Sensex ends flat, Nifty below 25,500; HUL gains 3%
"Market participants appeared reluctant to take aggressive positions, keeping the broader index range-bound. The sentiment was further dampened by global uncertainty, prompting a defensive approach across key sectors," he added.Hindustan Unilever topped the gainers with a 3.01% surge, followed by Kotak Mahindra Bank up 1.07%. Trent rose 0.94%, Reliance gained 0.90%, and ITC climbed 0.87%.Bharat Electronics fell the most at 2.46%, followed by Tech Mahindra down 1.83%. UltraTech Cement dropped 1.28%, Maruti Suzuki declined 1.07%, and Eicher Motors slipped 1.00%.- Ends
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News18
17 minutes ago
- News18
How Elon Musk Could Upend US Politics—And Why India Should Pay Attention
Last Updated: Elon Musk's new American Party could have ripple effects for India, given his deep business ties and disruptive influence. Find out how Billionaire Elon Musk has made his starkest threat to President Donald Trump after he stepped away from politics by launching his 'American Party'. The development comes after Musk condemned Trump's 'Big, Beautiful Bill" (new tax bill) on social media platform X a few days ago. 'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame! And they will lose their primary next year if it is the last thing I do on this Earth," he wrote. The President on Sunday assailed Musk, describing him as 'off the rails", over his new party announcement. 'I am saddened to watch Elon Musk go completely 'off the rails,' essentially becoming a TRAIN WRECK over the past five weeks," Trump wrote on Truth Social on Sunday evening. 'He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States." The American Party confirms the rupture in Trump's relationship with Musk, who spent millions of dollars to support the Republican leaders in his campaign. Trump, in return, rewarded the businessman with a new position in the Department Of Government Efficiency, which oversaw drastic cuts to government staffing. Let us understand how Musk's new party threatens Trump's political capital and how the President could hurt the businessman. How Musk Could Threaten Trump Politically? With a net worth of $405 billion, Musk could single-handedly reshape US politics. In 2024, he poured $295 million into Republican campaigns—mostly backing Trump. While that's a record-breaking sum in politics, it's pocket change for Musk. For context, in 2023 and 2024, the total amount of money raised by all presidential candidates was only $2 billion, according to the Federal Election Commission. Congressional candidates raised $3.8 billion, while PACs raised a more respectable $15.7 billion. It won't be difficult for Musk to match those amounts because his wealth is tied up in stocks that can't easily be unloaded all at once. Based on last week's share prices, he could pay for the entire 2024 election cycle by liquidating just one fifth of his reported $130 billion stake in Tesla. He has also suggested donating the amount to Republican representative Thomas Massie, a persistent critic of Trump's. There's still another $100 million Musk previously promised Trump that he could decide to withhold, as per The Independent. He could even bankroll Democrats, who will likely take it (although Trump has threatened 'serious consequences" in that scenario). They are politicians, after all. While third parties rarely challenge America's two-party system, Musk's billions could disrupt the 2026 congressional elections — if he chooses to spend big, reports NPR. Interestingly, Musk believes that 80% of Americans share his views—a claim that seems far from reality. According to polling expert Nate Silver, Musk's net favourability stands at a weighted average of -18%, significantly lower than even Trump's, The Independent reported. Clash Of Personalities Musk has cultivated a loyal following that mirrors—and in some ways surpasses—the fervent base of Trump. Both men command near-religious devotion from supporters, blending celebrity, controversy, and populist rhetoric to dominate public discourse. But while Trump's appeal stems from his 'America First" nationalism and brash persona, Musk's influence is built on his image as a visionary technocrat, the real-life Tony Stark bending the future to his will. His tweets move markets, his memes go viral, and his every pronouncement sparks global debate. Where Trump mastered TV and rallies, Musk dominates X (formerly Twitter), using the platform to amplify conspiracy theories, troll critics, and position himself as a free-speech crusader. The parallels run deep. Both men thrive on polarisation, calling themselves as anti-establishment outsiders despite their immense wealth and power. Trump had his 'fake news" mantra; Musk decries 'woke mind viruses." Both attract fans who see them as truth-tellers fighting corrupt elites—even as Musk's companies benefit from government subsidies and Trump's presidency was defined by corporate favouritism. Their supporters dismiss scandals (Trump's indictments, Musk's erratic behaviour) as evidence of a rigged system targeting their hero. But Musk's cult may be more dangerous because it's apolitical at its core. Trump's base is ideological; Musk's is transactional, united by tech utopianism rather than policy. As the 2024 election showed, his endorsements—or withheld donations—can sway races. With his wealth, platform, and fanbase, Musk doesn't just rival Trump's influence—he's rewriting the rules of political power itself. The question isn't whether he'll reshape elections, but how far he's willing to go. How Musk Has Global Influence Musk's power extends far beyond any single nation or sector, giving him leverage few can match. For example, NASA depends entirely on SpaceX—currently the only reliable transporter of astronauts to the International Space Station. His satellite venture, Starlink, has become indispensable to militaries and governments worldwide, including US agencies. But his influence is far beyond. Thanks to Tesla's role in jumpstarting China's electric vehicle dominance, Musk enjoys both a massive fanbase in China and good relations with the Chinese Communist Party. Reports show Chinese supporters rally behind him—one Weibo user recently declared, 'Brother Musk, you've got over a billion people on our side backing you." Perhaps most intriguing, however, is the political ammunition Musk may possess. After spending months deeply embedded in Trump's White House, he likely holds insider knowledge that could damage Trump if revealed. Musk recently hinted at Trump's inclusion in the Epstein files, reviving long-standing (though unproven) associations between Trump and the disgraced financier. While nothing new, the remark demonstrates Musk's willingness to weaponise controversy. What Musk's Party Means For India? Musk's new American Party could have ripple effects for India, given his deep business ties and disruptive influence. As the CEO of Tesla, SpaceX, and owner of X, Musk wields significant economic and technological leverage—factors that directly impact India's tech and space ambitions. If his party gains traction, it could reshape US-India relations, particularly in areas like trade, climate policy, and defence. India has actively courted Musk, with Prime Minister Narendra Modi asking Tesla to invest in local manufacturing and SpaceX exploring partnerships with ISRO for satellite broadband via Starlink. A Musk-aligned US political movement prioritising deregulation and private-sector innovation could accelerate these collaborations, benefiting India's renewable energy and space sectors. However, his unpredictable stance on issues like free speech and trade protectionism might introduce volatility. For instance, if Musk pushes for US tech dominance at the expense of global partnerships, Indian start-ups relying on American markets or investments could face hurdles. top videos View all Politically, Musk's anti-establishment rhetoric could resonate with India's youth and tech elites, but his libertarian leanings could be an issue with India's regulatory frameworks. His influence could also complicate India's balancing act between the US and China—especially if his party takes a hardline stance on Beijing, given Tesla's reliance on Chinese supply chains. While Musk's political venture might open doors for tech-driven cooperation, India must navigate his policies and prepare for both opportunities and disruptions in trade, diplomacy, and innovation. About the Author Shilpy Bisht Shilpy Bisht, Deputy News Editor at News18, writes and edits national, world and business stories. She started off as a print journalist, and then transitioned to online, in her 12 years of experience. Her More Get breaking news, in-depth analysis, and expert perspectives on everything from politics to crime and society. Stay informed with the latest India news only on News18. Download the News18 App to stay updated! tags : elon musk India-US relations SpaceX Starlink Location : New Delhi, India, India First Published: July 07, 2025, 14:35 IST News india How Elon Musk Could Upend US Politics—And Why India Should Pay Attention
Mint
34 minutes ago
- Mint
Trump pushes global trade war back to the top of his agenda
President Trump reignited his global trade war Monday, renewing his threat to hit partners with punishing tariffs even as he announced a three-week extension to negotiate deals. White House Press Secretary Karoline Leavitt said Trump would sign an executive order extending the date when his so-called reciprocal tariffs would take effect, previously scheduled to expire at 12:01 a.m. Wednesday. Additionally, Trump sent letters to a handful of nations outlining tariff rates they would pay if they didn't strike trade deals with the U.S. by Aug. 1. 'The administration—the president and his trade team—want to cut the best deals for the American people and the American worker," Leavitt said, adding that the delay in the deadline is in the 'best interest" of the country. Trump, on his Truth Social platform, posted letters to the leaders of Japan, South Korea, Malaysia and others by Monday afternoon, informing them of the Aug. 1 date. Leavitt suggested that just more than a dozen nations would get letters but didn't specify how the countries were chosen. More than 80 countries were subject to the 'Liberation Day" tariffs that were first announced April 2. 'Please understand that these Tariffs are necessary to correct the many years of Japan's Tariff, and Non Tariff, Policies and Trade Barriers, causing these unsustainable Trade Deficits against the United States," Trump wrote in his letter addressed to Japanese Prime Minister Shigeru Ishiba. 'This Deficit is a major threat to our Economy and, indeed, our National Security!" Letters to other nations were nearly identical, though the rate varied from 25% to 40%, depending on the country. The rates were generally closely tied to the original reciprocal rates set in April, though some were slightly different (Japan's new 25% rate is 1 percentage point higher than the 24% rate set in April). The emphasis on trade follows big wins for Trump in the past two weeks, including signing his tax and domestic policy megabill and helping broker a cease-fire between Israel and Iran. U.S. job growth in June was steadier than economists had expected, signaling strength in the economy. 'We are going to have several announcements in the next 48 hours," Treasury Secretary Scott Bessent said Monday morning on CNBC. Wilbur Ross, Trump's first-term Secretary of Commerce, said the president was moving the goal posts for imposing tariffs while also trying to up the ante by issuing statements reminding world leaders of his pending levies. 'Effectively what he has done has said this is what the tariffs will be if [other countries] don't do something different," Ross said, adding that the original July 9 date was 'very, very hard to achieve." Interests that represent U.S. trade-reliant businesses have welcomed the Trump team's stated desire to lower other nations' trade barriers, but decried his continued use of high tariffs as leverage. 'The President's strategic uncertainty is producing some short term results, but continuing to threaten exorbitant tariff rates is just paralyzing for business decision-making and erodes trust with our allies and major trading partners," said Jake Colvin, the president of the National Foreign Trade Council, which represents large U.S. firms. Myanmar's rate would be 40% on Aug. 1, down from 44%, while Laos's would fall to 40% from 48%. Kazakhstan's rate would fall from 27% to 25%. Malaysia's new rate would rise to 25% from the 24% announced on Liberation Day, just like Japan's, while South Africa's rate would stay constant at 30%, as would South Korea's at 25%. The administration didn't explain why some rates changed. The reciprocal tariffs wouldn't be applied to products that are covered under Trump's separate national-security tariffs, a White House official said. So far, the president has applied 50% national-security tariffs on steel and aluminum, and 25% on automobiles. Similar tariffs for semiconductors, lumber, critical minerals and copper are being studied by the Commerce Department. U.S. officials have promised that they would strike pacts with other nations to lower tariffs in exchange for more market access and fewer regulations on U.S. firms abroad. So far, the administration has struck a narrow pact with the U.K., arrived at a tenuous tariff truce with China, and announced a deal with Vietnam (though neither nation has provided any evidence that an agreement has been officially signed). Trump in recent days has said he thought a deal was close with India, among other nations, but Leavitt gave no indication of which—if any—will be unveiled in the coming days. Write to Gavin Bade at and Brian Schwartz at
Economic Times
36 minutes ago
- Economic Times
Japan, South Korea hit with 25% tariffs as Trump ramps up trade war in letters to leaders
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel U.S. President Donald Trump on Monday began telling trade partners - from powerhouse suppliers like Japan and South Korea to minor players - that sharply higher U.S. tariffs will start August 1, marking a new phase in the trade war he launched earlier this 14 countries sent letters so far, which included smaller U.S. exporters like Serbia, Thailand and Tunisia, hinted at opportunities for additional negotiations while at the same time warning that any reprisal steps would be met with a like-for-like response. "If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge," Trump said in letters, released on his Truth Social platform, to Japan and South higher tariffs, levied on U.S. importers of foreign goods, take effect August 1, and notably will not combine with previously announced sector tariffs such as those on automobiles and steel and means, for instance, that Japanese vehicle tariffs will remain at 25%, rather than the existing 25% auto sector tariff climbing to 50% with the new reciprocal rate as has occurred with some of Trump's clock has been ticking for countries to conclude deals with the U.S. after Trump unleashed a global trade war in April that has roiled financial markets and sent policymakers scrambling to protect their partners got another reprieve as Trump signed an executive order on Monday extending the Wednesday deadline for negotiations to August has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has rate for South Korea is the same as Trump initially announced, while the rate for Japan is 1 point higher than the one announced on April 2. A week later, he capped all of the so-called reciprocal tariffs at 10% until Wednesday. Only two agreements have so far been reached, with Britain and Cutler, vice president of the Asia Society Policy Institute, said it was unfortunate Trump was hiking tariffs on imports from two of the closest U.S. allies, but there was still time for a breakthrough in negotiations."While the news is disappointing, it does not mean the game is over," Cutler said. Trump said that the United States would impose 25% tariffs on goods from Tunisia, Malaysia and Kazakhstan; 30% on South Africa, Bosnia and Herzegovina; 32% on Indonesia; 35% on Serbia and Bangladesh; 36% on Cambodia and Thailand and 40% on Laos and Myanmar. South Korea said it planned to intensify U.S. trade talks and considers Trump's plan for a 25% tariff from August 1 as effectively extending a grace period on implementing reciprocal tariffs."We will step up negotiations during the remaining period to reach a mutually beneficial result to quickly resolve the uncertainties from tariffs," the country's Industry Ministry African President Cyril Ramaphosa said the 30% U.S. tariff rate was unjustified given that 77% of U.S. goods enter South Africa with no tariffs. Ramaphosa's spokesperson said his government would continue to engage with the was no response from the Japanese embassy in Washington.U.S. stocks fell in response, the latest market turmoil as Trump's trade moves have whipsawed financial markets and sent policymakers scrambling to protect their economies.U.S. stocks were driven to near bear-market territory by his cascade of tariff announcements through the early spring but quickly rebounded to record highs after he put the stiffest levies on hold on April S&P 500 closed down about 0.8%, its biggest drop in three weeks. U.S.-listed shares of Japanese automotive companies fell, with Toyota Motor closing down 4.0% and Honda Motor off by 3.9%. The dollar surged against both the Japanese yen and the South Korean won."Tariff talk has sucked the wind out of the sails of the market," said Brian Jacobsen, chief economist at Annex Wealth Management. Most of the announced tariff rates have been rounded down, he added, and the letters come across as "take it or leave it" offers.U.S. Treasury Secretary Scott Bessent said earlier on Monday he expected several trade announcements in the next 48 hours, adding that his inbox was full of countries' last-ditch European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday. The EU still aims to reach a trade deal by Wednesday after European Commission President Ursula von der Leyen and Trump had a "good exchange," a commission spokesperson said. The EU has been torn over whether to push for a quick and light trade deal or leverage its economic clout to negotiate a better outcome. It had already given up hopes for a comprehensive trade agreement before the July deadline. The president also threatened leaders of developing nations in the BRICS group, who are meeting in Brazil, with an additional 10% tariff if they adopt "anti-American" group includes Brazil, Russia, India and China among others.
