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Time of India
4 hours ago
- Politics
- Time of India
Congress asks PM Modi if he chose 'trade' over country in making truce with Pakistan, cites US affidavit
— rssurjewala (@rssurjewala) Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Congress on Saturday demanded answers from Prime Minister Narendra Modi on why he chose "trade" over the nation, after a top US administration official told a US Court that a trade deal was offered to broker the India-Pakistan a post on X, Randeep Surjewala said that while Trump has claimed 11 times that he "brokered the ceasefire" between India and Pakistan, Modi negated it not even documentary evidence in the form of an affidavit is also available, he evidence was an affidavit US Secretary of Commerce Howard W Lutnick filed in the US Court of International Trade."...This ceasefire was only achieved after President Trump interceded and offered both nations trading access with the United States to avert a full-scale war."An adverse ruling that constrains presidential power in this case could lead India and Pakistan to question the validity of President Trump's offer, threatening the security of an entire region and the lives of millions," a part of the affidavit read, Surjewala termed the excerpt an "official proof" of Trump's claims, and asked a series of questions to the prime minister."Modi ji and BJP-NDA government must answer the following questions. Why did we permit U.S to broker a 'ceasefire Agreement', when our Armed Forces had a clear upper hand and Pakistan was cracking up? What is the 'trade deal' that U.S President offered and Modi Ji accepted?"Is 'trade' more important than Nation? What are the terms of ceasefire? Where are the terrorists who killed 26 innocent people in Pahalgam? Will Pakistan hand them over to us so that we can hang them? Was it part of the ceasefire agreement?" the Congress leader asked."Will Pakistan hand over Pahalgam terror attack 'mastermind' and Laskar-e-Taiba Commander and terrorist, Saifullah Kasuri, who attended an anti-India Rally in Lahore on 29th May, 2025," he also asked whether, as part of the ceasefire, Pakistan has agreed to proscribe or ban all anti-India terrorist he named several outfits: Jaish-e- Muhammad (JeM), Jamaat-ul-Dawa (JuD), Tehreek-e-Azadi Jammu & Kashmir (TAJK), Hizb-ul-Muzahideen (HM), Harkat-ul-Mujahideen (HuA, presently known as HuM), Lashkar-e-Taiba (LeT), Jammu & Kashmir National Liberation Army, Kashmir Jehad Force, Al Jehad Force, Jammu & Kashmir Students Liberation Front, and Congress leader also asked, now that there is supposedly a truce, whether Pakistan would shut down terror camps, hand over Masood Azhar, Hafiz Saeed, and Dawood Ibrahim to India."All patriots, all true nationalists, and the entire nation demand these answers," he to para 18 of Lutnick's affidavit, Trump brokered peace between India and Pakistan to avoid a full-scale war between the two nuclear nations."For example, India and Pakistan - two nuclear powers engaged in combat operations just 13 days ago - reached a tenuous ceasefire on May 10, 2025. This ceasefire was only achieved after President Trump interceded and offered both nations trading access with the United States to avert a full-scale war. An adverse ruling that constrains presidential power in this case could lead India and Pakistan to question the validity of President Trump's offer, threatening the security of an entire region and the lives of millions," it read.
Wall Street Journal
11 hours ago
- Business
- Wall Street Journal
Heard on the Street Recap: On Hold
A federal appeals court temporarily put on hold a ruling that voided President Trump's tariffs. The appeals court said it was pausing the Wednesday decision by the U.S. Court of International Trade until it can hear further arguments. Market reactions were muted, amid signs the global trade war is far from over however the court rulings turn out.
Malay Mail
a day ago
- Business
- Malay Mail
What comes next in Trump's legal battle over tariffs?
WASHINGTON, May 30 — A US federal appeals court has temporarily halted a ruling that found many of President Donald Trump's tariffs illegal, but the chance it could ultimately back the original decision looms over the White House. What is in the US Court of International Trade's original ruling—which the Trump administration is appealing—and what options does the administration have? Which tariffs were affected? The three-judge trade court ruled Wednesday that Trump overstepped his authority in imposing blanket tariffs by invoking emergency economic powers. The judgment—although temporarily halted—affected levies unveiled on April 2, which involve a 10-per cent tariff on most trading partners and higher rates on dozens of economies including China and the European Union. These higher levels are currently suspended while negotiations take place. The ruling also applies to tariffs imposed on Canada, Mexico and China over their alleged roles in allowing an influx of drugs into the United States. But it left intact sector-specific levies like those on steel, aluminum and auto imports. Why a pause? The ruling by the little-known court, which has nationwide jurisdiction over tariff and trade disputes, initially gave the White House 10 days to complete the process of unwinding the levies. But the US Court of Appeals for the Federal Circuit on Thursday granted a temporary stay 'until further notice' while the Trump administration's appeals process plays out. This means the tariffs can remain in effect for now, while a longer-term outcome is yet to be determined. National Economic Council director Kevin Hassett told Fox News the administration is 'very pleased with the ruling,' dubbing it a victory. What are Trump's alternatives? The appeals court could eventually uphold the trade court's original decision to block Trump's sweeping tariffs. The president, however, has other means to reinstate his tariff agenda, said Thibault Denamiel, a fellow at the Center for Strategic and International Studies. These include Section 122 of the Trade Act of 1974, 'which is intended to deal with a balance of payments emergency but does not require a formal investigation,' Denamiel told AFP. The authority restricts tariffs to 15 per cent and they can only last 150 days. But it is among the policy levers that Trump could pull as he seeks a 'bridge' towards more lasting actions, said KPMG chief economist Diane Swonk. Another option is Section 338 of the Trade Act of 1930, allowing the administration to impose tariffs of up to 50 per cent on countries that discriminate against the United States, Denamiel said. Does this affect trade talks? The US trade court's ruling did not remove the threat of US tariffs for Europe or end the need for negotiations, said Andrew Kenningham, chief Europe economist at Capital Economics. This is because the threat of reciprocal tariffs remains if the White House wins its appeal, he said. Trump could also turn to sector-specific means as he did in his first term or seek congressional approval for tariffs, though this is less likely, Kenningham said. It is not clear if negotiations will lose steam, Swonk added, given that the administration wants to leverage the threat of tariffs 'very aggressively.' Even if the original ruling is eventually upheld, US officials could still buy time to exert pressure on other economies including the European Union and China. What about the broader economy? The court process 'introduces greater ambiguity around the future direction of US trade policy,' especially because the appeal is ongoing, said EY chief economist Gregory Daco. 'This legal development amplifies longer-lasting uncertainty for businesses navigating cross-border supply chains,' he added in a note. US stocks closed higher Thursday, but economic fallout has already occurred in recent months with Trump's see-sawing approach to unveiling tariffs and pausing them selectively. Financial markets have been roiled by policy shifts, and shipping halts due to high tariffs bring disruptions that cannot be cleared overnight, analysts said. 'The fate of the economy remains precarious even if we avert a recession,' Swonk said on social media. — AFP
Economic Times
a day ago
- Business
- Economic Times
Gold Price Prediction: Yellow metal slips by Rs 1,900 in 4 days. Is more downside ahead?
Gold prices have come under pressure due to profit booking, dropping by Rs 1,900 over the last four trading sessions. On Wednesday, gold and silver closed mixed in the domestic market but ended lower internationally. Domestically, Gold June futures rose 0.14% to Rs 95,278 per 10 grams, while Silver July futures fell 0.23% to Rs 97,255 per kilogram. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads How to trade gold? Gold has support at Rs 94,660-94,200 and resistance at Rs 95,700-96,100 Silver has support at Rs 96,650-96,000 and resistance at Rs 98,000-98,850 Tired of too many ads? Remove Ads Gold rates in physical markets Gold Price today in Delhi Gold Price today in Mumbai Gold Price today in Chennai Gold Price today in Hyderabad Amid fading chances of a rate cut ahead and after the US Court's ruling to remove the reciprocal tariffs, Gold prices have started to witness profit booking, falling by Rs 1,900 in just the last 4 trading sessions. Gold June futures contracts at MCX fell by Rs 778 or 0.81% on Thursday to their day's low of Rs 94,500/10 silver July futures contracts were trading higher at Rs 97,647/kg, up by Rs 392 or 0.4% around 10:15 Wednesday, gold and silver settled on a mixed note in the domestic market, while settling on a weaker note in the international markets. Gold June futures contract settled at Rs 95,278 per 10 grams with a gain of 0.14% while silver July futures contract settled at Rs 97,255 per kilogram with a loss of 0.23%.Gold and silver extended their fall in the international markets amid easing safe-haven buying due to strength in the dollar index and U.S. equity markets. The U.S. Fed shows confidence in the U.S. economy in its meeting minutes released on Wednesday. The U.S. Fed Chairman said that economic activity and job markets remain strong, but showed concern about inflation, and he denied for any immediate policy decline in the precious metals also followed a US Court of International Trade ruling that President Trump exceeded his authority with reciprocal tariffs, ordering their permanent removal. The administration is expected to U.S. President said on Wednesday, for another round of talks with Iran on the nuclear deal and also told the Israeli Prime Minister to hold off strike on US gold exports to Switzerland rose sharply in April after tariffs on precious metals were lifted, affecting global gold trade dynamics.'Fading chances of interest rate cuts and easing tensions in the Middle East could push gold and silver prices lower,' said Manoj Kumar Jain of Prithvifinmart Commodity Research.'We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geo-political tensions and ahead of the key U.S. economic data; gold prices could hold its support level of $3,200 per troy ounce and silver prices could also hold $31.80 per troy ounce levels on a weekly closing basis,' he the US Dollar Index , DXY, was hovering near the 100.25 mark, gaining 0.38 or 0.38%.Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:Jain suggests selling gold below Rs 95,000 with a stop loss of Rs 95,550 for a target of Rs 94, gold (22 carat) prices in Delhi stand at Rs 58,120/8 grams while pure gold (24 carat) prices stand at Rs 61,936/8 gold (22 carat) prices in Mumbai stand at Rs 57,240/8 grams while pure gold (24 carat) prices stand at Rs 61,048/8 gold (22 carat) prices in Chennai stand at Rs 56,752/8 grams while pure gold (24 carat) prices stand at Rs 60,520/8 gold (22 carat) prices in Hyderabad stand at Rs 56,920/8 grams while pure gold (24 carat) prices stand at Rs 60,712/8 grams.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Globe and Mail
a day ago
- Business
- Globe and Mail
Business Brief: We asked experts how to win a trade war
Good morning. In this age of tariffs, Canada is gearing up for a new kind of asymmetric trade warfare. The United States has long been a trust friend, ally and provider, the lifeblood of our economy and the sun that warms us. Now the providing hand has formed a fist, threatening economic salvos every other Tuesday. Ottawa must prepare not for a fair fight, but for a lopsided battle where strategy, narrative and leverage matter more than size. More on that below. Let's take a look at today's news first: Trade: Donald Trump's tariffs are reinstated by U.S. appeals court just one day after surprise block, as the legal battle reframes the trade war Analysis: For the Canadian economy, the U.S. trade court ruling on tariffs brings hope, but also uncertainty In the know I'm Ethan Lou, the opinion editor in The Globe and Mail's Report on Business. This weekend, we've pulled together a package on what might be the defining economic question of this country: How do you win a trade war with the world's most powerful and least predictable man? During his first term, U.S. President Donald Trump made a classic tweet: 'Trade wars are good, and easy to win.' That tweet aged like Wisconsin cheese in the summer sun, if Wednesday's court ruling from the U.S Court of International Trade is any indication. The decision found that Trump overstepped his authority to impose tariffs. But make no mistake, Trumpism remains on the menu. Like him or not, Trump is a juggernaut. He is winter thunder on a wild wind. Two impeachments and a criminal conviction have not stopped him. Neither will Wednesday's court ruling: It has already been stayed, pending an appeal by the administration. Even if ruling is eventually upheld, as trade lawyer Lawrence Herman writes in my section, 'it won't deter Trump from continuing his tariff wars using whatever alternative routes can be found.' Canada remains in the crosshairs. Mark Carney, our central-banker-turned-Prime-Minister, has promised to reset our relationship with the U.S. and stand up for Canadian interests with sharper elbows. The throne speech delivered Tuesday by King Charles III made it official: The days of polite tut-tutting are over. But talk is cheap. What would it actually take to come out ahead in a one-sided economic brawl with America? We asked six experts to sketch out real – and interesting – strategies for Canada to use in this new era of performative protectionism. Western University's Andreas Schotter says the key to negotiating with Trump is to offer symbolic wins – trade theatre, essentially – while quietly securing the outcomes we want. Want to save our auto sector? Give Trump a press-conference victory on milk quotas. Oil executive Adam Waterous argues we should use energy as a bargaining chip, offering a revived Keystone XL pipeline in exchange for the total elimination of tariffs. Jack Mintz, an economist, and Munir Sheikh, former chief statistician of Canada, want to play defence: propose corporate tax reform to mitigate the damage of the trade war, to keep Canadian business investment from fleeing south. Tom MacDonald, a former negotiator for the North American Free Trade Agreement (remember that?), wants to weaponize Canada's car market as leverage – we are among the top 10 global markets. And Ian Robertson, partner with The Jefferson Hawthorne Group, has a strategy straight from The Art of War: guile, deception and 'controlled chaos' – I shan't spoil it. The package doesn't offer a silver bullet. That's not how trade works, and such shiny projectiles don't exist. But these solutions do broaden our minds on the matter and spur us to more creativity. They show that Canada has more leverage than it thinks, if it's willing to play a little harder and think a little more outside the box. And if you've made it this far, and you're wondering how you, too, can write for The Globe, it's simple: e-mail me. While average home prices in Ontario and B.C. have returned to early 2021 levels, at least one of the average or benchmark prices in five other provinces has reached an all-time high – with Quebec and Nova Scotia setting new records in both metrics. Technical challenge: This Quebec startup shows progress toward practical quantum computing. Technical difficulties: Washington Capitals say no decision has been made on Alex Ovechkin's NHL future after e-mail mistake. Typical compensation: CEO pay jumped nearly 10 per cent in 2024, as S&P 500 stocks soared. Global stocks were mixed as investors considered an appeals court decision to keep President Donald Trump's tariffs in effect, a day after markets rallied on a ruling to block most of them. Wall Street futures were in the red, while TSX futures edged higher. Overseas, the pan-European STOXX 600 was up 0.54 per cent in morning trading. Britain's FTSE 100 rose 0.71 per cent, Germany's DAX gained 0.89 per cent and France's CAC 40 advanced 0.24 per cent. In Asia, Japan's Nikkei closed 1.22 per cent lower, while Hong Kong's Hang Seng slid 1.2 per cent. The Canadian dollar traded at 72.41 U.S. cents.
