BRUSSELS: The EU&#39;s trade chief said Tuesday his US counterparts had told him Washington stands by a key trade deal with the bloc, following an adverse Supreme Court decision on President Donald Trump&#39;s tariffs.&nbsp;After the Supreme Court ruled last week that Trump lacks authority to impose levies under a 1977 law, the US leader responded with fresh tariffs of 10% on imported goods -- which Trump has vowed to hike further to 15%.&nbsp;That raised complex questions about what the new duties mean for the EU deal clinched last year with Trump, which imposed 15% tariffs on most EU goods.&nbsp;&quot;I have been in constant touch with my counterparts, and they both reassured me they stand by the deal with the European Union,&quot; Trade Commissioner Maros Sefcovic told EU lawmakers.&nbsp;The top trade negotiator also touched on another sensitive topic in transatlantic ties: Trump&#39;s 50% duties on steel and aluminium imports, which the EU has been pushing to bring down.&nbsp;The president expanded levies on the metals in August to include several hundred products that contain steel or aluminium.&nbsp;Sefcovic said he discussed how to address the issue with his US counterparts.&nbsp;&quot;I hope we can find solutions in this matter very soon,&quot; he told the European Parliament&#39;s trade committee.&nbsp;The bloc&#39;s parliament put the EU-US deal on ice Monday as it sought more clarity on the fallout from the Supreme Court ruling, only a day before the committee was due to give its green light.&nbsp;Sefcovic said he understood the body&#39;s decision, but added: &quot;It is imperative we keep the process moving forward in implementing our commitments.&quot;&nbsp;EU member states&#39; representatives in Brussels heard from the EU executive on Monday, and a European diplomat said everyone agreed &quot;a deal is a deal&quot;.&nbsp;The EU executive told senior diplomats that if imports face a blanket 10% levy, pre-existing duties could mean some products are taxed at a higher rate than the trade deal&#39;s 15%.&nbsp;Another concern is that Trump&#39;s new flat levy could apply indifferently to the EU and to countries that made fewer trade concessions to Washington -- and were therefore previously taxed at a much higher rate.&nbsp;&quot;The EU now loses a comparative advantage vis-a-vis other countries, which was what made the deal palatable in the first place,&quot; the diplomat told AFP.

Americas

Europe

The EU says US officials reaffirm commitment to last year’s trade deal despite a Supreme Court ruling limiting tariff powers.

US told EU it 'stands' by tariff deal: trade chief

HONG KONG:&nbsp;Asian stocks mostly rose and the dollar fell Monday after the US Supreme Court struck down a large part of President Donald Trump&#39;s tariffs policy that had sent shockwaves through the global economy last year. The rally was led by tech firms, which have been at the forefront of regional gains this year as traders turn away from Wall Street to seek out cheaper investments amid concerns about extended valuations. Trump&#39;s trade agenda was dealt a hefty blow Friday when the country&#39;s top court ruled that the International Emergency Economic Powers Act used by the White House to impose sweeping levies in April &quot;does not authorize the president to impose tariffs&quot;. Global tariff&nbsp;The president immediately vowed to impose a global tariff of 10% under a separate authority, before raising it to 15% on Saturday. However, the development fanned a fresh round of uncertainty, with calls growing for the government to repay cash taken under the scheme and analysts warning officials would likely pursue other ways of imposing his tolls. &ldquo;The first observation to make is that IEEPA tariffs may be dead, but Trump&#39;s trade regime isn&#39;t,&rdquo; wrote Rodrigo Catril at National Australia Bank. &quot;The administration has several avenues it can pursue, these are likely to be litigated over several years, but there is no sign President Trump is planning to back down. &quot;Another conclusion is that the tariff landscape is now more uncertain than before, uncertainty is not good news for any economy or market. &quot;Unless commonsense prevails, we could be entering a circular process where new tariffs are announced, then potentially overturned, only for new tariffs to be announced, and we do the dance again.&quot; EU-US deal &nbsp;The decision also raised questions about trade deals Washington has signed. European leaders had been due to approve the EU-US deal on Tuesday but the head of the European Parliament&#39;s trade committee said he would call Monday for putting &quot;legislative work on hold until we have a proper legal assessment and clear commitments from the US side&quot;. And Bloomberg reported that Indian trade officials will postpone a trip to the United States aimed at finalizing their interim agreement. Still, Asian investors welcomed the news, which is seen benefiting China and India, with tech firms the best performers. Hong Kong rose more than two percent, with ecommerce titans Alibaba and JD.com surging more than three percent, while Seoul hit another record high thanks to big advances for chipmakers Samsung Electronics and SK hynix. Singapore, Wellington, Taipei and Manila also rose, though Sydney dipped. Tokyo and Shanghai were closed for holidays. The strong start to the week followed gains on Wall Street, where the tariff ruling overshadowed data showing the US economy grew much slower than expected in the fourth quarter of 2025, when it was hit by the extended government shutdown. The uncertainty also weighed on the dollar, which was well down against the yen, pound and euro. Oil prices&nbsp;And oil prices dropped more than one percent amid hopes for an Iran nuclear deal. That has tempered last week&#39;s concerns about a possible US strike on the country after Trump warned &quot;bad things happen&quot;, as he deployed warships, fighter jets and other military hardware to the Middle East. <h2 style="line-height: 2;">Key figures at around 0220 GMT&nbsp;</h2>Hong Kong - Hang Seng Index: UP 2.5% at 27,066.21 Shanghai - Composite: Closed for a holiday Tokyo - Nikkei 225: Closed for a holiday Euro/dollar: UP at $1.1823 from $1.1788&nbsp;on Friday Pound/dollar: UP at $1.3517 from $1.3487 Euro/pound: UP at 87.47 pence from 87.37 pence Dollar/yen: DOWN at 154.15 yen from 155.02 yen West Texas Intermediate: DOWN 1.3% at $65.63 per barrel Brent North Sea Crude: DOWN 1.3% at $70.86 per barrel New York - Dow: UP 0.5% at 49,625.97 (close) London - FTSE 100: UP 0.6% at 10,686.89 (close)

Business

The strong start to the week followed gains on Wall Street, where the tariff ruling overshadowed data showing the US economy grew much slower than expected in the fourth quarter of 2025, when it was hit by the extended government shutdown.

Asian stocks rally after Trump's Supreme Court tariffs blow

Web Desk

ISLAMABAD: The Indian National Congress on Saturday criticized Prime Minister Narendra Modi over a recent US executive order that removed an additional 25% tariff on certain Indian imports. Congress spokesperson Dr Shama Mohamed, in a post on X, said the order, signed by US President Donald Trump, allows the United States to reimpose the tariff if India resumes importing Russian oil, directly or indirectly.<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-3" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-3&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2019981308030853155&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Fdashboard%2F&sessionId=393ffcf903aaafb51ab8d42de17b83db68fc8b42&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 758px; display: block; flex-grow: 1;" data-tweet-id="2019981308030853155"></iframe></div></div>&ldquo;The executive order signed by President Trump to remove the extra 25 percent tariff imposed due to Russian oil imports states that the tariff could be reinstated if India resumes such imports,&rdquo; she wrote. Dr Mohamed accused the Prime Minister of yielding to pressure from the US president. &ldquo;PM @narendramodi has succumbed to the pressure of President Trump. Who is America to decide whether we should buy oil from Russia, a country that has been our all-season friend!&rdquo; she added. The Congress criticism refers to Section 4 of the order, which gives the US President the authority to recommend reinstating the 25% duty on Indian goods if India resumes imports of Russian oil. In a separate post, Dr Mohamed also highlighted India&rsquo;s trade balances:&nbsp;&ldquo;With our biggest trading partners UAE, Russia &amp; China, we have a trade deficit. The only major trading partner with whom we have a trade surplus is the US. After the new trade deal, even with the US we will have a trade deficit! What a fall for India&rsquo;s economy!&rdquo;<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-4" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-4&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2020013789857607848&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Fdashboard%2F&sessionId=393ffcf903aaafb51ab8d42de17b83db68fc8b42&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 369px; display: block; flex-grow: 1;" data-tweet-id="2020013789857607848"></iframe></div></div> <div class="fr-embed"></div>

India

Says PM Modi has ‘succumbed to the pressure of President Trump and compromised our sovereignty. Who is America to decide whether we should buy oil from Russia or not, a country that has been our all season friend!’

Congress criticizes Modi over US tariff conditionality on Russian oil

BEIJING:&nbsp;China said on Monday that a preliminary trade deal with Canada &ldquo;does not target any third parties&rdquo; after the United States threatened to impose 100% tariffs on Canadian products if the agreement were finalized. Under the deal, announced this month, Beijing is expected to reduce tariffs on Canadian canola imports and grant Canadians visa-free travel to China. But over the weekend, the United States --&nbsp;<a href="https://www.pakistantv.com/article/trump-threatens-canada-with-100-tariff-if-it-completes-china-trade-deal" style="color:#0073e6;">Canada&#39;s traditional ally</a>&nbsp;-- threatened to impose 100% tariffs on Canadian products if the deal were to go ahead, saying it would allow China to &ldquo;dump goods&rdquo;. China&#39;s foreign ministry spokesman Guo Jiakun said on Monday that the trade deal was not aimed at Washington. &lsquo;New type of strategic partnership&rsquo;&quot;China and Canada have established a new type of strategic partnership... it does not target any third party,&quot; China&#39;s foreign ministry spokesman Guo Jiakun told a regular press conference. &quot;China advocates that nations should approach state-to-state relations with a win-win rather than zero-sum mindset, and through cooperation rather than confrontation,&quot; he added. The deal was announced during Canadian Prime Minister Mark Carney&#39;s visit to Beijing this month, as he seeks to distance himself from a volatile United States under President Donald Trump. Trade war&nbsp;Canada and the United States have been caught in a trade war since the Trump administration imposed import duties on its northern neighbor. On Sunday,&nbsp;<a href="https://www.pakistantv.com/article/trump-axes-canadas-board-of-peace-invitation" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Trump</a>wrote on social media that negotiations between Ottawa and Beijing amounted to China &quot;successfully and completely taking over the once Great Country of Canada&quot;. Following the president&#39;s comments, US Treasury Secretary Scott Bessent told US media that &quot;we can&#39;t let Canada become an opening that the Chinese pour their cheap goods into the US&quot;.

Asia

China's foreign ministry spokesman says China advocates that nations should approach state-to-state relations with a win-win rather than zero-sum mindset, and through cooperation rather than confrontation.

China says Canada deal not aimed at US after Trump tariff threat

HONG KONG:&nbsp;Gold and silver hit record highs on Monday, while most equity markets fell after Donald Trump revived trade war fears by threatening several European nations with tariffs over their opposition to the United States buying Greenland. The US president has fanned already-rising geopolitical tensions this month by insisting that Washington would take control of the <a href="https://www.pakistantv.com/article/trump-threatens-europe-with-tariffs-over-greenland-as-protesters-rally" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">North Atlantic island</a>, citing national security needs. And on Saturday, after talks failed to resolve &quot;fundamental disagreement&quot; over the Danish autonomous territory, he announced he would hit eight countries with fresh levies over their refusal to submit to his demands. He said he would impose 10% tariffs on Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland from February 1 -- rising to 25% from June 1 -- if they did not agree to the takeover. Tariffs threats&nbsp;The announcement drew an immediate response, with a joint statement from the countries saying: &quot;Tariff threats undermine transatlantic relations and risk a dangerous downward spiral.&quot; The move also threatened a trade deal signed between the United States and European Union last year, with German Foreign Minister Johann Wadephul telling ARD television: &quot;I don&#39;t believe that this agreement is possible in the current situation.&quot; &lsquo;Anti-coercion instrument&rsquo;Meanwhile, aides to French President Emmanuel Macron said he would ask the EU to activate a never-before-used &quot;anti-coercion instrument&quot; against Washington if Trump makes good on his threat. This measure allows for curbing imports of goods and services into the EU, a market of 27 countries with a combined population of 450 million. Bloomberg reported member states were discussing the possibility of retaliatory levies on &euro;93 billion ($108 billion) of US goods. Trade war&nbsp;The prospect of a trade war between the global economic heavyweights shook markets, with <a href="https://www.pakistantv.com/article/gold-soars-past-4500-as-safehaven-demand-hits-record-levels" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">safe-haven</a> assets extending gains that had come on the back of Trump&#39;s threats against Iran last week and the US ouster of Venezuelan president Nicolas Maduro. <a href="https://www.pakistantv.com/article/gold-price-hits-record-high-of-438376-on-us-rate-cut-bets" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Gold</a>, a key go-to in times of turmoil, hit a peak of $4,690.59, while silver struck $94.12. On equity markets, Tokyo, Hong Kong, Shanghai, Sydney, Singapore, and Wellington retreated, though there were gains in Seoul and Taipei.&nbsp;European and US futures sank. &lsquo;Next signpost&rsquo;The dollar also retreated against its peers, with the euro, sterling, and yen all higher. &quot;The next signpost is whether this moves from rhetoric to policy, and that is why the concrete dates matter,&quot; wrote Charu Chanana, chief investment strategist at Saxo Markets. &quot;On the European side, the decision path matters as much as the headline, because there is a difference between merely mentioning the anti-coercion instrument as a signal and formally pursuing it as action. &quot;Even if the immediate tariff threat gets negotiated down, the structural risk is that fragmentation keeps rising, with more politicized trade, more conditional supply chains, and higher policy risk for companies and investors.&quot; There was little major reaction to data showing China&#39;s economy expanded five percent last year, in line with its target.&nbsp; However, growth in the final three months slowed sharply from the previous quarter. Investors in Seoul and Taipei brushed off a warning from US Commerce Secretary Howard Lutnick that South Korean chipmakers and Taiwan firms not investing in the United States could be hit with 100% tariffs unless they boost output in the country. <h2 style="line-height: 2;">Key figures at around 0230 GMT </h2>Tokyo - Nikkei 225: DOWN 1.0% at 53,412.88 (break) Hong Kong - Hang Seng Index: DOWN 0.7% at 26,670.01 Shanghai - Composite: DOWN 0.1% at 4,099.23 Euro/dollar: UP at $1.1628 from $1.1604 on Friday Pound/dollar: UP at $1.3397 from $1.3382 Dollar/yen: DOWN at 157.54 yen from 158.07 yen Euro/pound: UP at 86.79 pence from 86.69 pence West Texas Intermediate: UP 0.1% at $59.52 per barrel Brent North Sea Crude: FLAT at $64.15 per barrel New York - Dow: DOWN 0.2% at 49,359.33 (close) London - FTSE 100: FLAT at 10,235.29 (close)

Gold, a key go-to in times of turmoil, hit a peak of $4,690.59, while silver struck $94.12; on equity markets, Tokyo, Hong Kong, Shanghai, Sydney, Singapore and Wellington retreated; there were gains in Seoul and Taipei.

Gold, silver hit records and stocks fall as Trump fans trade fears

MONTREAL: Prime Minister Mark Carney will begin a state visit to China on Tuesday, the first in eight years for a Canadian leader, with the aim of discussing trade and rebuilding ties after years of diplomatic tensions. Chinese President Xi Jinping invited Carney last October during a meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, which Carney described as a &ldquo;turning point&rdquo; in the two nations&rsquo; strained relationship. The Jan. 13-17 trip seeks to &ldquo;strengthen cooperation in the areas of trade, energy, agriculture and international security,&rdquo; a Carney spokeswoman told AFP. &lsquo;Huge step forward&rsquo;&nbsp;&ldquo;It&rsquo;s a huge step forward,&rdquo; said Gordon Houlden, a former Canadian diplomat and director of the University of Alberta&#39;s China Institute. Houlden told AFP that if &ldquo;some of the commercial problems that are affecting our exports had a political origin, then solving the political origin may, or should, have some positive effect on the trade.&rdquo; The last Canadian leader to visit China was Justin Trudeau in December 2017. Ties withered in 2018 after the arrest of a senior executive from Chinese tech giant Huawei on a US warrant in Vancouver and China&rsquo;s retaliatory detention of two Canadians on espionage charges. China has also been accused of interfering in Canadian elections in recent years. <h2 style="line-height: 2;">Second-largest trade partner</h2>Carney will meet with Chinese Premier Li Qiang and business leaders to advance trade negotiations, focusing on efforts to attract new investors and secure strategic partnerships. In the face of protectionism and attacks from US President Donald Trump, he will also seek to develop new markets to lessen Canada&rsquo;s economic dependence on its neighbor to the south. China is currently Canada&#39;s second-largest trade partner, with bilateral trade reaching $118.7 billion Canadian dollars ($85.3 billion) in 2024. &ldquo;This visit is important because China is obviously an inescapable superpower,&rdquo; Guy Saint-Jacques, Canada&rsquo;s ambassador to China from 2012-2016, told AFP.<h2 style="line-height: 2;"> </h2><h2 id="isPasted" style="line-height: 2;">&lsquo;The elephant in the room&rsquo;&nbsp;</h2>He said a deal on Chinese energy supplies and electric vehicles was a possible outcome from the talks. But &ldquo;the elephant in the room,&rdquo; he mentioned, is the thorny issue of tariffs. Since the summer of 2024, Ottawa and Beijing have clashed on trade, with Canada imposing tariffs on electric vehicles and Chinese steel, while Beijing has retaliated with levies on agricultural products, including canola. Economic objectives vs security priorities&nbsp;&ldquo;Whatever agreements Canada has with China will be scrutinized in Washington and might have implications&rdquo; for three-way talks with Washington and Mexico on a free trade agreement, set to be renegotiated this year, said Vina Nadjibulla, vice president of the Asia Pacific Foundation of Canada. Carney&#39;s challenge is &ldquo;going to be to advance economic objectives while not sacrificing our national security and economic security priorities,&rdquo; she added. After his trip to Beijing, Carney is scheduled to travel to Qatar for a bilateral visit and then head to Switzerland to attend the World Economic Forum annual meeting in Davos.

The Jan. 13-17 trip seeks to ‘strengthen cooperation in the areas of trade, energy, agriculture and international security,’ a Carney spokeswoman told AFP; bilateral trade reached $118.7 billion Canadian dollars ($85.3 billion) in 2024.

Canada's Carney plans to talk trade, relations during China visit

ISLAMABAD: India on Friday said it is &ldquo;closely following the developments&rdquo; on a proposed US legislation that seeks to impose 500% tariffs on countries purchasing Russian oil, Indian media reported. Reacting to the proposed legislation, India&rsquo;s Ministry of External Affairs (MEA) said: &ldquo;We are aware of the proposed bill. We are closely following the developments. Our position on the larger question of energy sourcing is well known. In this endeavor, we are guided by the evolving dynamics of the global market and by the imperative to secure affordable energy from diverse sources to meet the energy security needs of our 1.4 billion people,&rdquo; the MEA said.<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px; line-height: 2;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" style="position: static; visibility: visible; width: 550px; height: 417px; display: block; flex-grow: 1;" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2009574142857908257&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Fsections%2F&sessionId=0dfc7bbdac468c5b6e22137503d5558da1ddc4b8&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" data-tweet-id="2009574142857908257"></iframe></div></div>India is once again facing the heat of a proposed US law that would seek to levy as much as 500% tariffs on countries for buying Russian oil, after US Senator Lindsey Graham said President Donald Trump has &ldquo;greenlit&rdquo; the Russia sanctions bill. &lsquo;Tremendous leverage&rsquo; against IndiaGraham, chairman of the Senate Budget Committee, said: &ldquo;This bill would give President Trump tremendous leverage against countries like China, India, and Brazil to incentivize them to stop buying the cheap Russian oil that provides the financing for [Vladimir] Putin&rsquo;s bloodbath against Ukraine.&rdquo; The bill, titled the &ldquo;Sanctioning Russia Act of 2025&rdquo;, enables the US administration to impose tariffs and secondary sanctions on countries buying Russian oil, gas, and uranium, among other goods. &ldquo;The President must increase the rate of duty on all goods and services imported from Russia into the United States to at least 500% relative to the value of such goods and services,&rdquo; according to the bill. Trade deal stalemate&nbsp;&nbsp;Meanwhile, a planned India&ndash;US trade deal stalled because Prime Minister Narendra Modi <a href="https://www.pakistantv.com/article/us-commerce-secretary-blames-modi-call-for-india-trade-deal-stalemate" style="color:#0073e6;">did not call </a>President Donald Trump, US Commerce Secretary Howard Lutnick claimed on Friday. Lutnick made the remarks in an interview on the All-In podcast, a US business and technology show hosted by four venture capitalists.&nbsp; He said, &ldquo;It&#39;s all set up, and you have got to have Modi call the president,&rdquo; and they were uncomfortable doing it. So Modi didn&#39;t call.&rdquo;

India again faces pressure from a proposed US law seeking tariffs up to 500% on countries buying Russian oil, after Senator Lindsey Graham said President Donald Trump has greenlit the Russia sanctions bill.

‘Closely following developments’: India on US bill seeking to impose 500% tariff 

MUMBAI:&nbsp;US and Indian trade negotiators begin two days of talks Wednesday as they try to reach a deal amid geopolitical turbulence after Washington hit New Delhi with huge tariffs over its purchases of Russian oil. The 50% levies on most goods was imposed in August, with US officials arguing the imports of discounted Russian crude effectively bankroll Moscow&#39;s war in Ukraine. Deputy US Trade Representative Rick Switzer&rsquo;s visit comes a week after Prime Minister Narendra Modi embraced Russian President Vladimir Putin in New Delhi. India&rsquo;s foreign ministry described Switzer&#39;s meetings as a &ldquo;familiarization&rdquo; trip. India was among the first countries to begin trade talks after President Donald Trump unveiled sweeping tariffs on most US trade partners in April. But it is one of the few major economies still without an agreement, raising risks for jobs, economic growth and markets. <h2 style="line-height: 2;">A serious blow&nbsp;</h2>India is the world&rsquo;s fastest-growing major economy and recorded a $45.8 billion goods trade deficit with the United States in 2024. Large export categories such as smartphones and generic drugs are exempt from Trump&#39;s tariffs, but many labor-intensive industries are not. That&rsquo;s a serious blow for a country already struggling to generate well-paid jobs for millions of young graduates, and the turmoil threatens Modi&#39;s ambition to lift the country into high-income status. Fall in exports&nbsp;Exports fell nearly 12% year-on-year in October, driven by a plunge in US-bound shipments. The Global Trade Research Initiative (GTRI) estimates that labour-heavy sectors -- gems and jewelery, textiles and seafood -- saw export drops of 37&ndash;60% between May and September. Foreign investors have dumped more than $16 billion in Indian equities this year, helping push the rupee to a record low past 90 per dollar. Cut in growth forecast&nbsp;The International Monetary Fund (IMF) has also cut India&rsquo;s 2026-27 growth forecast from 6.4% to 6.2%, assuming &ldquo;prolonged 50% US tariffs&rdquo;. Exports could shrink to about $49.6 billion this fiscal year, from $86.5 billion last year, potentially knocking up to 80 basis points off growth, according to the GTRI. <h2 style="line-height: 2;">Severe sanctions &nbsp;&nbsp;</h2>India enthusiastically bought discounted Russian crude after the 2022 invasion of Ukraine as Moscow was hammered with severe sanctions including on its sale of oil. But Trump&#39;s decision to link trade policy to geopolitics upended US-India relations in August, with roughly half of the tariff burden stemming from Washington&#39;s attempt to penalize those purchases. No comment&nbsp;The US president has repeatedly claimed India either plans to stop, or has already mostly stopped, buying Russian oil -- a claim&nbsp;New Delhi has neither confirmed nor denied. But when in the Indian capital, Putin offered to &ldquo;continue uninterrupted shipments of fuel&rdquo;.&nbsp; Modi did not comment directly on oil flows. &lsquo;Notable dip&rsquo;However, top buyer Reliance Industries said in November it stopped importing Russian oil for its export-focused refinery, while smaller refiners like HPCL-Mittal Energy have said they have stopped entirely. Analysts at trade intelligence platform Kpler expect a &ldquo;notable dip&rdquo; in India&#39;s December&ndash;January imports. Whether that decline will sway Washington is unclear. <h2 style="line-height: 2;">Rice &lsquo;dumping&rsquo;&nbsp;</h2>Talks also stalled over agriculture, with India resisting pressure to cut tariffs on staples like rice and wheat -- wary of angering its farmers, a politically powerful constituency. A senior Indian commerce ministry official told AFP that these issues are &ldquo;largely resolved&rdquo;, although Trump on Monday also criticized the country for &ldquo;dumping&rdquo; rice into the United States. Negotiating a trade pact is complicated by the need to address Trump&rsquo;s so-called reciprocal tariffs, though both tracks are linked, officials say. &ldquo;These are two separate, parallel negotiations that are going on, but one will feed into another,&rdquo; Commerce Secretary Rajesh Agrawal told an industry event last week. <h2 style="line-height: 2;">Is a breakthrough likely?</h2>Relations have improved since August, with several smaller deals advancing. That includes US approval in November for two arms sales worth nearly $93 million, and New Delhi&#39;s &ldquo;significant&rdquo; deal for the United States to supply nearly 10% of its liquefied petroleum gas (LPG) imports. Energy commitments have anchored past US trade deals, and experts say the LPG contract may help convince Washington that India is reducing its reliance on Russia.

The 50% levies on most goods was imposed in August, with US officials arguing Indian imports of discounted Russian crude effectively bankroll Moscow's war in Ukraine; India’s foreign ministry described Switzer's meetings as a “familiarization” trip.

US, India start fresh trade talks seeking elusive deal

GYEONGJU: Canadian Premier Mark Carney on Saturday called talks with China&#39;s leader Xi Jinping a &quot;turning point&quot; in relations, adding he had raised tricky topics like foreign interference with Beijing. Canada&#39;s relations with China have been among the worst of any Western nation, but both are at the sharp end of Donald Trump&#39;s tariff onslaught, even after Xi and the US leader&#39;s deal Thursday to dial back tensions. China and Canada on Friday held their first formal talks between their leaders since 2017 on Friday. &lsquo;Unlocked a path forward&rsquo;&quot;We have now unlocked a path forward to address current issues,&quot; Carney told journalists in the South Korean city of Gyeongju, referring to China.&nbsp;&quot;Our overall discussion was constructive,&quot; he added. Carney said Saturday he had accepted an invitation from Xi to visit &quot;in the new year&quot;. &quot;I directed our ministers and officials to work together to find solutions to current challenges and to identify areas for cooperation and growth,&quot; he said. Carney apologizes to Trump&nbsp;The US president last Saturday said he was hiking tariffs on Canadian goods by an additional 10% and terminated all trade talks. This followed what Trump called a &quot;fake&quot; anti-tariff ad campaign that featured the late ex-president Ronald Reagan. Carney said Saturday he had apologized to Trump for that ad. &quot;I did apologize to the president. The president was offended,&quot; he said.

Carney said Saturday he had accepted an invitation from Xi to visit "in the new year"; says ‘we have now unlocked a path forward to address current issues’, adding ‘our overall discussion was constructive.’

Canada PM says Xi talks 'turning point', apologizes to Trump

AIR FORCE ONE: US President Donald Trump said Saturday he was hiking tariffs on Canadian goods by an additional 10%, in the latest fallout over a Canadian anti-tariff ad that featured late US leader Ronald Reagan. The announcement came two days after Trump said he had terminated all trade talks with Canada over what he called the &quot;fake&quot; ad campaign. &quot;Their Advertisement was to be taken down, IMMEDIATELY, but they let it run last night during the World Series, knowing that it was a FRAUD,&quot; Trump said on his Truth Social platform, posting the message as he flew to Asia for meetings with key regional leaders. &quot;Because of their serious misrepresentation of the facts, and hostile act, I am increasing the Tariff on Canada by 10% over and above what they are paying now,&quot; he said. &#39;High tariffs trigger trade wars&#39;The ad from the Canadian province of Ontario used quotes from a 1987 radio address on trade that Reagan delivered, in which he warned of the ramifications he said high tariffs on imports could have on the US economy. It cited the Republican as saying that &quot;high tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars,&quot; a quote that matches a transcript of his speech on the Ronald Reagan Presidential Library&#39;s website. The Ronald Reagan Foundation wrote on X on Thursday that the Ontario government had used &quot;selective audio and video&quot; and that it was reviewing its legal options. Adding extra spice to the cross-border row, baseball&#39;s World Series features a Canadian team, the Toronto Blue Jays, facing a US team, the Los Angeles Dodgers. The Blue Jays thrashed the Dodgers 11-4 in the first game on Friday. Ontario said it would pull the offending anti-tariff ad on Monday so that negotiations could restart, but not before it aired again on Saturday night during the second game of the baseball showdown. Economic strategy &#39;needs to change&#39;Trump&#39;s global sectoral tariffs -- particularly on steel, aluminum, and autos -- have hit Canada hard, forcing job losses and squeezing businesses. For now, the United States and Canada adhere to the existing North American trade deal, the USMCA, which ensures that roughly 85% of cross-border trade in both directions remains tariff-free. But in a speech on Wednesday, Canadian Prime Minister Mark Carney said the United States has raised &quot;its tariffs to levels last seen during the Great Depression.&quot; &quot;Our economic strategy needs to change dramatically,&quot; Carney added, saying the process &quot;will take some sacrifices and some time.&quot; Trump and Carney are both set to attend a dinner on the sidelines of the Asia-Pacific Economic Cooperation (APEC) in South Korea on Wednesday. But Trump has said he had no plans to meet Carney.

Taxation

US President Donald Trump raised tariffs on Canadian goods by 10%, condemning Ontario’s anti-tariff ad featuring Ronald Reagan as 'fraudulent.' The move follows halted trade talks, escalating tensions ahead of the APEC summit in South Korea

Articles tagged with "Trump Tariffs"