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India Today
16-05-2025
- Business
- India Today
Trump said US trade was incentive for ceasefire. But is it that important to India or Pak?
US President Donald Trump has repeatedly claimed that he brokered the ceasefire in the recent India-Pakistan conflict, stating he used trade as either a threat or a sweetener for the deal, depending on which day he made the statement.'I said [to the Indian and Pakistani leadership], let's stop it. If you stop it, we're doing trade. If you don't stop it, we're not going to do any trade,' Trump told reporters at the White House on May 12. Since then, he has repeated variations of this statement to highlight how trade was both carrot and would trade have been an important incentive for India or Pakistan? Also, can the US afford to stop trade with either country? Here's a look at what the numbers say:Rising trade with IndiaBilateral trade between India and the US has increased steadily in the last two decades, but mostly over the past 10 years. In 2016, the total trade between both countries was worth $69 billion, which increased to about $130 billion in 2024, with the share of US trade in India's total trade hovering around eight per the past two decades, Indian imports from the US have risen steadily. In 2005, India imported goods and services worth $8.2 billion from the US. This increased fivefold to about $42 billion in 2024, according to the Office of the United States Trade Representative (USTR).advertisementIndia's exports to the US have also seen a substantial rise during this period. In 2005, India exported goods worth $16.5 billion to the US, which rose to around $87 billion last year, up 4.5 per cent ($3.7 billion) from 2023, according to India's Ministry of Commerce and year, the US was India's biggest export market, making up about 18 per cent of India's $434 billion exports. The US is also India's fourth-largest importer — almost six per cent of India's $698 billion imports, according to the United Nations COMTRADE 2024, the top goods imported from the US by India were oil and gas, manufactured goods, coal and petroleum gases, aerospace products and parts, and basic chemicals. Aerospace products have seen a significant increase because of India's expanding aviation sector. India's main exports to the US include pharmaceuticals and medicines, manufactured goods, IT equipment, apparel and textile furnishings, and gems and jewellery. Pharmaceuticals have consistently been a major export category, with significant growth over the these make India a significant trading partner for the US. India was among the top 10 markets for the US last year, accounting for about 2.4 per cent of total US trade flow. India also accounted for about 2.7 per cent of total US imports and around two per cent of how Trump's tariff threats have strained US trade relations with some of its top trading partners, such as China and Canada, over the past few months, the US may be wary of cutting off trade with trade tiesThe United States and Pakistan have a more varied trade pattern. In 2016, US-Pakistan trade amounted to a little under $6 billion, rising to almost $10 billion in 2022, but falling to an estimated $7.3 billion in this period, the US share in Pakistan's total trade flows ranged between seven and nine per cent. Conversely, Pakistan's share in total US trade has hovered around 0.1 per cent. The US goods trade deficit with Pakistan was $3 billion in 2024, a 5.2 per cent increase ($147.9 million) over 2023, according to the Office of the United States Trade the past two decades, Pakistan has marginally improved its trade relations with the US. In 2005, Pakistan's imports from the US amounted to $1.2 billion, peaked at almost $3 billion in 2018 and fell to about $2 billion last year. However, the share of US imports has remained relatively small, making up only about three per cent of Pakistan's total the other hand, Pakistan's exports to the US have shown an upward trend over the same time. In 2005, Pakistan exported $3.3 billion worth of goods to the US. This increased to over $5 billion in 2024, accounting for 17 per cent of total exports, making the US Pakistan's top export top exports to the US are primarily concentrated in the textile and apparel sector. This includes house linens, cotton textiles, and knitwear. Its main imports from the US include raw cotton, a crucial input to Pakistan's textile industry, machinery, scrap iron, and agricultural products like InTrending Reel
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Business Standard
01-05-2025
- Business
- Business Standard
Kids may get 2 dolls in US, but China will suffer from trade war: Trump
Donald Trump, through his remarks, has tried to reassure Americans that the tariffs will not result in a recession Swati Gandhi New Delhi US President Donald Trump on Wednesday (local time) said that China would continue to suffer from his trade war, even if it means that American kids may get only two dolls instead of 30, reported the Associated Press. The US President assured Americans that his tariffs will not result in a recession, while acknowledging that they could result in fewer and costlier products. According to the UN's COMTRADE database, China continues to be the dominant supplier of toys to the US market. In 2024, the US imported nearly $32.04 billion worth of toys, games, and sports requisites from China. Trump's remarks come after data from the Commerce Department revealed that the US economy contracted at an annual rate of 0.3 per cent during the first three months of 2025, which also aligns with Trump's first 100 days in office. The decline in the US economy was due to the increase in imports as companies rushed to bring in goods before tariffs on autos and other imports came into effect, the report said. Trump informed his Cabinet that his tariffs on China implied that the latter was having difficulty because their factories were not doing business. He further claimed that the US did not need imports from the world's dominant manufacturer. China exposes luxury goods market Trump tariffs Trump announced reciprocal tariffs on over 100 countries on April 2. While most countries tried to negotiate a trade deal with the US to avoid the reciprocal tariffs, China retaliated and engaged in a trade war with the US. On April 9, Trump announced a 90-day pause on these tariffs, however, he excluded China.
Yahoo
30-04-2025
- Business
- Yahoo
6 things from Canada that are about to cost more because of tariffs
Canadian voters swept economist Mark Carney into office this week, defeating conservative and Trump-aligned Pierre Poilievre and giving the Liberal party a hold on power for a fourth straight term. Just a few months ago, the Conservatives were widely expected to rout the Liberal party as Canadians soured on former Prime Minister Justin Trudeau's leadership. But as Trump began talking annexing Canada and imposing tariffs, public opinion swung back towards Carney, who was viewed as more like to stand up to Trump. 'As I have been warning for months, America wants our land, our resources, our water, our country. But these are not idle threats. President Trump is trying to break us so that America can own us,' Carney said. 'That will never ever happen.' Trump's new tariffs on Canada, part of his escalating trade war, were likely to raise prices no matter who had won. Here are some of the biggest U.S. imports from Canada, as listed by the detailed four-digit Harmonized Tariff System code level, that might become more expensive in the near future. A report from the United States Congressional Energy & Natural Resources Committee notes that 60 percent of U.S. oil imports come from Canada. Consumer prices for gasoline, diesel fuel, and other petroleum products throughout the country could be affected by crude oil import tariffs, especially in regions most reliant on imports from Canada. The report adds that crude oil typically is the largest retail price component for gasoline and diesel fuel. Higher crude oil costs, along with operational decisions influenced by lower refining profit margins, can be reflected in wholesale petroleum product prices, which are passed directly to consumers. According to the United Nations COMTRADE database on international trade, the U.S. imported cars from Canada totaling $28.4 billion in 2024, accounting for about 12% of all cars sold in the U.S. Expect to pay thousands more for a car as tariffs kick in. Canadians love their baked goods — and they ship a lot to the U.S., where people also love their baked goods. The U.S. Trade Representatives office reports that in 2024, Canada was the top supplier of U.S. baked goods imports, with a value of $5.4 billion. Be prepared for your favorite cookies and doughnuts to become an even guiltier pleasure. According to the United Nations COMTRADE database, the U.S. imports over $2 billion worth of chocolate from Canada per year. Food prices will rise 2.8% from Trump's tariffs according to Yale University's Budget Lab estimates, but prices on some items will go even higher. Over 99.5% of U.S. lobster imports and 98.8% of scallop imports came from Canada in 2024, according to research firm Tridge. The total value of these imports reaches $1.42 billion for lobsters and $84.8 million for scallops. According to Impakter, Canada is America's biggest supplier of toilet paper. The U.S. imported $275 in T.P. from its northern neighbor in 2023. According to Bloomberg, the Trump administration's tariffs on Canadian softwood lumber could disrupt the availability of northern bleached softwood kraft pulp, which is used in most toilet paper brands. If tariffs climb higher than 27%, sawmills may shut down, reducing pulp availability and leading to shortages and price hikes. For the latest news, Facebook, Twitter and Instagram.
Arab News
19-03-2025
- Business
- Arab News
$2.2 million lost daily as 600 Iranian trucks stuck at Pakistan border, senate body told
ISLAMABAD: A representative from Tehran told a Pakistani parliamentary panel this week an estimated daily economic loss of $2.2 million was being caused by Iranian trucks stuck on the border with Pakistan over the past six months due to new customs rules, a press release said. Pakistan last year made it compulsory for Iranian transporters to provide a bank guarantee equivalent to the customs duties and taxes imposed on goods being delivered to the National Logistics Corporation (NLC) Dry Port Quetta via Taftan, a border crossing with Iran. Tehran does not demand similar guarantees from Islamabad. 'One of the most pressing issues discussed was the ongoing crisis at the Pakistan-Iran border, where over 600 trucks carrying trade goods have been stuck due to customs officials demanding court orders,' the Senate Standing Committee on Finance said in a press release after its meeting. The Iranian representative at the meeting said each truck carried goods worth approximately $11,000 and the delay was costing traders about $100 per day per truck, which ultimately raised the price of goods for consumers. 'The drop in the number of trucks crossing the border in the past six months has led to an estimated daily economic loss of $2.2 million,' the statement quoted the Iranian official as saying. The senate committee would now write a letter to Prime Minister Shehbaz Sharif urging him to take up the matter at the next cabinet meeting. 'This issue has reached a critical point. It is not only a matter of economic losses but also a matter of national pride. The situation is deeply concerning for the country as a whole,' said Saleem Mandiwalla, the chairman of the committee. Pakistan imports from Iran stood at $943.29 million during 2023, according to the United Nations COMTRADE database on international trade. Official figures for current annual trade were not available but local media outlet Business Recorder, citing Iran's ambassador to Pakistan, last year reported bilateral trade worth over $2 billion. Earlier this month, Pakistan and Iran signed a memorandum of understanding aimed at increasing bilateral trade volume to $10 billion. Pakistan and Iran have had a history of rocky relations despite a number of commercial pacts, with Islamabad being historically closer to Saudi Arabia and the United States. Their highest-profile agreement is a stalled gas supply deal signed in 2010 to build a pipeline from Iran's South Fars gas field to Pakistan's southern provinces of Balochistan and Sindh. Despite Pakistan's dire need of gas, Islamabad has yet to begin construction of its part of the pipeline, citing fears over US sanctions — a concern Tehran has rejected. Pakistan said it would seek waivers from the US, but Washington has said it does not support the project and warned of the risk of sanctions in doing business with Tehran. Despite facing possible contract breach penalties running into the billions of dollars, Islamabad last year gave the go-ahead for construction of an 80-km (50-mile) stretch of the pipeline.
Yahoo
05-03-2025
- Business
- Yahoo
Trump's tariffs on Canada and Mexico just went into effect. Here are the products that could suddenly get more expensive
Trump's 25% tariffs on Canada and Mexico are threatening to make a trip to the grocery store more expensive by hiking the prices of avocados, strawberries, and maple syrup. Buying a new car or phone could also get pricier because entire products or their components are manufactured abroad. Trump's tariffs on Canada and Mexico could make everyday necessities like cars and groceries more expensive for the average person. On Tuesday, President Trump implemented major tariffs on the country's biggest trading partners, including 25% tariffs on imports from Canada and Mexico along with an additional 10% tariff on China. The U.S. imported the highest value of goods from Mexico in 2024 ($510 billion), followed by China ($463 billion) and Canada ($421 billion), according to the United Nations COMTRADE database on international trade. By targeting the country's three most critical trading partners, economists broadly agree that Americans will have to pay more for everyday products. Here are some of the items that could be most impacted by Trump tariffs. The tariffs targeting Mexico, in particular, could hike the prices of fruits and vegetables over the next several days, according to Target CEO Brian Cornell. Strawberries and bananas could be especially hit, he said. The U.S. imported $228 billion worth of bananas from Mexico in 2023, making it the 5th biggest supplier of the fruit to the U.S. It also imported more than $1 billion worth of strawberries from Mexico in 2023, more than any other country. Avocados may be the most important produce item to see price hikes. Although other countries such as Peru, Colombia, and the Dominican Republic cultivate avocados, no country produces more than Mexico. In 2024, the U.S. imported $2.7 billion worth of avocados, or about 90% of its supply, from Mexico. Domestically, California accounts for the biggest chunk of avocado production, but acreage dedicated to the crop as well as its yield has been declining since at least the 2010s, according to the California Avocado Commission. Canada, for its part, is the biggest U.S. supplier of maple syrup, although the U.S. produces some syrup domestically. The U.S. imported $376 million worth of maple syrup from Canada in 2023, which amounted to more than three-fifths of Canada's production, according to the Canadian government. Several U.S. auto manufacturers have for years expanded the production and the supply chain for components for some vehicles to Mexico. As a result, an analysis from automotive consultant Anderson Economic Group claims the sticker price of a new vehicle could skyrocket by as much as $12,000 due to Trump's tariffs. More specifically, the price of a large SUV with 'significant' content from Mexico could rise by $9,000, while the price of a similar pickup truck could tick up $8,000. Consumers may also find that automakers stop producing some of the most impacted vehicles, the report claimed. Among U.S. automakers, Ford builds its small Maverick pickup truck, the Bronco Sport Compact SUV, and the electric Mustang Mach-e in Mexico, according to Bloomberg. General Motors builds some of its Chevrolet Silverado trucks in Mexico as well. Energy-related imports from Canada were hit with a lesser, but still significant, tariff of 10% Tuesday, and experts claim that the tariff hit on crude oil could translate to higher gas prices. While the U.S. is the world's biggest natural gas and crude oil exporter, Canada is the biggest supplier of crude oil to the U.S, by far. The second-biggest supplier is Mexico, which is also affected by tariffs. Canadian oil is heavier than much of the oil extracted in the U.S. and is more well suited for American refineries than the lighter oil produced domestically, according to the Associated Press. As of December about 4.2 million barrels of crude oil, equivalent to more than 267 olympic-sized swimming pools, were imported each day from Canada. The 10% additional tariffs imposed on China by President Trump are 'roughly twice as large as the increase over the entire first Trump administration,' according to a Tuesday note by Goldman Sachs. As such, the tariff hike is bad news for consumers looking to buy electronics or toys. Many of the smartphones used by U.S. consumers are made in China. As of 2020, seven of 10 smartphones in the U.S. were produced in China, according to research firm Canalys. Although smartphones were largely exempt from tariffs during the first Trump administration, the president has given no indication that they will be this time. Although the biggest smartphone maker, Apple, has scaled back its production in China in recent years, much of the company's iPhone production remains in the country. More than 80% of toys imported to the U.S. are made in China, according to industry group the Toy Association. Jay Foreman, the CEO of Tonka Truck maker Basic Fun, told the Washington Post that the price of its Tonka Classic Steel Mighty Dump Truck could rise to as much as $39.99 from $29.99 because of tariffs on China. This story was originally featured on
