ukraine. That threat failed to bring an end to the fighting as Putin has stepped up missile and drone attacks on Ukrainian cities. The Kremlin hasn't commented publicly so far on Trump's new deadline. Russia's ruble weakened more than 2% to breach 81 per dollar in Moscow, its lowest since mid-May, following Trump's announcement. Oil rose after Trump's remarks with worries that growing tensions between the US and Russia will threaten crude flows. Article content Article content 'What I'm doing is we're going to do secondary sanctions, unless we make a deal, and we might make a deal, I don't know,' Trump added Monday. Article content Earlier this month, Trump said he would impose 100% tariffs on Russia if it did not halt the fighting. Officials have cast secondary levies that would fall on countries who buy Russian exports such as oil. Washington and other capitals allied with Kyiv view such oil purchases as a form of tacit support for Russia, helping to bolster its economy and undercut sanctions. Article content US Senator Lindsey Graham, a South Carolina Republican and close ally of Trump, has ginned up bipartisan support for a bill that would impose stringent sanctions on Russia as well. Article content Trump, though, has threatened economic repercussions against Putin in the past but held off, suggesting that he wanted to preserve room for negotiations. Following through on his secondary sanctions threat would hit India and China, two major trading partners, as Trump is seeking to secure a deal to lower tariffs and other barriers with New Delhi and with negotiators currently in Stockholm in a bid to extend a trade truce with Beijing. Article content 'I think reducing it is partly a reaction to the fact that the initial 50 days was perceived as slightly too long,' said Charles Lichfield, deputy director of the Atlantic Council's GeoEconomics Center in Washington. 'There's always an instinct to cut Putin a bit of slack to give him a bit of time.' Article content He added that the Trump administration wasn't likely to impose the threatened tariffs of well above 100% on big buyers of Russian energy like China, India and the European Union amid complex trade talks with them. 'I think everyone sort of sees through that,' he said, pointing out that a more gradual approach starting at rates of 10%-20% may be possible. Article content Frustration With Putin Article content Trump's latest threat — and shortened timeline for Putin to comply — highlight his growing frustration with the Russian leader. Article content Article content 'I'm not so interested in talking any more,' Trump said Monday. 'He talks. We have such nice conversations, such respectful and nice conversations, and then people die the following night in a — with a missile going into a town.' Article content Trump returned to office vowing to quickly end Russia's war in Ukraine, citing his relationship with Putin. Those efforts have failed to materialize with Moscow only responding with maximalist demands for Ukrainian territory and declining calls for face-to-face talks between Putin and his counterpart, Ukrainian President Volodymyr Zelenskiy. Article content Trump initially focused his ire on Zelenskiy as an obstacle to peace but in recent weeks has signaled growing impatience with Putin, accusing him of not being sincere about wanting to end the war despite multiple calls and months of diplomacy. Article content NATO allies are also moving to ramp up pressure on Putin, with Germany in advanced talks with the US and other allies to help deliver additional Patriot air-defense systems to Ukraine. Zelenskiy's government has made air defense a top priority as weeks of Russian attacks take their toll on Ukrainian cities. Article content Article content While talks between Ukraine and Russia in Istanbul led to prisoner exchanges, there has been no progress on ending the conflict that began with Russia's invasion in February 2022. Article content 'Russia could be so rich, it could be so rich, it could be thriving like practically no other country,' Trump said, adding that Putin had expressed interest in doing trade deals. 'He talks about it all the time.'
Time of India
a day ago
- Business
- Time of India
Pakistan back in US calculus after years of isolation
Pakistan is re-entering US decision-making circles after a period of isolation, marked by high-level meetings and discussions on trade and security. Despite skepticism and economic challenges, Pakistan claims to be nearing a trade deal with the US, focusing on critical minerals. The US acknowledges Pakistan's counter-terrorism efforts and regional stability role, with potential interest in acquiring antimony. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Pakistan is back in US' decision-making circles after years of isolation amid intense lobbying by Islamabad and Washington's eagerness to reciprocate, notwithstanding its robust ties with being courted by the US State Department for "anti-terror" operations to praises heaped by the US Central Command head to a possible trade deal, Islamabad has been able to make inroads into the Trump Marshal Asim Munir's lunch meeting with Trump was the icing on the cake following which New Delhi raised the issue with Washington, people familiar with the matter hinted the US being deeply involved in working out trade deals globally, Pakistan has claimed that it is "very close" to an agreement that could come within days. However, the US has not presented any such timeline."I think we are very close to finalising a deal with the US. Our teams have been here in Washington, discussing, having virtual meetings and a committee has been tasked by the prime minister to fine-tune now," Pakistan foreign minister Ishaq Dar said in a discussion at the Atlantic Council think tank in Washington last week."It's not going to be months, not even weeks, I would say (just) days," he US State Department and Pakistan's foreign ministry, in separate statements after secretary of state Marco Rubio's meeting with Dar, said the two stressed in their discussion the importance of expanding trade and ties in critical minerals and mining.A post by Rubio on X after the meeting and the State Department's statement mentioned no timeline for finalising a trade deal. Sources familiar with Pakistan claimed that Islamabad has the habit of making tall and unsubstantiated claims while reality could be far from the truth. Pakistan's economy is staring at a crisis and a trade deal with the US may not boost the country's economic growth, the sources US Central Command based in the Gulf has historically worked closely with Pakistan since the Cold War era. And last weekend, US Central Command chief General Michael Kurilla was conferred ' Nishan-e-Imtiaz (Military)' by the Pakistan President. The US general had recently backed Pakistan as a "phenomenal partner in countering terror".The honour for Kurilla coincided with the Pakistan foreign minister's visit to Washington. Rubio also thanked Dar for "Pakistan's partnership in countering terrorism and preserving regional stability". The two discussed harnessing Pakistan's critical minerals. The US is reportedly interested in acquiring antimony from Pakistan. Antimony is a metalloid used in various industries, including flame retardants, batteries, semiconductors, and even military claim that Pakistan has wooed the US through crypto business and the nomination of President Donald Trump for the Nobel Peace Prize.
New York Post
a day ago
- Business
- New York Post
Trump can apply real pressure on Russia's collapsing economy
Considering Russian President Vladimir Putin was only using the 50-day deadline as an excuse to unleash more destruction on Ukraine, President Trump is right to shorten it to a little over a week. Trump is also correct that, if Putin doesn't agree to peace, sanctions can deal as strong a blow against Russia as missiles. Despite the claims of Russia apologists, the war is bringing the country to its knees. Signs point to an economic catastrophe in the next 12-18 months. Advertisement Even senior Russian officials are issuing stark warnings. Russia's Minister for Economic Development Maxim Reshetnikov recently warned that Russia now faces recession. But the reality is far worse. With the official inflation rate above 10% per year and the real inflation rate double that, prices of basic goods like potatoes, a staple for Russian families, are up 3-4 times since the Russian invasion in February of 2022. Government spending on defense is officially over 40% of the national budget and in reality more like 50% — crowding out on education, infrastructure, and health care. Advertisement While war spending has propped up the economy in the short term, in the long term it is burning billions of rubles in an ever-deepening pit: there is no benefit whatsoever to the average Russian consumer. Government tax revenues are falling due primarily to lower prices for Russian oil and natural gas, as well as the widespread destruction of key infrastructure such as refineries by Ukrainian drones. Russia's National Wealth Fund, which has been used to help fund the war, is estimated to have fallen from over $110 billion in early 2022 to just over $30 billion today. Swedish Economist Anders Aslund, a former Fellow at the Atlantic Council, believes the Fund will be out of money year end. Advertisement Meanwhile, international sanctions have made everything from aircraft parts to computer chips much more costly and hard to find outside the black market. Without China's supply of massive quantities of dual use technologies both Russian industry and the Russian military would be paralyzed today. The Russian invasion also accelerated the biggest long-term driver of Russia's economic downturn: an on-going demographic disaster. According to official statistics, which are almost certainly underestimates, Russia lost almost 600,000 people in 2024 and deaths now outnumber births by 5:3. By 2030 the country is projected to face a labor shortage of 11 million people. These dynamics have the Russian economy hurtling towards economic meltdown. Personal and commercial indebtedness are at all time highs. A surge in consumer and business loan defaults has caused three of Russia's largest banks to recently request government bailouts, with more such requests coming. Advertisement ACRA, a Russian credit rating agency, warns that as much as 20% of the loans on the books of Russian banks will be nonperforming by the end of this year, with the problem growing significantly worse in 2026. Get opinions and commentary from our columnists Subscribe to our daily Post Opinion newsletter! Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters Entire industries, especially those outside the military industrial base, face widespread bankruptcies. Russia's Deputy Energy Minister Dmitry Islamov stated recently that over 25% of Russia's coal companies are insolvent, with many more facing forced consolidation. Unsurprisingly the tourism industry has been devastated, with a 95% reduction in foreign tourists since 2022. Also, Russia's factories are being converted from consumer goods such as cars and washing machines to produce drones or tanks. These conversions are expensive and often ineffective. They also gut the future of Russia's non-military industrial base. Russia's semiconductor industry, years behind the West even before the invasion, is also now in dire straits. The outmigration of more than 1 million young people since February 2022, many well-educated professionals in the technology sector, has had an enormous impact. Now the very real threat of 500% U.S. tariffs on countries that support Russia's war effort (such as China and India, which together buy more than 80% of Russian crude oil exports) may push the Russian economy over the edge. Advertisement The Russian Tariff Bill has 85 Senate co-sponsors and a solid bipartisan majority in the House. If Putin rejects Trump's 10-12 day deadline, as he has every other ultimatum, signing the Russian Tariff Bill into law is the single best thing the Trump could do to bring peace to Ukraine It will force Putin into a binary decision: make peace or face a national economic catastrophe. This is the choice Ronald Reagan forced Soviet Leader Gorbachev to make back in the late 1980's. Reagan understood that peace only comes through strength. He would tell us 'Sign the Sanctions Bill.' Advertisement Gregory W. Slayton is a former senior US diplomat, chairman of Slayton Capital and author of 'Portraits of Ukraine a Nation at War.'
News18
2 days ago
- Politics
- News18
'No Talks Where There's Blood': Rajnath Singh On Pakistan After Ishaq Dar Pitches Dialogue
Rajnath Singh refuses dialogue with Pakistan due to its support for terrorism, stating India will only engage with civilised nations. Pakistan's Ishaq Dar awaits India's response. Defence Minister Rajnath Singh on Monday slammed Pakistan, asserting that India will not engage in dialogue with nations that foster terrorism. Speaking in Lok Sabha, Singh criticised Pakistan's support for terrorism, highlighting the country's practice of giving state funerals to terrorists with military honours. The Defence Minister emphasised that dialogue is only possible with civilised and democratic nations, not those driven by religious fanaticism and hatred towards India. 'The language of terrorism is fear, blood, and hate, not dialogue," he said, adding that 'the voice of dialogue is suppressed under the firing of bullets." 'There cannot be talks where there is blood. Pakistan is caught in its trap. There should be no doubt about Pakistan's intentions and policy," he added. The Defence Minister warned Pakistan, saying, 'Those who dream of giving India a thousand cuts should now wake up," and asserted that under Prime Minister Narendra Modi's leadership, India is prepared to take any measures against terrorism. Meanwhile, Pakistan's Deputy Prime Minister and Foreign Minister, Ishaq Dar, reiterated Islamabad's willingness to engage in dialogue on a range of issues, including trade and economic cooperation, as well as counter-terrorism. However, Dar noted that the ball is now in India's court, stating that Pakistan is still awaiting a formal response from New Delhi. Speaking during an interaction with the Atlantic Council think tank, Dar said, 'Pakistan is ready to work and cooperate with India on all fronts—from trade to counter-terrorism." He emphasised the need for 'meaningful negotiations", calling for the resumption of composite dialogue, a framework once used by both nations to address bilateral concerns including Kashmir, security, people-to-people exchanges, and economic ties. Dar's overture comes close on the heels of Operation Sindoor, where India pounded nine terrorist hubs in Pakistan in the aftermath of the Pahalgam attack in which 26 innocent tourists were mercilessly killed in Baisaran Valley. view comments First Published: July 28, 2025, 16:04 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Express Tribune
3 days ago
- Business
- Express Tribune
Dar's US visit sets stage for stronger trade ties
Listen to article Pakistan's trade relations with the United States are set to strengthen following Deputy Prime Minister Mohammad Ishaq Dar's recent visit to Washington DC, said the Lahore Chamber of Commerce and Industry (LCCI) on Saturday. In a statement released on Saturday, LCCI President Mian Abuzar Shad praised the economic diplomacy led by Prime Minister Shehbaz Sharif and Deputy PM Dar, crediting their leadership for restoring macroeconomic stability and global confidence in Pakistan. He called the visit a "landmark step" that signals Pakistan's intent to revive economic momentum and expand global partnerships. During the trip, Dar held a key meeting with US Secretary of State Marco Rubio, where both sides discussed deepening cooperation in trade, investment, technology, agriculture, and minerals. Shad welcomed their joint commitment to building structured and sustainable mechanisms for bilateral engagement. Dar's address at the Atlantic Council also drew praise. The deputy PM spoke of Pakistan's transition from aid dependency to trade-driven growth. Shad said this forward-looking approach reflects the aspirations of Pakistan's business community and sends a strong signal to investors. He endorsed Dar's commitment to open Pakistani markets to American goods and his push for a comprehensive trade deal with the US. He said this strategy would boost investor confidence and unlock opportunities for both sides. He added that Pakistan's reforms to improve ease of doing business and attract foreign investment should further reassure US stakeholders. Shad noted that the US is already Pakistan's largest export destination, especially for textiles, garments, leather, and surgical tools. He pointed out that Pakistan is also the second-largest buyer of US cotton, reflecting deep trade links. He underscored that Pakistan's textile sector would greatly benefit from predictable trade frameworks and preferential market access. A free trade agreement or bilateral investment treaty with the US, he said, would be a game-changer for Pakistan's economy. He praised the government's strategic diplomacy and expressed LCCI's full support for efforts to enhance trade ties and foreign economic relations.
