Latest news with #ReciprocalTariff
News18
05-08-2025
- Business
- News18
'We Wanted It': Ex-US Envoy's 2024 Remark Backing India's Russian Oil Imports Surface
Last Updated: The video resurfaced after US President Donald Trump on Monday threatened to "substantially" increase tariffs on India over its continued imports of Russian crude. A video of former US Ambassador to India, Eric Garcetti, lauding New Delhi's purchase of Russian oil in 2024 has resurfaced on social media, intensifying the debate over Washington's current stance on the issue. US President Donald Trump on Monday threatened to 'substantially" increase tariffs on Indian exports to the US over its continued imports of Russian crude. In the widely circulated video, Garcetti is heard saying, 'They (India) bought Russian oil because we wanted somebody to buy Russian oil at a price cap. That was not a violation or anything. It was actually the design of the policy because, as a commodity, we didn't want the oil prices going up, and they fulfilled that." The remarks were made during the 2024 Conference on Diversity in International Affairs while he was serving as the US Ambassador to India. 'India brought Russian Oil, because we wanted somebody to buy Russian oil…", says US ambassador Garcetti on India buying Russian oil ; Adds,'no Price Cap violation, we did not want oil prices to go up..' — Sidhant Sibal (@sidhant) May 11, 2024 On Monday, Trump criticised India, accusing it of profiting from discounted Russian oil and reselling it in global markets. He pledged to impose higher tariffs on New Delhi. The US President had on August 1 signed an executive order titled 'Further Modifying the Reciprocal Tariff Rates', enforcing a 25 per cent duty on Indian imports. MEA Exposes West The Government of India issued a firm response on Monday, rejecting the accusations and calling the tariff threat 'unjustified and unreasonable." The Ministry of External Affairs (MEA) noted that India's energy imports from Russia were not only well within international norms but were also previously encouraged by the US itself. 'India has been targeted by the United States and the European Union for importing oil from Russia after the commencement of the Ukraine conflict. In fact, India began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict. The United States at that time actively encouraged such imports by India for strengthening global energy markets stability," the MEA said. India also defended its oil strategy as an economic necessity rather than a political stance. 'India will take all necessary measures to safeguard its national interests and economic security," the MEA asserted. The government further highlighted what it described as 'double standards," pointing to ongoing US and EU trade with Russia. In 2024, EU imports of Russian LNG reportedly reached 16.5 million tonnes, while the US continued to import critical materials, including uranium, palladium, and fertilisers, from Russia. India's Russian crude imports have surged from just 0.2 per cent of total imports before the Ukraine war to over 35 per cent, making Russia its largest oil supplier. The MEA clarified that this shift was driven by global market dynamics, particularly the redirection of Middle Eastern supplies to Europe. Trump's rhetoric, including his claim that 'India and Russia could take their dead economies down together," has also drawn sharp criticism from New Delhi, which emphasised that India remains the world's fastest-growing major economy. As debate continues over trade and energy ties, the viral video of Garcetti appears to underscore the contradiction between the current US administration's tough posture and its earlier policy encouragement. About the Author Ronit Singh Ronit Singh, Senior Sub-Editor at works with the India and Breaking News team. He has a keen focus on Indian politics and aims to cover unexplored angles. Ronit is an alumnus of Christ (Deemed to More Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
01-08-2025
- Business
- Time of India
US 25% tariff on India takes effect Aug 7 as Trump revamps duties for nearly 70 nations
The US announced a 25 percent tariff on India as the White House released an expansive list of duties that Washington will impose on exports from countries around the world. n an Executive Order titled 'Further Modifying The Reciprocal Tariff Rates,' US President Donald Trump announced tariff rates for nearly 70 nations around the world. A 25% "Reciprocal Tariff, Adjusted" has been imposed on India, according to the list released Thursday. While August 1 was the tariff deadline, the new levies will come into effect from August 7. Show more Show less
The Star
12-07-2025
- Business
- The Star
Thaksin, Pichai meet Prime Minister's policy advisory team to refine US tariff proposal
BANGKOK: Thailand and several other countries have until August 1, 2025, to finalise trade proposals under the United States' new 'Reciprocal Tariff' policy, after Washington confirmed a 36 per cent retaliatory tariff rate on Thai exports. The Thai government is pursuing a two-pronged approach. First, it is finalising a comprehensive proposal addressing tariff reductions, non-tariff barriers (NTB) easing and the relaxation of import conditions. The US has set a July 31 deadline for submission of this additional proposal. Second, the government is preparing mitigation measures in response to the so-called "Trump Tariff" and the expected market opening to US products. This includes budget allocations, relief funding and soft loan schemes aimed at supporting affected farmers, SMEs and exporters within the US-bound supply chain. Thailand submitted its second-round proposal to Washington on July 6, 2025. The revised proposal accelerates the timeline for achieving trade balance, targeting a 70 per cent reduction in Thailand's trade surplus with the US by 2030. By 2031–2032, the two nations are expected to reach full trade balance. A Government House source revealed that former Prime Minister Thaksin Shinawatra has called a meeting with the Prime Minister's policy advisory team (known as the Baan Phitsanulok team) on July 10 to finalise Thailand's negotiating position. Thaksin's meeting comes ahead of a high-level 'Team Thailand' session on July 11, led by Deputy Prime Minister and Finance Minister Pichai Chunhavajira. The session will bring together key economic ministers and the advisory team to consolidate Thailand's position before the deadline. Thaksin reportedly stressed the need for a finalised strategy by the end of this week. Pichai said that a high-level meeting on July 11, 2025, will consolidate input from affected businesses to shape appropriate support measures. The goal is to finalise Thailand's negotiating stance and secure a deal with the United States before the July 31 deadline. He stressed the need to prepare for multiple outcomes—ranging from favourable to moderate—while assessing the broader economic implications, particularly for Thai exports. Countries that have already reached trade deals with Washington have faced multiple tariff layers, including import taxes on goods with insufficient domestic content (as measured by RVC – regional value content), and product-specific tariffs. This means individual Thai exporters could face differing tariff rates and uneven impacts depending on their product type and value chain composition. Supavud Saicheua, policy adviser to the Prime Minister and chair of the National Economic and Social Development Council (NESDC), said that Pichai has called for a strategic meeting at Baan Phitsanulok on July 11 to review the US negotiations and explore next steps following US President Donald Trump's formal notification of a 36 per cent tariff rate on Thai goods. The deadline for a final proposal remains August 1, 2025. He noted that recalibrating Thailand-US economic ties is critical, as the US accounts for 18 per cent of Thailand's total exports. With mounting pressure from Washington, Thailand can no longer rely on previous trade arrangements. 'The US wants to recoup as much of its past trade deficit as possible, and if Thailand wants to export, it may have to manufacture in the US instead,' he said. 'Frankly, the 36 per cent tariff is seen by the US as lenient given the past trade gap,' Supavud added. 'Thailand will have to continue trading with the US, but the trade value is expected to shrink. At the same time, we will face growing pressure to import more American goods. We must start thinking seriously about who we'll be trading with over the next six to 12 months.' Thailand's negotiation team has concluded that the trade deal struck between the US and Vietnam is now serving as a benchmark—if not a pressure point—for other countries, including Thailand, in ongoing tariff talks. The US is using Vietnam's agreement as a reference in demanding wide-ranging commitments, from across-the-board tariff reductions to sweeping removal of non-tariff barriers (NTBs). Among key US demands are the elimination of agricultural import quotas, streamlined import licensing timelines, and the lifting of sanitary and phytosanitary (SPS) restrictions—mirroring Vietnam's concessions. Washington is also pressing for the liberalisation of Thailand's financial and telecommunications sectors, though not for immediate implementation, but rather as part of future negotiations. Another sensitive issue is trans-shipment—the rerouting of goods from countries targeted by US trade restrictions through Thai ports. Vietnam was previously hit with a 40 per cent tariff on such goods under a new trade enforcement model, and Thailand may soon face similar scrutiny. Defining what constitutes trans-shipment is expected to become a major sticking point, with potentially significant implications for Thai exporters. According to a Government House source, Thailand's latest proposal, submitted to Washington on 6 July 2025, is now under formal review by the US tariff task force, thanks to coordination by Thailand's trade office in Washington. The Thai government is hoping its concessions will prompt a reduction in the proposed 36 per cent tariff rate. Meanwhile, domestic preparations to cushion the impact of the so-called 'Trump Tariff' are underway. A relief package is being coordinated across ministries, with the Fiscal Policy Office and the National Economic and Social Development Council (NESDC) tasked with presenting support options to Deputy Prime Minister and Finance Minister Pichai Chunhavajira. These will focus on safeguarding employment and supporting exporters, SMEs, and farmers. On July 9, the Finance Ministry convened a meeting with the Joint Standing Committee on Commerce, Industry and Banking. A broader consultation with the private sector is scheduled for next week, led by the NESDC, to fine-tune the design of targeted support measures. Three key relief channels were identified: Budget allocations – For FY2025: THB47 billion (US$1.4 billion) in the central stimulus fund already earmarked for Trump tariff response, with an additional THB11.1 billion reserved for export relief. – For FY2026: THB25 billion set aside in the central budget, with plans to reallocate a further THB40 billion from other budget items. Relief fund – A dedicated fund will be used to support sectors most impacted by the new tariff regime. Soft loan programme – The Government Savings Bank (GSB) has prepared a THB100 billion soft loan facility to assist three groups: exporters to the US, export-related supply chains and manufacturers hit by cheap Chinese imports. Commerce Minister Jatuporn Buruspat said that the July 11, 2025, meeting at Baan Phitsanulok will partly focus on designing relief measures for sectors affected by the US-imposed 'Trump Tariff'. A proposal for a dedicated compensation fund worth THB10 billion is under discussion, though the final amount will depend on the scale of economic damage identified. Two implementation options are being considered: Establishing a new relief fund specifically for tariff-related impacts Channelling assistance through the existing Agricultural Restructuring Fund (FTA Fund), which aims to enhance national competitiveness in the sector 'We need comprehensive data—who is affected, which products, and the extent of the damage,' said Jatuporn. 'Only then can we determine the appropriate funding level. The Commerce Ministry will coordinate closely with all relevant ministries to ensure an effective and targeted response.' There are reports that former Prime Minister Thaksin Shinawatra also took part in the meeting at Baan Phitsanulok on Friday (July 11), underscoring his active role in shaping Thailand's negotiating strategy and economic response to the impending US tariff measures. His presence signals the political weight being placed on securing a resolution before the 1 August deadline. - The Nation/ANN
Time of India
02-05-2025
- Business
- Time of India
Tariff Turbulence: The ripple effects of Trump's trade policies on Indian exports
The White House has been abuzz with 'tariffic' activity in the past few days. The fast-evolving nature of the situation has certainly kept the concerned parties on their toes, including the present authors. #Pahalgam Terrorist Attack Pakistan reopens Attari-Wagah border to allow stranded citizens in India to return Key Jammu & Kashmir reservoirs' flushing to begin soon Air India sees Pakistan airspace ban costing it $600 mn over 12 months On April 2, US President Donald Trump signed an executive order (EO) titled 'Regulating Imports with a Reciprocal Tariff to Rectify Trade Practices that Contribute to Large and Persistent Annual United States Goods Trade Deficits'. To 'rebalance global trade flows', the EO set out the 'Reciprocal Tariff Policy' imposing additional tariffs on all imports from all USA trading partners. The tariffs were stated to start at 10% and were to subsequently increase to country-specific rates. For India, the aggregate increased tariffs under the EO stood at 26% (inclusive of the initial 10%). The initial increase of 10% tariff became applicable on goods entering US Customs Territory from 12.01 EDT, April 5, 2025. The country-specific increased tariff rates were made applicable from 12.01 am EDT on April 2, 2025. Also Read: India, US trade deal coming soon even as Vance claims India 'took advantage' of America Live Events Goods exported from India to the US between April 5, and April 9, were subject to 10% tariffs, and goods exported after April 9 were subject to 26% tariffs. The tariffs under the EO were specified to apply only to non-USA content of a specific article, provided at least 20% percent of the value of such article is USA originating. However, another executive order on April 9 put a 90 day pause/suspension on the country specific tariffs introduced under the first EO. The suspension/pause operates on goods entering for consumption or withdrawn from a warehouse for consumption on or after 12.01 am EDT on April 10 and is to continue till 12.01 am EDT on July 9. Meanwhile, India and the USA are also reportedly negotiating a comprehensive trade deal with the terms of reference having been agreed upon. It is also reported that India may be planning to reduce the tariffs levied on imports from the USA, and the same may also find place in the comprehensive trade deal being negotiated between the two countries. The top exports products from India to the US include electrical machinery, equipment and parts, natural or cultured pearls, precious or semi-precious stones, pharmaceutical products, medicines for retail sales, nuclear reactors and boilers, diamonds, mineral fuels and oils, petroleum oils, textiles and apparel, chemical products (including plastics, organic and inorganic chemicals), automotive components (including engine parts, transmission components, electrical systems). Exports in the above sectors are likely to be affected by the increased tariffs. Given the approach adopted by the US, it is unlikely that any potential trade deal will entirely reverse the tariff rates to what existed prior to the first EO. Thus, Indian entities engaged in exports to the USA, including in the above sectors, might have to prepare themselves for an increase in the tariffs on exports to the US. In any case, for the immediate future and pending finalisation of the trade deal, the increased levy of 10% will be applicable to all imports from India to the USA. Consequently, entities exporting from India as well as importing in the USA, might feel the need to review their contracts to examine the implications of such tariffs. Contractual claims and disputes are also likely to arise as a result. Elaborate and well negotiated contracts usually include clauses covering the effect of increased levies on pricing, 'change of law' and 'force majeure' clauses, clauses fixing liability for taxes, duties and other levies as well as clauses on limitation of liabilities. The specific language of such clauses will determine how the increased tariffs affect the respective parties. For instance, if the contracts provide for pricing to be inclusive of leviable taxes / duties, the increase in tariffs might also increase the price of goods exported. 'change of law' clauses might require the party suffering any financial implication due to such change in law, to be compensated by the other party to neutralize the effect of such change. However, given the financial exposure, such clauses may potentially lead to calls for renegotiation of the contract or even invocation of dispute resolution mechanisms. Similarly, depending on the language, 'force majeure' clauses may or may not cover situations like these increased tariffs. This is because force majeure clauses typically deal with situations where the contract cannot be performed at all and not when the performance becomes financially onerous. Clauses in such contracts which limit the liabilities of parties might also come in for closer examination and review if required. Entities which have been historically exporting goods on a fixed price / fixed fee basis or under not so elaborate contracts are also likely to feel a pressing need for review of their terms of export and assess any potential financial liability due to these tariffs. Skeletal contracts not containing 'change of law' or 'force majeure' clauses might require detailed review, negotiation and might also be more exposed to monetary claims to be determined as per applicable law. The " Trump Tariffs " under the EO are likely to have significant ramifications for trade between India and the US. Their abrupt introduction, current pause and unpredictable (even if potentially positive) future are likely to create confusion and potential disruptions in the supply chain. Exporters and importers will need to carefully review and potentially renegotiate their contracts to address the financial implications of these increased tariffs. The situation may lead to contractual disputes, with specific focus on clauses related to pricing, change of law, force majeure, and liability for taxes and duties. As the trade landscape adjusts to these new tariffs, parties will need to navigate the complexities to mitigate financial and operational impact. (Raj Panchmatia and Peshwan Jehangir are Partners, C. Nageshwaran is Counsel and Palak Vashisth is Associate at Khaitan & Co. The views expressed are personal.)
Yahoo
12-04-2025
- Business
- Yahoo
2 Nuclear Energy Stocks Down at Least 25% to Buy and Hold Forever
Stocks skyrocketed on Wednesday after Trump 'authorized a 90-day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%.' Wednesday's impressive rebound highlighted why long-term investors should remain exposed to stocks in falling markets. The market gave up some of those gains on Thursday because Wall Street is still waiting for concrete updates on tariff negotiations and clarity on what's next with China. Investors are also likely holding off on making their next big moves until the start of Q1 earnings season, which kicks off with JPMorgan on Friday morning. No one can call a bottom in real time, and there could easily be more selling around the corner. But some widely tracked technical indicators suggest long-term investors might want to start nibbling at stocks. Image Source: Zacks Investment Research The bulls started to step up midweek after the Nasdaq fell below its 2021 peaks and edged near its long-term 200-week moving average. The 200-week was one of Charlie Munger's favorite technical indicators for buying great stocks at a discount. On top of that, CNN's Fear and Greed Index, a contrarian stock market indicator, sits at Extreme Fear (9) compared to 4 (on a 0–100 scale) at the start of the week. Today's Full Court Finance at Zacks dives into two great nuclear energy stocks that have fallen at least 25% from their highs—BWX Technologies and Cameco—to consider buying amid the market downturn and holding for long-term gains. The U.S. government has launched various initiatives to support the nuclear energy revival, aiming to triple nuclear capacity by 2050. Expanding the nuclear-powered economy will demand tens of trillions of dollars and take decades, even though nuclear energy has consistently supplied about 20% of U.S. electricity for over three decades. Tech giants such as Amazon, Alphabet, and Microsoft all secured multibillion-dollar nuclear power agreements last year as they race to fuel their power-hungry artificial intelligence expansion plans. Large data centers can consume nearly as much electricity as a midsize city, and generative AI platforms like ChatGPT use at least 10 times the energy of a typical Google search. This AI-driven energy boom is arriving just as the U.S. and major tech companies aim to reduce their reliance on fossil fuels. The biggest hurdles, from huge capital expenditure requirements to technological innovation challenges, play a critical role in the bull case. Big tech and big government are fully committed to expanding nuclear energy as part of the massive energy infrastructure expansion effort. The Office of Nuclear Energy, part of the U.S. Department of Energy, posted on X earlier this month that the 'U.S. nuclear renaissance starts now.' BWX Technologies, Inc. (BWXT) is a pure-play nuclear manufacturing and engineering company exposed to multiple growth segments across energy, defense, space exploration, and beyond. BWXT is expanding its commercial nuclear power segment and gaining ground at the bleeding edge of the field through small modular reactor technology. The Virginia-based firm works directly with next-generation nuclear energy companies, such as GE Vernova, as well as the U.S. Department of Energy and Department of Defense. BWXT is building out its commercial nuclear equipment manufacturing plant to accommodate the nuclear power boom. Image Source: Zacks Investment Research The nuclear tech company is expected to grow its revenue by roughly 12% in 2025 and 2026, marking its best back-to-back percentage gains YoY as a public company. BWXT is projected to expand its adjusted earnings by 5% in 2025 and 13% in FY26. It has beaten our EPS estimates for eight consecutive quarters, and its upbeat revisions earn it a Zacks Rank #2 (Buy). BWXT's strong balance sheet supports its dividend, and eight of the 10 brokerage recommendations tracked by Zacks are rated 'Strong Buy.' The stock has climbed 350% in the past 15 years, significantly outperforming its sector's 61% gain, including a 100% jump in the trailing five years. Image Source: Zacks Investment Research BWX Technologies trades 25% below its November highs. The stock is attempting to retake its 50-day moving average after finding support near its late-February 2024 breakout levels and its 52-week lows. On the valuation front, the nuclear energy tech firm trades at a 65% discount to its highs and in line with its 10-year median with a 2.5 price/earnings-to-growth (PEG) ratio. Cameco (CCJ) is a Canadian uranium miner and a leading supplier of uranium refining, conversion, and fuel manufacturing services. Cameco is the second-largest uranium producer in the world, according to the World Nuclear Association, and one of the few large-scale uranium miners most retail investors can buy. Cameco boasts two of the highest-grade uranium mines on the planet in Canada. CCJ's importance to the U.S. and Western countries has grown as the U.S. seeks to reduce its reliance on Russia and the region, which dominates the uranium market. Image Source: Zacks Investment Research The U.S. uranium mining industry went nearly dormant until the U.S. government's recent nuclear energy push. But restarting the U.S. uranium mining industry won't happen overnight, bolstering Cameco's bull case. The company has averaged 25% revenue growth over the past three years, and it is projected to boost its adjusted earnings by 96% in 2025 and 66% in 2026. CCJ expects to double its dividend between 2023 and 2026. Wall Street loves the stock, with 12 of the 15 brokerage recommendations we track rated 'Strong Buy' and three rated 'Buy.' CCJ shares have surged 310% in the past five years, despite a 37% drop from their December highs. Cameco is fighting to hold its ground near its recent lows and its highs from 2006–2011. Image Source: Zacks Investment Research CCJ trades at 30X forward earnings, solidly below its five-year median of 35X. Better yet, Cameco trades at a 50% discount to its 10-year median and a 70% discount to the S&P 500, with a 0.5 price/earnings-to-growth (PEG) ratio. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cameco Corporation (CCJ) : Free Stock Analysis Report BWX Technologies, Inc. (BWXT) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
