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India Today
6 days ago
- Business
- India Today
Trump's sweeping tariffs on India, other key trade partners spark global backlash
US President Donald Trump's higher tariffs on imports from dozens of countries kicked in on Thursday, raising the average U.S. import duty to its highest in a century and leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better US Customs and Border Protection agency began collecting the higher tariffs of 10 per cent to 50 per cent at 12:01 a.m. EDT (0401 GMT) after weeks of suspense over Trump's final tariff rates and frantic negotiations with countries seeking to lower leaders of Brazil and India vowed not to be cowed by Trump's hardline bargaining position, even while their negotiators sought a reprieve from the highest tariff levels. The new rates will test Trump's strategy for shrinking US trade deficits without causing massive disruptions to global supply chains or provoking higher inflation and stiff retaliation from trading partners.'BILLIONS' IN TARIFF REVENUEAfter unveiling his "Liberation Day" tariffs in April, Trump has frequently modified his plans, slapping much higher rates on imports from some countries, including 50 per cent for goods from Brazil, 39 per cent from Switzerland, 35 per cent from Canada and 25 per cent from India. He announced on Wednesday a further 25% tariff on Indian goods, to be implemented in 21 days over India's purchases of Russian oil, on top of the 25 per cent already imposed."BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA," Trump said on Truth Social just ahead of the tariff are ultimately paid by companies importing the goods, and passed on in full or in part to consumers of end top trade negotiator, Jamieson Greer, said the U.S. was working to reverse decades of policies that had weakened US manufacturing capacity and workforce, and that many other countries shared concerns about macroeconomic imbalances."The rules of international trade cannot be a suicide pact," he wrote in a column published by the New York Times."By imposing tariffs to rebalance the trade deficit and negotiating significant reforms that form the basis of a new international system, the United States has shown bold leadership," Greer major trading partners accounting for about 40 per cent of US trade flows have reached framework deals for trade and investment concessions to Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15 per won a 10 per cent rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19 per cent or 20 per be some supply chain rearrangement. There'll be a new equilibrium. Prices here will go up, but it'll take a while for that to show up in a major way," said William Reinsch, a senior fellow and trade expert at the Center for Strategic and International Studies in with punishingly high duties, such as India and Canada, "will continue to scramble around trying to fix this," he President Karin Keller-Sutter said on Thursday that talks with the US would continue after she returned home empty-handed from an 11th-hour trip to Washington aimed at averting the crippling US import tariff on Swiss goods.A last-minute attempt by South Africa to improve its offer in exchange for a lower tariff rate also failed. The two countries' trade negotiating teams would have more talks, South African President Cyril Ramaphosa's office said on Thursday it would continue talks with the US as it seeks to lower tariffs further still, after negotiating a reduction to 20% from the 46% duty Trump slapped on imports from the Southeast Asian country in Brazil's President Luiz Inacio Lula da Silva told Reuters on Wednesday he would not humiliate himself by seeking a phone call with Trump even as he said his government would continue cabinet-level talks to lower a 50 per cent tariff Prime Minister Narendra Modi was similarly defiant, saying he would not compromise the interests of the country's farmers. The pressure has also strengthened India's commitment to a "strategic partnership" with Russia, with Russian President Vladimir Putin set to visit by the end of the countries were also rallying together to confront Trump, with Brazil's Lula saying he would call the leaders of India and China to discuss a joint BRICS response to tariffs. Trump has repeatedly railed against BRICS members and recently threatened to subject their imports to an additional 10 per cent said on Wednesday that Modi would visit China for the first time in seven PRICE HIKESU.S. import taxes are one part of a multilayered tariff strategy that includes national security-based sectoral tariffs on semiconductors, pharmaceuticals, autos, steel, aluminum, copper, lumber and other goods. Trump said on Wednesday the microchip duties could reach 100 per is on a separate tariff track and will face a potential tariff increase on August 12 unless Trump approves an extension of a prior truce. He has said he may impose additional tariffs over China's purchases of Russian oil as he seeks to pressure Moscow into ending its war in has touted a vast increase in federal revenues from his import tax collections, with US Commerce Secretary Howard Lutnick saying on Fox Business Network on Thursday that he expected revenue from tariffs to reach USD 50 billion a month, with more increases expected from separate duties on semiconductors and pharmaceuticals that should be announced increase in duties will drive average U.S. tariff rates to around 20%, the highest in a century and up from 2.5 per cent when Trump took office in January, the Atlantic Council Department data released last week included more evidence that tariffs were driving up US prices, including for recreational goods and motor vehicles, while costs are mounting for companies, including bellwethers Caterpillar, Marriott, Molson Coors and Yum on Thursday said it expected a hit of nearly USD 10 billion from tariffs on cars imported into the US as it cut its full-year profit forecast by 16 per other Japanese companies such as Sony and Honda said they now expected a smaller impact on profits after Japan agreed a bilateral deal with Washington to lower tariffs.- EndsTune InMust Watch
Yahoo
14-04-2025
- Business
- Yahoo
China has stopped exporting rare earths to everyone, not just the U.S., cutting off critical materials for tech, autos, aerospace, and defense
After President Donald Trump unveiled his so-called reciprocal tariffs on 'Liberation Day,' China retaliated with its own duties and export controls on rare earth minerals, which are critical to the tech, auto, aerospace, and defense sectors. So far, those export controls have translated to a halt across the board, cutting off the U.S. and other countries, according to the New York Times. China is exploiting a highly lopsided advantage it has in global trade as it hits back against President Donald Trump's tariffs: rare earths. After Trump unveiled his 'Liberation Day' tariffs on April 2, China retaliated on April 4 with its own duties as well as export controls on several rare earth minerals and magnets made from them. So far, those export controls have translated to a halt across the board, cutting off the U.S. and other countries, according to the New York Times. That's because any exports of the minerals and magnets now require special licenses, but Beijing has yet to fully establish a system for issuing them, the report said. In the meantime, shipments of rare earths have been halted at many ports, with customs officials blocking exports to any country, including to the U.S. as well as Japan and Germany, sources told the Times. China's Ministry of Commerce issued export restrictions alongside the General Administration of Customs, prohibiting Chinese businesses from any engagement with U.S. firms, especially defense contractors. While the Trump administration unveiled tariff exemptions on a range of key tech imports late Friday night, China's magnet exports were still halted through the weekend, industry sources told the Times. Beijing's export halt is notable because China has a stranglehold on global supplies of rare earths and magnets derived from them. They also represent an asymmetric advantage in that rare earths constitute a small share of China's exports but have an outsize impact on trade partners like the U.S., which relies on them as critical inputs for the auto, chip, aerospace, and defense industries. China's U.S. embassy did not immediately respond to a request for comment. National Economic Council Director Kevin Hassett addressed the situation on Monday, acknowledging concern and saying, 'Rare earths are a part of lots of the economy.' 'The rare earth limits are being studied very carefully, and they're concerning, and we're thinking about all the options right now,' he told reporters outside the White House. China's export restrictions also put Trump's attempts to gain control of Greenland in a fresh light. The self-governing Danish island possesses one of the world's largest known rare earth deposits. Vice President JD Vance visited Greenland earlier this month, despite repeated pushback from Denmark against U.S. rhetoric. 'We need Greenland for national security and even international security, and we're working with everybody involved to try and get it,' Trump said in an address to Congress last month. Meanwhile, Trump has also been pursuing a deal with Ukraine to develop rare earth supplies. He said in February he wanted 'the equivalent of, like, $500 billion worth of rare earths.' Those talks are ongoing. Last month, Trump signed an executive order that directed federal agencies to identify mines and government-owned land that could help increase rare earth production. The Trump administration is also drafting another executive order to clear the way for stockpiling deep-sea metals to offset China's control of rare earth supply chains, sources told the Financial Times. This story was originally featured on
BBC News
31-01-2025
- General
- BBC News
Who are the victims of the Washington DC plane crash?
Recovery operations are still under way in Washington DC, after an American Airlines plane from Kansas carrying 64 people onboard collided with a military helicopter, manned by three personnel, on Wednesday victims include top figure skaters from the US and Russia, a young pilot, flight attendants, and a lawyer travelling home on her are some of the people believed to have been on board the helicopter and the plane. Passenger plane crew Jonathan J. CamposThe plane's captain Jonathan J. Campos had dreamed of being a pilot since he was three, his aunt told the New York Times."I think he wanted to be free, and be able to fly and soar like a bird," said Beverly Campos, 34, was raised in Brooklyn, New York, and had worked for PSA Airlines for eight years, she added. Sam LilleyThe father of 28-year-old pilot Sam Lilley said that he was engaged to be married and "was just at the prime of his life".Tim Lilley told NewsNation that his son got his piloting license in only a few years because he "pursued it with a vigor"."Sam's right with Jesus, and I know where he's going," he sister Tiffany Gibson called him "an amazing person"."He loved people. He loved adventure. He loved traveling," she told ABC News."He was so young, and he was excited about life and his future and getting a dog and a house and kids. And it's just, this is just tragic." Ian EpsteinVirginia resident Ian Epstein was a flight attendant on the plane, his family said, and was known for his ability to make people smile and was "full of life"."He loved being a flight attendant because he truly enjoyed traveling and meeting new people. But his true love was his family," the statement 53, was a father, stepfather, husband, and brother, the family said, adding that he will be "truly missed". Danasia ElderDanasia Elder was also working as a flight attendant, her family have told US media in Charlotte, North brother-in-law Brandon Payne paid tribute to her, calling her "full of life"."She was a great wife, a great parent, a great friend," Payne said. "She was very bright, very smart... This flight attendant thing was kind of like one of her dreams she wanted to do."He said that he is proud of his sister-in-law for pursuing her dreams, and said she "would want y'all do the same thing she did"."Chase your dreams, no matter what. Don't let nothing scare you, push you away. Just believe in yourself, believe in God, and follow the path," Helicopter crew Ryan O'HaraRyan O'Hara, 29, was the crew chief of the Black Hawk helicopter that collided with the passenger plane, according to CBS News. He leaves behind a wife and one-year-old son, his local Reserve Officers' Training Corps (ROTC) program said in a social media post confirming his death.O'Hara is "fondly remembered as a guy who would fix things around the ROTC gym as well as a vital member of the rifle team," the post said. Andrew EavesMississippi Governor Tate Reeves confirmed that Chief Warrant Officer 2 Andrew Eaves was killed in the tribute to her husband, Carrie Eaves confirmed he was one of the pilots of the Blackhawk helicopter."We ask that you pray for our family and friends and for all the other families that are suffering today. We ask for peace while we grieve," she wrote on social media. Ice skaters Spencer Lane and Christine LaneIce skater Spencer Lane, 16, died alongside his mother Christine Lane, 49, and were among at least 14 athletes and coaches who died while returning from a skate camp in Wichita. His father told local media his son was "a force of nature" who showed "drive and tenacity" to the sport. "He trained at the Skating Club of Boston five days a week and attended high school online and just committed himself to it," Douglas Lane added that his wife was "a creative powerhouse" who would do anything for her children. Jinna Han and Jin HanJinna Han, 13, had also travelled to the skate camp with her mother, Jin. In a 2022 interview, Jinna told a news network in her Massachusetts hometown that she was excited to watch the Olympics. "It's just so exciting," Jinna Han said. "It's like, who's going to win, what's going to happen, because anything can happen at the Olympics."Doug Zeghibe of the Skating Club of Boston called Jin "wonderful, pleasant, polite" person."Never a discouraging word," he said. "Always appreciative, always supportive of not just Jinna, her daughter, but every athlete. Just role model parents in your sport, and you don't always get that." Evgenia Shishkova and Vadim NaumovThe deaths of beloved ice skating coaches Evgenia Shishkova and Vadim Naumov, who are Russian, were confirmed by the skating coach and friend Rafael Arutyunyan told CNN that he had made his athletes train in silence after the crash as a mark of a respect."I know all these coaches," he said. "All of our community was respectful to them and liked them, so I feel it's they'll stay with us forever." Olivia TerTwelve-year-old Olivia Ter from Maryland was among the US figure skaters aboard the flight, local officials confirmed."Olivia not only excelled in figure skating programs but inspired others through her talent, determination and sportsmanship," Prince George's County Parks and Recreation said in a statement reported by CBS News."The impact of Olivia's life will continue to resonate in our youth sports community, and she will be sorely missed," said Bill Tyler, the director of the Maryland-National Capital Park and Planning Commission. Cory Haynos, Roger Haynos and Stephanie Branton HaynosCory Haynos was travelling home from the US Ice Skating Championships with his parents, Roger Haynos and Stephanie Branton Haynos, a family member wrote on social media."Roger has always inspired me by his absolute love for his family and dedication to providing only the best for his wife and kids," Matthew Alan LaRavier, Roger's cousin, wrote."Cory was an amazing skater with a very bright future," he said. "We all were expecting Cory to represent our country in the US Olympics in the future." Passengers Asra Hussain RazaIndiana woman Asra Hussain Raza, 26, had moved to the Washington DC area after receiving a master's degree in hospital management. "She was returning from a work trip where she was helping to improve a hospital that really needed help," said her husband Hamaad Raza, who showed the last text message from his wife to news crews outside the airport."And, you know, she was doing what she loved. She was even working on the flight."He added, "She gave a lot, but she had so much more to give. But if there was ever someone who took advantage of their 26 years of life, it was her." Michael StovallMichael Stovall's mother said her son was "the happiest person" who saw the good in Stovall, known as Mikey, was travelling home from an annual hunting trip with friends, Christina Stovall told Wink News."Mikey did not have one enemy. If you see pictures of him... he was the life of the party. He loved everybody."Mr Stovall's cousin told the New York Times that he had been flying with at least six of his friends from the trip, some of whom had known each other since childhood. Jesse PitcherTravelling with Mr Stovall was Jesse Pitcher, his father 30-year-old from Maryland had got married last year and recently started his own business, Jameson Pitcher told the New York Times."He was just getting started with life," he said."He said he'd see me when he got back." Pergentino N. MalabedPhilippine police confirmed that one of its officers, Colonel Pergentino N. Malabed, had been on board the flight.A body carrying Col Malabed's passport was recovered from the Potomac, a police spokesman had travelled to the US with two other officers to test personnel vests the Phillippine police planned to buy, and was on his way to the Philippine embassy in Washington. Casey CraftonTributes were made to "dedicated father" Casey Crafton of Salem, Connecticut."Salem has lost a dedicated father, husband, and community member," Governor Ned Lamont wrote on social Little League, where Mr Crafton was a coach, said the town was "heartbroken" by the loss of the "beloved" club member."The Crafton family, deeply involved in all things Salem, has suffered an unimaginable loss," the statement read. Sarah Lee BestTwo DC lawyers were also on board the flight, their loved ones Lee Best, 33, was kind and hard working, her husband Daniel Solomon told the Washington Best and Mr Solomon had planned to travel to Hawaii, where she was born, for their 10th wedding anniversary in May. Elizabeth KeysLawyer Elizabeth Keys, 33, "always, always managed to have fun... no matter what she was doing," her partner David Seidman told the died on her birthday, Mr Seidman firm where both worked, Wilkinson Stekloff, paid tribute to the "cherished members" of its were "wonderful attorneys, colleagues, and friends," firm founder Beth Wilkinson said in a statement. Professor Kiah DugginsThe president of Howard University confirmed Professor Kiah Duggins had died in the civil rights lawyer was set to begin teaching at the university's School of Law in the autumn."She dedicated her career to fighting against unconstitutional policing and unjust money bail practices in Tennessee, Texas and Washington DC," the university said in a statement reported by US media.
