Latest news with #Ukraine-related
Time of India
10 hours ago
- Business
- Time of India
'Enormous mistake': What Trump's former NSA John Bolton said on India tariff
Trump's former NSA John Bolton said it's a huge mistake for Trump to treat friends and foes alike on tariff. President Donald Trump's former NSA John Bolton said Trump favoring China over India on trade is an enormous mistake and entirely counterproductive for America. In an opinion piece for The Hill, Bolton said the tariffs do not fit into America's grand geopolitical strategy as the US is levying tariffs on friend and foe alike. "Unfortunately, based on international reactions so far, the U.S. by levying tariffs on friend and foe alike has likely suffered a considerable loss of trust and confidence, built up over decades of effort, in exchange for minimal economic gains — if any — and the risk of formidable losses," Bolton wrote. "The White House seems headed toward more-lenient treatment for Beijing on tariff rates and other metrics than it imposed on New Delhi. If so, it will be a potentially enormous mistake. Treasury Secretary Scott Bessent has suggested that China's Aug. 12 deadline could be extended if negotiations looked promising," he wrote. "Trump announced on July 30 that India's tariff rate would be 26 percent, 1 point lower than originally proposed on Apr. 2, but a major increase from the previous average rate of 2.4 percent. Moreover, Trump harshly criticized India's acquisition of Russian military equipment, underlining a longstanding U.S.-India by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like They Lied to You About Success – Here's the Cold Hard Truth Undo disagreement, and Indian purchases of Russian oil and gas in violation of America's Ukraine-related sanctions. (India is also one of the BRICS countries, which Trump separately singled out for a 10 percent tariff.)" he wrote. If China snags a better agreement, the anger could grow exponentially, the former ambassador said. "China runs a significantly larger trade surplus with the U.S. than does India. Washington has also long complained about Chinese trade practices, which include stealing intellectual property, unfairly subsidizing its international companies and denying access to China's domestic market, contrary to repeated commitments," he added. Bolton also pointed out that both Pakistan and Bangladesh scored lower tariff rates from Trump. "Instead of advancing cooperation within the Asian Security Quad (India, Japan, Australia and America), Trump could well push India into closer economic and political ties with Russia and China. Beijing would see Trump's trade concessions as expressions of fundamental American weakness and dependence on trade with China. At least Secretary Bessent did make clear after the last round of U.S.-China talks that China also risked heavy tariffs due to its purchases of Russian (and Iranian) oil and gas," he wrote.
Gulf Today
a day ago
- Business
- Gulf Today
Trump imposes additional 25% tariff on goods from India
President Donald Trump signed an executive order on Wednesday to place an additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on its ally to 50%. US President Donald Trump issued an executive order on Wednesday imposing an additional 25% tariff on goods from India, saying the country directly or indirectly imported Russian oil. The additional tariffs mean India will face the highest levy along with Brazil, putting it at a significant disadvantage against regional competitors such as Vietnam an The tariffs would go into effect 21 days after the signing of the order, meaning that both India and Russia might have time to negotiate with the administration on the import taxes. Trump's moves could scramble the economic trajectory of India, which until recently was seen as an alternative to China by American companies looking to relocate their manufacturing. China also buys oil from Russia, but it was not included in the order signed by the Republican president. As part of a negotiating period with Beijing, Trump has placed 30% tariffs on goods from China, a rate that is smaller than the combined import taxes with which he has threatened New Delhi. Trump had previewed for reporters on Tuesday that the tariffs would be coming, saying the US had a meeting with Russia on Wednesday as the Trump administration tries to end the war in Ukraine. "We're going to see what happens," Trump said about his tariff plans. "We'll make that determination at that time." 'UNFORTUNATE' The Indian government on Wednesday called the additional tariffs "unfortunate." "We reiterate that these actions are unfair, unjustified and unreasonable," Foreign Ministry spokesman Randhir Jaiswal said in a statement, adding that India would take all actions necessary to protect its interests. Jaiswal said India has already made its stand clear that the country's imports were based on market factors and were part of an overall objective of ensuring energy security for its 1.4 billion people. This combination of pictures shows, L-R, Narendra Modi, Donald Trump and Vladimir Putin. AFP In 2024, the US ran a $45.8 billion trade deficit in goods with India, meaning America imported more from India than it exported, according to the US Census Bureau. American consumers and businesses buy pharmaceutical drugs, precious stones and textiles and apparel from India, among other goods. At the world's largest country, India represented a way for the US to counter China's influence in Asia. But India has not supported the Ukraine-related sanctions by the US and its allies on Moscow even as India's leaders have maintained that they want peace. The US and China are currently in negotiations on trade, with Washington imposing a 30% tariff on Chinese goods and facing a 10% retaliatory tax from Beijing on American products. Socialist Unity Centre of India activists burn an effigy of Donald Trump during a rally to mark the 80th anniversary of the world's first atomic bomb attack, on Hiroshima at the end of WWII, in Kolkata. AFP The planned tariffs on India contradict past efforts by the Biden administration and other nations in the Group of Seven leading industrialized nations that encouraged India to buy cheap Russian oil through a price cap imposed in 2022. The nations collectively capped Russian oil a $60 per barrel at a time when prices in the market were meaningfully higher, The intent was to deprive the Kremlin of revenue to fund its war in Ukraine, forcing the Russian government either to sell its oil at a discount or divert money for a costly alternative shipping network. The price cap was rolled out to equal parts skepticism and hopefulness that the policy would stave off Russian President Vladimir Putin's invasion of Ukraine. The cap has required shipping and insurance companies to refuse to handle oil shipments above the cap, though Russia has been able to evade the cap by shipping oil on a "shadow fleet" of old vessels using insurers and trading companies located in countries that are not enforcing sanctions. But oil prices have fallen with a barrel trading on Wednesday morning at $65.84, up 1% on the day. Agencies
Qatar Tribune
2 days ago
- Business
- Qatar Tribune
Trump to put additional 25% import taxes on India, bringing combined tariffs to 50%
Agencies President Donald Trump signed an executive order Wednesday to place an additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on its ally to 50%. The tariffs would go into effect 21 days after the signing of the order, meaning that both India and Russia might have time to negotiate with the administration on the import taxes. Trump's moves could scramble the economic trajectory of India, which until recently was seen as an alternative to China by American companies looking to relocate their manufacturing. China also buys oil from Russia, but it was not included in the order signed by the Republican president. As part of a negotiating period with Beijing, Trump has placed 30% tariffs on goods from China, a rate that is smaller than the combined import taxes with which he has threatened New Delhi. Trump had previewed for reporters on Tuesday that the tariffs would be coming, saying the U.S. had a meeting with Russia on Wednesday as the Trump administration tries to end the war in Ukraine. 'We're going to see what happens,' Trump said about his tariff plans. 'We'll make that determination at that time. 'The Indian government on Wednesday called the additional tariffs 'unfortunate.' 'We reiterate that these actions are unfair, unjustified and unreasonable,' Foreign Ministry spokesman Randhir Jaiswal said in a statement, adding that India would take all actions necessary to protect its said India has already made its stand clear that the country's imports were based on market factors and were part of an overall objective of ensuring energy security for its 1.4 billion people. Ajay Srivastava, a former Indian trade official, said the latest tariff places the country among the most heavily taxed U.S. trading partners and far above rivals such as China, Vietnam and Bangladesh.'The tariffs are expected to make Indian goods far costlier with the potential to cut exports by around 40%-50% to the U.S.,' he said. Srivastava said Trump's decision was 'hypocritical' because China bought more Russian oil than India did last year. 'Washington avoids targeting Beijing because of China's leverage over critical minerals which are vital for U.S. defense and technology,' he said. In 2024, the U.S. ran a $45.8 billion trade deficit in goods with India, meaning America imported more from India than it exported, according to the U.S. Census Bureau. American consumers and businesses buy pharmaceutical drugs, precious stones and textiles and apparel from India, among other goods. At the world's largest country, India represented a way for the U.S. to counter China's influence in Asia. But India has not supported the Ukraine-related sanctions by the U.S. and its allies on Moscow even as India's leaders have maintained that they want peace. The U.S. and China are currently in negotiations on trade, with Washington imposing a 30% tariff on Chinese goods and facing a 10% retaliatory tax from Beijing on American products. The planned tariffs on India contradict past efforts by the Biden administration and other nations in the Group of Seven leading industrialized nations that encouraged India to buy cheap Russian oil through a price cap imposed in 2022. The nations collectively capped Russian oil a $60 per barrel at a time when prices in the market were meaningfully higher, The intent was to deprive the Kremlin of revenue to fund its war in Ukraine, forcing the Russian government either to sell its oil at a discount or divert money for a costly alternative shipping network. The price cap was rolled out to equal parts skepticism and hopefulness that the policy would stave off Russian President Vladimir Putin's invasion of Ukraine. The cap has required shipping and insurance companies to refuse to handle oil shipments above the cap, though Russia has been able to evade the cap by shipping oil on a 'shadow fleet' of old vessels using insurers and trading companies located in countries that are not enforcing sanctions. But oil prices have fallen with a barrel trading on Wednesday morning at $65.84, up 1% on the day.
Yahoo
2 days ago
- Business
- Yahoo
Trump to put additional 25% import taxes on India, bringing combined tariffs to 50%
WASHINGTON (AP) — President Donald Trump signed an executive order Wednesday to place an additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariff imposed by the United States on its ally to 50%. The tariffs would go into effect 21 days after the signing of the order, meaning that both India and Russia might have time to negotiate with the administration on the import taxes. Trump's moves could scramble the economic trajectory of India, which until recently was seen as an alternative to China by American companies looking to relocate their manufacturing. China also buys oil from Russia, but it was not included in the order signed by the Republican president. As part of a negotiating period with Beijing, Trump has placed 30% tariffs on goods from China, a rate that is smaller than the combined import taxes with which he has threatened New Delhi. Trump had previewed for reporters on Tuesday that the tariffs would be coming, saying the U.S. had a meeting with Russia on Wednesday as the Trump administration tries to end the war in Ukraine. Trump had not spoke about the new tariffs Wednesday, but he posted on Truth Social that special envoy Steve Witkoff's talks with Russian leader Vladimir Putin were 'highly productive." The Indian government on Wednesday called the additional tariffs 'unfortunate." 'We reiterate that these actions are unfair, unjustified and unreasonable,' Foreign Ministry spokesman Randhir Jaiswal said in a statement, adding that India would take all actions necessary to protect its interests. Jaiswal said India has already made its stand clear that the country's imports were based on market factors and were part of an overall objective of ensuring energy security for its 1.4 billion people. Ajay Srivastava, a former Indian trade official, said the latest tariff places the country among the most heavily taxed U.S. trading partners and far above rivals such as China, Vietnam and Bangladesh. 'The tariffs are expected to make Indian goods far costlier with the potential to cut exports by around 40%-50% to the U.S.,' he said. Srivastava said Trump's decision was 'hypocritical' because China bought more Russian oil than India did last year. 'Washington avoids targeting Beijing because of China's leverage over critical minerals which are vital for U.S. defense and technology,' he said. In 2024, the U.S. ran a $45.8 billion trade deficit in goods with India, meaning America imported more from India than it exported, according to the U.S. Census Bureau. American consumers and businesses buy pharmaceutical drugs, precious stones and textiles and apparel from India, among other goods. At the world's largest country, India represented a way for the U.S. to counter China's influence in Asia. But India has not supported the Ukraine-related sanctions by the U.S. and its allies on Moscow even as India's leaders have maintained that they want peace. The U.S. and China are currently in negotiations on trade, with Washington imposing a 30% tariff on Chinese goods and facing a 10% retaliatory tax from Beijing on American products. The planned tariffs on India contradict past efforts by the Biden administration and other nations in the Group of Seven leading industrialized nations that encouraged India to buy cheap Russian oil through a price cap imposed in 2022. The nations collectively capped Russian oil a $60 per barrel at a time when prices in the market were meaningfully higher, The intent was to deprive the Kremlin of revenue to fund its war in Ukraine, forcing the Russian government either to sell its oil at a discount or divert money for a costly alternative shipping network. The price cap was rolled out to equal parts skepticism and hopefulness that the policy would stave off Russian President Vladimir Putin's invasion of Ukraine. The cap has required shipping and insurance companies to refuse to handle oil shipments above the cap, though Russia has been able to evade the cap by shipping oil on a 'shadow fleet' of old vessels using insurers and trading companies located in countries that are not enforcing sanctions. But oil prices have fallen with a barrel trading on Wednesday morning at $65.84, up 1% on the day. __ Roy reported from New Delhi. Solve the daily Crossword
Euronews
2 days ago
- Business
- Euronews
Trump cranks up India tariffs to 50% in an attempt to pressure Russia
President Donald Trump on Wednesday hit India with an extra 25% tariff over its Russian oil deals, bringing total US tariffs on the ally to a steep 50%. Currently, Brazil is the only other country to face a 50% import tax on all its products across the board. This does not include the steel, aluminium and copper tariffs, also at 50%, levied on every single country in the world apart from the UK. The tariffs would go into effect 21 days after the signing of the order, meaning that both India and Russia could still have time to negotiate with the administration on a more favourable deal. Trump's moves could scramble the economic trajectory of India, a major Asian economy, which until recently was seen as an alternative to China by US companies looking to relocate their manufacturing. China, which also buys oil from Russia, is currently experiencing a stay on the full tariff measure — currently all Chinese products face a 30% levy — as it negotiates more favourable tariff measures with the US administration. Trump had previewed for reporters on Tuesday that the tariffs would be coming, saying the US had a meeting with Russia on Wednesday as the Trump administration tries to end Moscow's all-out war in Ukraine. 'We're going to see what happens," Trump said about his tariff plans. "We'll make that determination at that time.' The Indian government on Wednesday called the additional tariffs 'unfortunate". 'We reiterate that these actions are unfair, unjustified and unreasonable,' Foreign Ministry spokesperson Randhir Jaiswal said in a statement, adding that India would take all actions necessary to protect its interests. Jaiswal said India has already made its stance clear that the country's imports were based on market factors and were part of an overall objective of ensuring energy security for its 1.4 billion people. Ajay Srivastava, a former Indian trade official, said the latest tariff places the country among the most heavily taxed US trading partners and far above rivals such as China, Vietnam and Bangladesh. India is widely regarded as an ally, with Indian Prime Minister Narendra Modi having visited the US in February of this year. 'The tariffs are expected to make Indian goods far costlier with the potential to cut exports by around 40%-50% to the US,' he said. Srivastava said Trump's decision was 'hypocritical' because China bought more Russian oil than India did last year. 'Washington avoids targeting Beijing because of China's leverage over critical minerals which are vital for US defence and technology,' he said. Coming to terms with the deficit In 2024, the US ran a $45.8 billion or €52.5 billion trade deficit in goods with India, meaning America imported more from India than it exported, according to the US Census Bureau. US consumers and businesses buy pharmaceutical drugs, precious stones, textiles and apparel from India, among other products. India has not supported the Ukraine-related sanctions by the US and its allies on Moscow even as its leaders maintain that they want peace. Ostensibly, the steep tariff is a means to deprive the Kremlin of revenue to fund its ongoing war in Ukraine, forcing Trump's goal of bringing the Russian government to the negotiating table and possibly agreeing to a ceasefire followed by long-term peace in Ukraine. But oil prices have fallen, with a barrel trading on Wednesday morning at $65.84 or €75.53, up by 1% on the day new tariffs were announced.
