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- Business
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This Week in Explainers: Did Putin convince Trump not to slap additional tariffs on India?
United States President Donald Trump held talks with his Russian counterpart, Vladimir Putin, in Alaska in a momentous summit in Alaska. After the meeting, Trump hinted that he may not impose additional secondary tariffs on countries purchasing Russian crude oil, which includes India. All this and more in our weekly roundup from around the globe US President Donald Trump looks on next to Russian President Vladimir Putin during a press conference following their meeting to negotiate an end to the war in Ukraine, at Joint Base Elmendorf-Richardson, in Anchorage, Alaska. Reuters The world witnessed the much-awaited summit between United States President Donald Trump and Russian President Vladimir Putin in Alaska on August 15. All eyes, including India's, were on the meeting as the two leaders discussed the Russian invasion of Ukraine. Pakistan has ramped up its nuclear threats against India. After the country's Army Chief Asim Munir, Prime Minister Shehbaz Sharif and former Foreign Minister Bilawal Bhutto warned New Delhi over the suspension of the Indus Waters Treaty following the April 22 Pahalgam terror attack. STORY CONTINUES BELOW THIS AD Trump's announcement of additional 25 per cent tariffs on India for purchasing Russian oil stands in stark contrast to his handling of China, which is among the top buyers of crude from Russia. What explains the different treatment? Here's all this and much more in our weekly wrap from the world. 1. US President Trump hosted his Russian counterpart at the American military's Joint Base Elmendorf-Richardson in Anchorage, Alaska. This was Putin's first visit to the US in a decade, as well as the first-ever visit of a Russian leader to Alaska. Ahead of the high-stakes summit, Trump had described it as a 'feel-out' meeting and threatened Moscow with 'serious consequences' if Putin did not agree to a ceasefire. The two leaders met to find common ground to ensure a lasting ceasefire between Russia and Ukraine after a three-year-long war, albeit in the absence of President Volodymyr Zelenskyy. So what came out of it? This story explains. 2. The world was glued to the high-stakes summit, which held a special interest for India. On Friday, Donald Trump claimed that Russia lost India as one of its oil clients. But after meeting Putin, the US president indicated that he may not impose secondary tariffs on countries like India that procure crude oil from Russia. Here is what this could mean for New Delhi. STORY CONTINUES BELOW THIS AD US President Donald Trump walks to shake the hand of Russia's Vladimir Putin during a joint press conference at Joint Base Elmendorf-Richardson, Alaska, on Friday. After a three-hour meeting, Trump said 'we didn't get there' on a Ukraine deal. AP 3. Pakistan is back at its war rhetoric against India. After Pakistan Army chief Munir's nuclear threat to India on US soil, PM Sharif and politician Bilawal Bhutto also issued warnings to New Delhi. Targeting India for pausing the Indus Waters Treaty (IWT), Sharif said that Pakistan will teach a 'lesson' to the 'enemy' that 'you will never forget.' Bilawal Bhutto also threatened India with war if New Delhi continues making changes to the decades-old pact with Islamabad. Do these threats hold weight, or are they hollow? Read our story to know more. 4. Trump has earlier publicly hit out at India for buying Russian crude oil even as trade talks continue between Washington and New Delhi. He has also imposed 25 per cent tariffs on Indian imports to the US, while threatening an additional 25 per cent levy (which he says he may now reconsider). The discussions to reach a bilateral trade agreement have hit a stalemate over India's reluctance to open its markets to US agriculture and dairy products. STORY CONTINUES BELOW THIS AD Moreover, the US president has not attacked China, similarly, for purchasing Russian oil. Instead, this week, he granted a 90-day extension to the existing tariff pause between Washington and Beijing. What's behind Trump's starkly different approaches toward two of America's largest trading partners? We explain here. 5. Israel killed Al Jazeera correspondent Anas al-Sharif, along with four other journalists, while they were resting inside a tent for the press outside Al-Shifa Hospital's main gate in Gaza. Al Jazeera journalist Anas Al Sharif was killed by a targeted Israeli airstrike. Image Courtesy: Al Jazeera/X After the strike, the Israeli military claimed Anas was a 'terrorist' and 'served as the head of a terrorist cell in Hamas'. Al Jazeera vehemently rejected these claims, calling their reporter 'one of Gaza's bravest journalists.' So, was he a 'terrorist' or a journalist? Here's our story. 6. The young, unemployed people in China are paying to pretend to have jobs. Like any regular worker, they get up in the morning, dress up and leave for their 'offices'. However, no one is paying them, and they don't have to produce any results. STORY CONTINUES BELOW THIS AD There has been a rise in companies offering a 'pretend to work' service in China. Some say they prefer this popular trend to being stuck at home until they get a job. However, others have called it 'escapism'. Why are the young, jobless Chinese paying to pretend to be employed? We take a look here. 7. A video has gone viral on social media of a killer whale purportedly attacking and killing a marine trainer named Jessica Radcliffe during a live show. The incident sparked a flood of reactions online, with netizens expressing shock, outrage, and grief. I have jessica radcliffe video orca, jessica radcliffe orca attack video, video jessica accident orque!! 6 minutes video 👇 — Burhan Khizer (@MeerKp20450) August 11, 2025 STORY CONTINUES BELOW THIS AD However, here's the twist: none of it was real. The video was all an elaborate hoax. Read our story to find out the truth behind the viral clip. This is all we have for you this week. If you like how we explain the news, you can bookmark this page to stay informed.
News18
05-05-2025
- Business
- News18
Pakistan's Economy Could Be Hit Due To Sustained Tensions With India, Says Moody's
Last Updated: A persistent increase in tensions may impair Pakistan's access to external financing and pressure its forex kitty, which already remains well below its requirements, says Moody's. Global ratings agency Moody's on Monday said sustained escalation in tensions with India would likely hit Pakistan's economy and hamper the government's ongoing fiscal consolidation. It said the Indo-Pak tensions could impair Pakistan's access to external financing and pressure its foreign exchange reserves, which already remain well below what is required to meet its external debt payment needs for the next few years. 'A persistent increase in tensions could impair Pakistan's access to external financing and pressure its foreign-exchange reserves, which remain well below what is required to meet its external debt payment needs," Moody's said in its latest report. Sustained escalation in tensions with India would likely weigh on Pakistan's growth and hamper the government's ongoing fiscal consolidation, setting back pakistan's progress in achieving macroeconomic stability, it added. Moody's said the ongoing tensions are also likely to impact Pakistan's progress on the IMF programme, apart from increasing external debt pressure. The IMF's executive board is scheduled to meet on May 9. It is expected to review the ongoing $7 billion bailout package for Pakistan. Tensions between India and Pakistan increased after the recent deadly terror attack on April 22 in Pahalgam that killed 26 people, prompting India to take a number of steps against Pakistan, including stopping bilateral trade and halting cargo movement through the Attari border, among other steps. 'Comparatively, the macroeconomic conditions in India would be stable, bolstered by moderating but still high levels of growth amid strong public investment and healthy private consumption," Moody's said in the report. It added that in scenario of sustained escalation in localised tensions, it does not expect major disruptions to India's economic activity because it has minimal economic relations with Pakistan (less than 0.5 per cent of India's total exports in 2024). 'However, higher defence spending would potentially weigh on India's fiscal strength and slow its fiscal consolidation," Moody's stated. The IMF Executive Board is scheduled to meet on May 9. It will review the ongoing $7 billion bailout package for Pakistan. Pakistan's Stock Market Crashes Pakistan's benchmark KSE-100 index tumbled by over 7,100 points, nearly 6 per cent, between April 23 and April 30, shaken by the escalating geopolitical crisis triggered by the deadly April 22 terror attack in Pahalgam, which claimed 26 lives. The market rout underscores investor unease over mounting tensions between India and Pakistan. The April 22 incident, allegedly executed by Pakistan-backed militants targeting tourists in the Baisaran meadow of Pahalgam, has prompted a series of retaliatory moves by India. New Delhi has suspended the Indus Waters Treaty, shut down the Integrated Check Post at Attari, ordered a reduction in diplomatic staff at respective High Commissions, and granted the military unrestricted authority to decide on the timing and nature of its response. Prime Minister Narendra Modi reportedly told senior defence officials that the armed forces have full autonomy in choosing their response, including targets and strategy. First Published: May 05, 2025, 14:57 IST
