Latest news with #Commerce
Yahoo
37 minutes ago
- Business
- Yahoo
Markets sputter after Trump pushes tariff deadline
Financial markets are wobbling this week after President Trump extended his 90-day deadline for big trade deals over the weekend, following the imposition of unilateral tariffs on dozens of U.S. trading partners back in April. As markets are reacting to changing White House policies, policies have been responding to fluctuations in the markets, and investors are seeing no end to the feedback loop in the near term. Major stock indexes continued their jagged descent downward in morning trading Tuesday after tumbling Monday. The Dow Jones Industrial Average fell more than 100 points in morning trading Tuesday after dipping about 400 points Monday. The S&P 500 was flat at noon after dropping 0.7 percent between Thursday and Monday. The secretaries of the Commerce and Treasury departments pushed the deadline for trade deals to Aug. 1 over the weekend, past the initial Wednesday deadline announced in April. But Trump has muddied the waters this week on the finality of that deadline, saying on Monday that it's 'not 100 percent firm,' then saying on Tuesday that 'there will be no change' to the date. 'Markets are craving certainty,' Beacon Policy Advisors managing partner Stephen Myrow told The Hill. Trump sent letters out to countries on Monday threatening both higher and lower tariffs than the original 'reciprocal' tariffs announced in early April. Threatened rates for Japan and Malaysia were higher, but rates for Kazakhstan, Laos, Myanmar, Tunisia, Bosnia and Herzegovina, Bangladesh, Serbia and Cambodia were lower. Rates for South Korea, South Africa, Indonesia and Thailand were the same as before. Since almost all the tariff letters either maintained or lowered the prospective rates, investors are seeing the letters as straight extensions of the deadline for deals, which are proving harder to effectuate than the White House initially projected. Westwood Capital managing partner Dan Alpert labeled this a policy of 'pretend and extend.' 'The tariff story [will keep going like this] as long as they figure out how to continue to pretend and extend, which is what they're doing now,' he told The Hill. 'They're pretending that these tariffs are taking effect, but they never seem to take effect.' Though the White House's 'reciprocal' tariffs are once again in abeyance, a number of tariffs have come into force, including a 10 percent general tariff, tariffs on steel and aluminum, and a 25 percent tariff on automobiles. Fitch Ratings put the overall effective U.S. tariff level at 14.1 percent at the end of June. While the import taxes, both promised and implemented, are functioning variously as negotiation and policy tools, investors say the auto tariffs are a real sticking point — particularly for U.S. trade relations with South Korea and Japan, which export huge numbers of cars to the U.S. South Korea and Japan have been aggressively seeking exemptions from the auto tariffs and are not backing down from their position. Japanese exports saw an annual drop of 1.7 percent in May, the first drop in eight months. 'The car tariffs are fairly onerous on Japan,' Alpert said. 'They have a pretty big beef.' There's also concern from U.S. businesses about Malaysian exports of semiconductors and electronics equipment — industries that have been the subject of big U.S. legislation in recent years. 'Particularly with semiconductors and consumer electronics, there is a meaningful trade relationship with Malaysia,' attorney Ted Murphy, leader of a trade unit at law firm Sidley Austin, told The Hill. Trump also said Tuesday he would impose a 50 percent import tax on all imported copper, which Commerce Secretary Howard Lutnick said would take effect by August. 'So copper will be 50 percent, and the idea is to bring copper home, bring copper production home. Bring the ability to make copper, which is key to the industrial sector, back home to America. We need that kind of production in America, it's important,' Lutnick said on CNBC. Markets are responding to trade policy developments this week, but policies have also changed in response to markets during Trump's trade war. The original 90-day pause in the 'reciprocal' tariffs that was extended over the weekend came after the bond market saw a spike in April that rattled economists in the White House. 'There's no doubt that the Treasury market yesterday made it so that the decision — it was about time to move — was made with perhaps a little more urgency,' Kevin Hassett, head of the National Economic Council, said after the pause. The Cato Institute's Scott Lincicome commented Monday on Trump's personal sensitivity to market conditions regarding ongoing trade talks. 'The President is deeply concerned about the market reaction to a worst-case US tariff scenario (i.e., full and immediate reciprocal tariffs and significant retaliation),' he wrote in a commentary. While the White House has shown that its drive to implement tariffs is constrained by financial market performance — an idea encapsulated by the so-called TACO trade thesis, in which 'Trump Always Chickens Out' from going full bore on tariffs — some are taking the policies more seriously. 'We think President Trump's view of tariffs has evolved from his first term to his second term,' Murphy said. 'Tariffs in the first term were really meant to drive negotiations. … Now, he believes tariffs are good in and of themselves.' Myrow expressed a similar view. 'With the advent of the TACO trade thesis, it gives investors an excuse to blow off the uncertainty until proven otherwise, which is where they started,' he said. 'They're assuming away too much of the risk. … Uncertainty is not a bug, it's a feature of this administration.' The White House has announced deals with the United Kingdom, China and Vietnam so far, though the latter two are top-line agreements without any fine print. U.S. industry reaction to the U.K. deal was mixed, with the aerospace sector giving it a thumbs-up and the auto sector giving it a thumbs-down. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hindu
6 hours ago
- Business
- The Hindu
Applications invited for Dr. Sarvepalli Radhakrishnan internship at Banaras Hindu University
Banaras Hindu University (BHU) has issued a public call for applications for the Dr. Sarvepalli Radhakrishnan Internship under the Institution of Eminence scheme for the academic year 2025–26. The internship is open to eligible postgraduates from BHU who completed their degrees in the academic session 2024–25. The internship will be offered across several disciplines, with a total of 110 positions tentatively available. These include 20 positions in Library (15 for & Inf Sc, 5 for MCA/MSc in Computer Science), 10 in Physical Education (for 10 in Education (8 for 2 for in Special Education), 20 in Performing Arts (Tabla - 11, Vocal - 5, Violin - 2, Bharatanatyam - 1, Kathak - 1), and 20 in Visual Arts (Painting - 5, Applied Art - 4, Plastic Art - 5, Textile Design - 3, Pottery Ceramics - 3). Commerce will have 20 positions, with a focus on Finance and Accounting. Ten slots are allocated to External Communication, subdivided into Journalism and Mass Communication (5), Hindi (1), English (1), Applied Arts (2), and Computer Science (1). Eligibility is restricted to students who have passed the final semester of their postgraduate program at BHU during 2024–25 with no backlogs. The maximum age limit is 28 years for the general category, with applicable relaxations for SC/ST/OBC categories. Interns will receive a monthly stipend of ₹20,000. The internship will run from September 1, 2025, to August 31, 2026. Selection will be based on academic records and an interview process. Reservation guidelines will be followed as per existing rules. Applicants are required to submit their applications through their respective Heads of Department. Each discipline has a designated submission authority, such as the Librarian for Library internships and Deans or Heads of Departments for others. The deadline for submission is July 21, 2025. Applications must be submitted on the prescribed form along with necessary documents.
Observer
10 hours ago
- Automotive
- Observer
Several legal measures taken against hidden trade
MUSCAT: Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, met on Tuesday at the Ministry's headquarters with a number of entrepreneurs working in the vehicle repair and maintenance sector. The meeting addressed key challenges facing workshop owners and businesses in this vital sector, including unfair competition under the guise of concealed trade. The ministry confirmed that it has taken several legal measures against violating companies by implementing the first phase of Ministerial Decision No 412/2023 on combating concealed trade, which covered the governorates of Muscat, Dhofar and Al Batinah North. The second phase of the decision will be rolled out in the coming period. The discussion also touched on challenges related to obtaining land usufruct rights for conducting economic activities in vehicle repair and maintenance, as well as financing difficulties for projects in this sector, including personal and housing loans for entrepreneurs. The importance of digitising all government services was also highlighted. Mubarak bin Mohammed al Dohani, Director-General of Planning at the Ministry of Commerce, Industry and Investment Promotion, emphasised that the meeting aligns with the ministry's policy of opening direct dialogue channels with economic activity owners. He noted that the vehicle repair and maintenance sector represents a key link in the value chain of Oman's automotive market, offering vast opportunities for entrepreneurship and self-employment. Data released by the Information and Statistics Department at the Ministry of Commerce, Industry and Investment Promotion indicates that the number of licensed companies in vehicle repair and maintenance activities exceeded 13,500 by June 2025, distributed across various governorates of Oman. Muscat Governorate leads with 3,690 establishments, followed by Al Batinah North (2,226 establishments) and Dhofar (1,941 establishments). The data also reveals that the most common activities are vehicle electrical repair (3,651 establishments), vehicle mechanics (2,363 establishments) and oil change services (1,441 establishments). Meanwhile, full Omani ownership accounts for over 95% in most of these activities. This meeting is part of the ministry's ongoing efforts to support entrepreneurs and foster a flexible, fair business environment that keeps pace with market developments and supports the commercial aspirations of Omani citizens.
Hans India
10 hours ago
- Business
- Hans India
India's trade deficit narrows to $18.78 billion in June
New Delhi: India's trade deficit for June this year narrowed to $18.78 billion, compared to $21.88 billion in May, according to data released by the Commerce and Industry Ministry on Tuesday. India's exports growth remained flat at $35.14 billion in June as against $35.16 billion same month last year. While the country's imports declined by 3.71 per cent to $53.92 billion in June as against $56 billion a year ago, according to the data. Meanwhile, the trade in services showed an estimated surplus of $15.62 billion in June, with services exports at $32.84 billion and imports at $17.58 billion. Total exports of merchandise goods and services were $67.98 billion in June, while imports of goods and services were $71.50 billion. The net trade deficit was $3.51 billion in June. Commerce Secretary Sunil Barthwal told reporters last month that global conflicts and uncertainties are impacting Indian exports, though the government is proactively working with exporters to address their concerns regarding shipping and insurance. The trade data comes amid ongoing trade talks with the US and other global partners. The US is seeking broader market access for its agricultural and dairy products, which is a major hurdle as for India, this is a livelihood issue of the country's small farmers and hence is considered a sensitive area. While India is looking to secure an exemption from US President Donald Trump's 26 per cent tariffs by concluding an interim deal before July 9, it is also pushing for significant tariff concessions for its labour-intensive exports such as textiles, leather and footwear. Meanwhile Trump has announced that the US administration will start sending letters informing trading partners of their tariff rates as soon as Friday, even as negotiations with various countries including India to avoid higher US levies have stretched into the last lap. India's trade performance in Q3 FY25 (October–December 2024) reflected cautious resilience amidst geopolitical volatility and shifting global demand, according to the NITI Aayog quarterly report released on Monday. Merchandise exports registered a year-on-year growth of 3 per cent, reaching $108.7 billion. The export composition remains stable; aircraft, spacecraft and parts entered the top ten exports surging by over 200 per cent year-on-year due to increased demand from Saudi Arabia, the UAE, and Czech Republic, the report states.
New Indian Express
a day ago
- Business
- New Indian Express
June trade deficit narrows to 4-month low at $18.78 bn; exports remain flat at $35.14 bn
The country's trade deficit narrowed to a four-month low of $18.78 billion in June despite exports remained flat at $35.14 billion during the month, the government data showed on Tuesday. Exports in June the previous year were at $35.16 billion. The fall in imports helped pare the trade deficit for the month under review. Imports declined 3.71% year-on-year to $53.92 billion during the month due to a fall in the inbound shipments of crude oil and gold. Major export sectors, including petroleum, fabrics, gems and jewellery, leather, iron ore, oil seeds, cashew, spices, tobacco, and coffee, recorded negative growth during the month under review. The shipments of petroleum products declined 15.92% to $4.61 billion in June, and 15.63% to $17.4 billion during the first quarter. However, exports of engineering, tea, rice, ready-made garments of all textiles, chemicals, marine products, and pharma have registered a positive growth. Electronic goods' shipments witnessed a rise of 46.93% to $4.14 billion in June. It was an increase of 47.11% to $12.4 billion during the April-June quarter of this fiscal. During April-June FY26, exports rose 1.92% to USD 112.17 billion, while imports rose 4.24 per cent to USD 179.44 billion, according to the data. Merchandise trade deficit during April-June 2025 widened to USD 67.26 billion as compared to $62.10 billion in the same quarter last financial year. Commerce Secretary Sunil Barthwal said the country's goods and services exports during the first quarter of 2025-26 are estimated at $210 billion, which is an increase of about 6% year-on-year. "If the growth continues like this, then we are going to cross last year's exports figures," he said.
