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Business Times
7 days ago
- Business
- Business Times
The stakes of the Trump-Starmer summit
DONALD Trump heads to Scotland this Friday (Jul 25) for a four-day trip to visit his two golf resorts. Yet, while the visit is being billed as largely a private one, there is much public business that could be transacted, including potential US presidential announcements about reciprocal tariffs due to be levied across much of the world from Aug 1. The key scheduled public focus of the trip will be Trump's summit with UK Prime Minister Keir Starmer, their fourth meeting this year. The two met at the White House in February, at the G7 in Canada in June, and also at the Nato summit in the Netherlands later that same month. Top of the agenda for Trump and Starmer will be an attempt to finalise the US-UK tariffs deal package that has taken weeks of negotiations already. In particular, Starmer wants an agreement that exempts UK steel exports to the US from Trump's sectoral tariff regime for steel. Reports suggest a UK disagreement with the US over whether Indian-headquartered Tata Steel's products produced in the UK would be covered by the US tariffs as the firm is currently finishing foreign-produced metal while blast furnaces are updated. Trump also reportedly has concerns about British Steel, which was acquired in 2020 by Chinese steelmaker Jingye Group before the UK government seized control of the assets in April this year. Starmer and Trump appear to have struck up a good political relationship, but this steel issue could be a key test. If the UK prime minister secures key concessions, he will show himself yet again to be a skilful negotiator with the US president, despite their very different political personas and philosophies, including disagreements over Brexit. Such a successful Starmer achievement would be especially noteworthy in a context where Trump has threatened to impose reciprocal tariffs on a wide range of nations on Aug 1. Beyond the UK, only Japan, Vietnam and Indonesia have so far cut a tariff deal with the US president, alongside China's so-called framework agreement that has eased tensions between Beijing and Washington. Given the negative market reaction to Trump's tariffs in April, many traders are growing increasingly uneasy as next week's deadlines near. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Yet, while Starmer and Trump may deepen their relationship in coming days, there is a significant possibility of diplomatic fireworks when the US president meets with Scottish First Minister John Swinney. To be sure, the US president is fond of Scotland, not least as his mother Mary Anne MacLeod Trump was born on Lewis in the Outer Hebrides before emigrating to the US when she was 18. Still, Trump may have a score to settle with Swinney, who gave his support to Democratic presidential nominee, Kamala Harris, in last year's US election. Swinney's decision was described as an 'insult' by Trump International, the president's firm which owns two golf courses in Scotland – in Aberdeenshire and Ayrshire. Trump's son, Eric, went so far as to call Swinney's action 'nasty'. This is not the only reason why the meeting with Swinney could go south. Trump has called Scotland the 'oil capital of Europe', urging the nation to 'get rid of the windmills and bring back the oil'. The president has long been an opponent of wind farms, objecting to a development off the coast of Aberdeen which can be seen from his golf course there. In his own words, 'the windmills are really detrimental to the beauty of Scotland and every other place they go up'. Trump-Swinney challenges notwithstanding, the bigger picture is that Starmer may have – surprisingly – brought a potential spark back to the so-called US-UK special relationship. Despite some breakthroughs such as the Aukus military deal delivered by ex-president Joe Biden and former prime minister Rishi Sunak, there have been many years of ties failing to reach their potential. Such was the case under successive prime ministers and presidents of all key parties. Indeed, the last UK prime minister who forged close ties with the US may have been Tony Blair with the Clinton administration over a shared 'third way' philosophy. This isn't to suggest sky-high expectations are warranted for the Trump-Starmer relationship. Instead, the bar has simply been set low in recent years. Moving forward, and building from the US-UK tariff deal, there remains an outside chance of a wider economic agreement, even though bilateral trade already stands at about £300 billion (S$518.8 billion). In recent years, the UK has been pursuing a multi-track approach, including seeking trade deals with specific US states. Secondly, London has focused on targeted deals with Washington on key UK exports, for example, on Scottish whiskey. Another area of interest is critical minerals, key materials used in goods from electric cars to flat-screen TVs. Starmer hopes to seize opportunities in the bilateral relationship while managing the risks posed by the president's notable volatility. However, it is far from clear that the good personal relations between the two leaders today can continue until January 2029, when Trump's second term ends. What Starmer can strive to forge is a constructive UK-US partnership, building on the nations' traditional ties rooted in demographics, religion, culture, law, politics and economics. This will also be supplemented by the longstanding security cooperation that has been the relationship's core, reinforced by the Aukus pact with Australia. Amidst the uncertainties ahead, Starmer will want to make the relationship work as smoothly as possible based on such policy fundamentals. This may provide some protection for bilateral relations if personal dynamics, especially under Trump, sour or break down, as was the case with Trump and former UK prime minister Theresa May, as well as Biden and former UK prime minister Boris Johnson. Starmer knows it will be wise not to overestimate the UK's ability to shape US power, under Trump's turbulent second presidency. Ultimately, Trump may well care little for fundamental UK interests, despite any personal fondness for the nation rooted in his mother's Scottish heritage. The writer is an associate at LSE Ideas at the London School of Economics
Time of India
21-07-2025
- Business
- Time of India
Waaree Renewable Technologies shares slide 6% amid US trade petition on Indian solar panel imports
Shares of Waaree Renewable Technologies fell as much as 6.2 per cent on Monday to ₹ 1,112.35 on the BSE, following a report that a group of U.S. solar panel manufacturers had petitioned the Commerce Department to impose tariffs on imports from India, Indonesia, and Laos. The petition, filed by the Alliance for American Solar Manufacturing and Trade, accuses solar panel manufacturers in the three countries of dumping products at below-cost prices in the U.S. and receiving unfair government subsidies, according to a Reuters report. India is among the largest exporters of solar panels to the U.S. According to the report, the petition marks the latest effort by the relatively small U.S. solar manufacturing sector to secure trade protection, aiming to safeguard recent multibillion-dollar investments and remain competitive against products largely made by Chinese firms operating overseas. The petitioning group includes U.S.-based First Solar, Qcells (a division of Korea's Hanwha), and privately held companies Talon PV and Mission Solar. The same group previously succeeded in securing tariffs on imports from Malaysia, Cambodia, Vietnam, and Thailand, with those duties finalized earlier this year. The report said the latest petition targets Chinese-owned firms accused of shifting production to Indonesia and Laos to bypass existing duties, while also directly accusing Indian-headquartered manufacturers of 'dumping cheap goods in the United States.' Imports from India, Indonesia, and Laos rose sharply to $1.6 billion in 2024 from $289 million in 2022, the petitioners noted. Investigation window The Commerce Department has 20 days from the date of filing to decide whether to launch a formal investigation. Reuters noted that cases involving anti-dumping and countervailing duties typically take about a year to reach a final tariff decision. Most solar panels installed in the U.S. are produced overseas, though domestic capacity has expanded from 7 gigawatts in 2020 to 50 GW in 2025, fueled by tax incentives under the 2022 Inflation Reduction Act. Despite this, local output still lags behind projected demand, with the U.S. solar market expected to install nearly 43 GW annually through 2030, according to the Solar Energy Industries Association. Strong Q1 showing The selloff in Waaree shares comes despite the company reporting robust earnings for the June quarter. Last week, Waaree Renewable posted a net profit of ₹86.44 crore for Q1 FY26, up 205 per cent from ₹28.30 crore in the same period last year. Revenue from operations more than doubled year-on-year to ₹603.18 crore, rising 155 per cent from ₹236.35 crore. Sequentially, revenue rose 25.6 per cent over the March quarter. However, total expenses surged 146 per cent year-on-year to ₹491.44 crore. In the previous quarter, the company had reported an 83 per cent rise in consolidated net profit to ₹93.76 crore, with the engineering, procurement, and construction (EPC) business accounting for nearly all of its revenue at ₹469.72 crore. Revenue from power sales remained stable at ₹6.85 crore. Despite recent gains—up 14 per cent in the past month and nearly 11 per cent over the last six months—Waaree shares remain down 20.3 per cent year-to-date and have fallen 39 per cent over the past 12 months.
Time of India
21-07-2025
- Business
- Time of India
Waaree Renewable Technologies shares slide 6% amid US trade petition on Indian solar panel imports
Shares of Waaree Renewable Technologies fell as much as 6.2% on Monday to Rs 1,112.35 on the BSE, following a report that a group of U.S. solar panel manufacturers had petitioned the Commerce Department to impose tariffs on imports from India, Indonesia, and Laos. The petition, filed by the Alliance for American Solar Manufacturing and Trade, accuses solar panel manufacturers in the three countries of dumping products at below-cost prices in the U.S. and receiving unfair government subsidies, according to a Reuters report. India is among the largest exporters of solar panels to the U.S. Explore courses from Top Institutes in Select a Course Category Degree Finance Others Operations Management PGDM MBA CXO healthcare Healthcare MCA Digital Marketing others Data Science Management Project Management Product Management Data Science Artificial Intelligence Technology Public Policy Cybersecurity Leadership Data Analytics Design Thinking Skills you'll gain: Data-Driven Decision-Making Strategic Leadership and Transformation Global Business Acumen Comprehensive Business Expertise Duration: 2 Years University of Western Australia UWA Global MBA Starts on Jun 28, 2024 Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cardiologist Reveals: The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo According to the report, the petition marks the latest effort by the relatively small U.S. solar manufacturing sector to secure trade protection, aiming to safeguard recent multibillion-dollar investments and remain competitive against products largely made by Chinese firms operating overseas. The petitioning group includes U.S.-based First Solar, Qcells (a division of Korea's Hanwha), and privately held companies Talon PV and Mission Solar. The same group previously succeeded in securing tariffs on imports from Malaysia, Cambodia, Vietnam, and Thailand, with those duties finalized earlier this year. The report said the latest petition targets Chinese-owned firms accused of shifting production to Indonesia and Laos to bypass existing duties, while also directly accusing Indian-headquartered manufacturers of 'dumping cheap goods in the United States.' Imports from India, Indonesia, and Laos rose sharply to $1.6 billion in 2024 from $289 million in 2022, the petitioners noted. Live Events Investigation window The Commerce Department has 20 days from the date of filing to decide whether to launch a formal investigation. Reuters noted that cases involving anti-dumping and countervailing duties typically take about a year to reach a final tariff decision. Most solar panels installed in the U.S. are produced overseas, though domestic capacity has expanded from 7 gigawatts in 2020 to 50 GW in 2025, fueled by tax incentives under the 2022 Inflation Reduction Act. Despite this, local output still lags behind projected demand, with the U.S. solar market expected to install nearly 43 GW annually through 2030, according to the Solar Energy Industries Association. Strong Q1 showing The selloff in Waaree shares comes despite the company reporting robust earnings for the June quarter. Last week, Waaree Renewable posted a net profit of Rs 86.44 crore for Q1 FY26, up 205% from Rs 28.30 crore in the same period last year. Revenue from operations more than doubled year-on-year to Rs 603.18 crore, rising 155% from Rs 236.35 crore. Sequentially, revenue rose 25.6% over the March quarter. However, total expenses surged 146% year-on-year to Rs 491.44 crore. In the previous quarter, the company had reported an 83% rise in consolidated net profit to Rs 93.76 crore, with the engineering, procurement, and construction (EPC) business accounting for nearly all of its revenue at Rs 469.72 crore. Revenue from power sales remained stable at Rs 6.85 crore. Despite recent gains—up 14% in the past month and nearly 11% over the last six months—Waaree shares remain down 20.3% year-to-date and have fallen 39% over the past 12 months. Also read | Waaree Renewable Technologies Q1 Results: Net profit jumps 205% to Rs 86 crore; revenue more than doubles ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Straits Times
17-07-2025
- Business
- Straits Times
US solar panel makers seek tariffs on imports from Indonesia, India, Laos
Find out what's new on ST website and app. A group of solar panel manufacturers in the US has accused companies in Indonesia, India, Laos of dumping cheap goods on the market to undercut new American factories. WASHINGTON - A group of US solar panel manufacturers asked the Commerce Department on July 17 to impose tariffs on imports from Indonesia, India and Laos, accusing companies there of dumping cheap goods in the market to undercut new American factories. The petition is the latest effort by the small US solar manufacturing industry to seek trade relief to protect billions of dollars of recent investment and compete with goods produced mainly by Chinese companies overseas. The Alliance for American Solar Manufacturing and Trade, which filed the petition, includes Tempe, Arizona-based First Solar, Qcells, the solar division of Korea's Hanwha, and private companies Talon PV and Mission Solar. The group has succeeded previously in winning tariffs on imports from countries in South-east Asia including Malaysia, Cambodia, Vietnam and Thailand. Those tariffs were finalised earlier this year. The petition accuses companies of receiving unfair government subsidies and of selling their products below the cost of production in the United States. It says Chinese-owned companies shifted production from nations that received US tariffs to Indonesia and Laos and also accuses Indian-headquartered manufacturers of dumping cheap goods in the US. Top stories Swipe. Select. Stay informed. Singapore Driverless bus in Sentosa gets green light to run without safety officer in first for S'pore World US strikes destroyed only one of three Iranian nuclear sites, says new report Business 5 things to know about Kuok Hui Kwong, tycoon Robert Kuok's daughter and Shangri-La Asia head honcho Asia Air India probe into Boeing 787 fuel control switches finds no issues Singapore Man charged over manufacturing DIY Kpods at Yishun home; first such case in Singapore Singapore Sex first, then you can sell my flat: Women property agents fend off indecent proposals and harassment Singapore Two women jailed for submitting fake university certificates to MOM for employment passes Singapore Fatal abuse of Myanmar maid in Bishan: Traffic Police officer sentenced to 10 years' jail Imports from the three nations combined were US$1.6 billion (S$2 billion) in 2024, up from US$289 million in 2022, according to the petitioners. 'We have always said, vigorous enforcement of our trade laws is critical to the success of this industry,' Mr Tim Brightbill, lead attorney for the petitioners, said in a statement. Most of the solar panels installed in the US are produced overseas. But US solar manufacturing capacity has grown meaningfully since the 2022 Inflation Reduction Act provided tax credits as an incentive to reduce reliance on Chinese-made goods. Panel capacity reached 50 gigawatts this year, up from 7GW in 2020, according to the Solar Energy Industries Association (SEIA). That is still not enough capacity to supply the US solar market, which is expected to install nearly 43GW of projects a year through 2030, according to SEIA. The Commerce Department has 20 days to decide whether to initiate an investigation into whether to impose tariffs. The agency was not immediately available for comment. Anti-dumping and countervailing trade cases typically take about a year to result in finalised tariffs. REUTERS
