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Straits Times
06-08-2025
- Business
- Straits Times
What's a ‘secondary tariff' like the one Trump imposed on India?
On top of an existing 25 per cent levy on goods from India, US President Trump added an additional 25 per cent tariff to penalise India for buying oil from Russia. WASHINGTON – In his second term as US president, Donald Trump has used tariffs as a blanket solution to pursue a wide range of goals: increasing domestic manufacturing and foreign market access, boosting federal revenue, and even punishing the government of Brazil for prosecuting his political ally, former President Jair Bolsonaro. Now he's deployed a tool he calls a 'secondary tariff' in an effort to get countries to distance themselves from US adversaries. On Aug 6, Mr Trump announced that such a tariff on imports from India would take effect in 21 days. On top of an existing 25 per cent levy on goods from India, he added an additional 25 per cent tariff to penalise India for buying oil from Russia. What is Trump's concept of 'secondary tariffs'? The idea behind 'secondary tariffs' is to use a weapon against one country to penalise or try to influence a different country. The concept is similar to the one behind so-called secondary sanctions. How are 'secondary tariffs' and secondary sanctions different? The US uses secondary sanctions to multiply the effect of its primary sanctions on countries or entities. Secondary sanctions target commercial activity involving a party under primary sanctions but occurring outside US legal jurisdiction. They are meant to force companies, banks and individuals to make a tough choice: continue doing business with the sanctioned entity or with the US, but not both. Unlike primary sanctions, which can be enforced by fines and the seizure of US-held assets, secondary sanctions rely on the centrality of the US financial system to the world economy and the widespread use of the dollar as the global reserve currency to work. A company or individual who violates a secondary sanction could be hit by US export controls or be placed on the Treasury Department's Specially Designated Nationals and Blocked Persons List, which would prevent Americans from doing business with it. Top stories Swipe. Select. Stay informed. Singapore Some ageing condos in Singapore struggle with failing infrastructure, inadequate sinking funds World Trump eyes 100% chips tariff, but 0% for US investors like Apple World White House says Trump open to meeting Russia's Putin and Ukraine's Zelensky Singapore MRT track issue causes 5-hour delay; Jeffrey Siow says 'we can and will do better' Singapore ST Explains: What is a track point fault and why does it cause lengthy train disruptions? Singapore ST and Uniqlo launch design contest for Singapore stories T-shirt collection Asia Malaysia plans barrierless toll system modelled after Singapore's ERP Singapore S'pore and Indonesia have discussed jointly developing military training facilities: Chan Chun Sing The 'secondary tariff' Mr Trump announced on imports from India isn't aimed at magnifying the impact of a primary tariff, as the name might suggest. US tariffs on energy from Russia are irrelevant given that such imports were banned in 2022 after the country's full-scale invasion of Ukraine. Instead, the extra 25 per cent tariff on imports from India appears to be aimed at compelling its government to adopt a similar ban, with the larger goal of pushing Russia to stop its war. In March, Mr Trump created a mechanism for imposing tariffs on imports from countries that buy oil from Venezuela, whose regime, he said, poses a threat to US national security. How can the US know who other countries buy oil from? Ships on the water have identifying transponders that allow third parties to track their location in real time via satellite. That enables analysts in and out of government to, for example, follow oil tankers loading in Russia and unloading in India. Bloomberg
Time of India
17-05-2025
- Politics
- Time of India
Is Trump administration planning to move 1 million Palestinians to Libya? Here's what we know
File Image The Trump administration is working on a strategy to permanently move up to 1 million Palestinians from Gaza to Libya, according to NBC News. Senior officials have engaged in discussions with Libyan leadership regarding this initiative. The proposal includes potentially unfreezing billions in US-held Libyan funds as compensation. The deliberations remain ongoing, with Israel being kept informed, according to NBC News citing sources. However, later, a State Department spokesperson denied these claims, stating "these reports are untrue" and describing the situation as unsuitable for such arrangements. 'The situation on the ground is untenable for such a plan. Such a plan was not discussed and makes no sense,' the spokesperson said. Basem Naim, a senior Hamas official, said that they were not aware of any discussions about moving Palestinians to Libya. 'Palestinians are very rooted in their homeland, very strongly committed to the homeland and they are ready to fight up to the end and to sacrifice anything to defend their land, their homeland, their families, and the future of their children,' Naim said in response to questions from NBC News. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng với sàn môi giới tin cậy IC Markets Đăng ký Undo '[Palestinians] are exclusively the only party who have the right to decide for the Palestinians, including Gaza and Gazans, what to do and what not to do. ' Libya has been plagued by instability and warring political factions throughout the nearly 14 years since a civil war broke out in the country and its longtime dictator, Moammar Gadhafi, was toppled. Libya is struggling to care for its current population as two rival governments, one in the west led by Abdul Hamid Dbeibah and one in the east led by Khalifa Haftar, are actively and violently fighting for control. The State Department currently advises Americans not to travel to Libya 'due to crime, terrorism, unexploded landmines, civil unrest, kidnapping, and armed conflict. ' 'Gaza is a nasty place. It should become a freedom zone,' says Trump In an interview with Fox News, Trump called Gaza a nasty place and said that it should become a freedom zone. "Gaza is a nasty place. It's been that way for years… It should become a freedom zone. It doesn't work. Every ten years, they go back, they have Hamas," Trump said. Responding to a question about the countries that the US President visited going to have to be a part of the solution, Trump said, 'They absolutely would be.' He continued telling that he wanted to take care of the people in Gaza. Trump: If I didn't do this, China would have broken apart "Look, people are starving. You know, you see what's going on right now? People are starving. One of the things that one of the three great leaders that I saw two nights ago said to me, please help the people, the Palestinians, I said, other than the abbess, what do you mean by that? He said, they're starving. And he meant it with his heart. They're starving. So I've already started working on that," Trump said in an interview. "It's a deep problem, but we'll get it solved. And a very immediate and a very big problem is, you know, I'm so proud of what we were able to do with India and with Pakistan. Well, it's a potential problem like that that we have here. I'll get it solved, and one way or the other, I'll get it solved. It's either going to be done nicely or it's going to be done violently. And I, 99.9% want to do it nicely if we can," he added.
Voice of America
24-02-2025
- Business
- Voice of America
US imposes new sanctions on Iran's 'shadow fleet'
The United States imposed sanctions on more than 30 people and vessels for their role in selling and transporting Iranian petroleum-related products as part of Tehran's "shadow fleet," the Treasury Department said. The sanctions target oil brokers in the United Arab Emirates (UAE) and Hong Kong, tanker operators and mangers in India and China, the head of Iran's National Iranian Oil Company, and the Iranian Oil Terminals Company, Treasury said. It said the vessels sanctioned ship tens of millions of barrels of crude oil valued in the hundreds of millions of dollars, the department said in a statement. "Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities," said Treasury Secretary Scott Bessent. The sanctions build on those imposed by the Biden administration. Such sanctions target key sectors of Iran's economy with the aim of denying the government funds for its nuclear and missile programs. The move generally prohibits any U.S. individuals or entities from doing any business with the targets and freezes any U.S.-held assets.
Al Arabiya
24-02-2025
- Business
- Al Arabiya
US imposes new sanctions on Iran's shadow fleet
The United States imposed sanctions on more than 30 people and vessels for their role in selling and transporting Iranian petroleum-related products as part of Tehran's 'shadow fleet,' the Treasury Department said. The sanctions target oil brokers in the United Arab Emirates (UAE) and Hong Kong, tanker operators and mangers in India and China, the head of Iran's National Iranian Oil Company, and the Iranian Oil Terminals Company, Treasury said. It said the vessels sanctioned ship tens of millions of barrels of crude oil valued in the hundreds of millions of dollars, the department said in a statement. 'Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities,' said Treasury Secretary Scott Bessent. The sanctions build on those imposed by the Biden administration. Such sanctions target key sectors of Iran's economy with the aim of denying the government funds for its nuclear and missile programs. The move generally prohibits any US individuals or entities from doing any business with the targets and freezes any US-held assets.
CNN
18-12-2024
- Science
- CNN
Watch Chinese astronauts perform historic spacewalk
China says two of its astronauts completed a nine-hour spacewalk, a figure that beats the US-held record for the world's longest spacewalk set in 2001, in the latest milestone in the country's ambitious space program.
