Latest news with #non-USA
Time Out
27-05-2025
- Business
- Time Out
World's most expensive places for students: Singapore ranks 2nd, the only Asian city in the top 20
They say good things come with a price, and that can't be more true for those of us living in Singapore. Though undoubtedly one of the best cities in the world – and one of the safest there is – it's also one of the most expensive for both locals and expats alike. But that's not stopping those from elsewhere from trying to live here, whether for work or studies. With our education system being highly lauded, there are plenty of international students vying for places in our top universities and tertiary institutions – despite Singapore being named one of the costliest places in the world for students, according to Remitly. Based on the projected costs for university education and related expenses, the American remittance platform has ranked a list of the world's most expensive cities for students in 2025, and Singapore scores second place – right under New York City (#1). This is according to Remitly's estimate of the daily cost of living ($24.34), average monthly rental for a one-bedroom apartment ($3,630.65), visa fees ($67), and average tuition fee ($64,460), all in USD. The other cities in the top 10 list are all cities in the United States of America, with San Francisco (#3), Washington (#6), and Seattle (#10) being some of them. In fact, Singapore is the only city in Asia in the full list of 20, where the only other non-USA cities are Sydney (#18) and London (#19). Here's a disclaimer that this ranking is likely more accurate for international students rather than locals. Due to the housing situation in Singapore where rent is at sky-high levels, most local students still live with their parents – which then puts their housing costs at zero. Some students might choose to live in their university halls, but that's still nowhere near the cost of what the ranking states. University fees also differ based on one's school and course, and Singaporeans do get preferential rates compared to foreign students. Likewise, Singaporeans pursuing a degree overseas might have to pay more than citizens of the given country. And if you're lucky enough to get into an Ivy League, your annual tuition fees can be in the six-digit range per academic year if you don't have a scholarship. But count yourself lucky if you're able to attend a public Singaporean university – not only are their certificates strongly recognised, some of them are also known as the , with NUS leading the pack at number one in Asia for 2025 in the QS World University Rankings.
Economic Times
02-05-2025
- Business
- Economic Times
Tariff Turbulence: The ripple effects of Trump's trade policies on Indian exports
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of .) 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 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, 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 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 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 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 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 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 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 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 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 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 " 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 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.)
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.)
