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Yahoo
13 minutes ago
- Yahoo
Modi and Trump once called each other good friends. Now the US-India relationship is getting bumpy
NEW DELHI (AP) — They men shared bear hugs, showered praise on each other and made appearances side by side at stadium rallies — a big optics boost for two populist leaders with ideological similarities. Each called the other a good friend. In India, the bonhomie between Prime Minister Narendra Modi and U.S. President Donald Trump was seen as a relationship like no other. That is, until a series of events gummed up the works. From Trump's tariffs and India's purchase of oil from Russia to a U.S. tilt towards Pakistan, friction between New Delhi and Washington has been hard to miss. And much of it has happened far from the corridors of power and, unsurprisingly, through Trump's posts on social media. It has left policy experts wondering whether the camaraderie the two leaders shared may be a thing of the past, even though Trump has stopped short of referring to Modi directly on social media. The dip in rapport, some say, puts a strategic bilateral relationship built over decades at risk. 'This is a testing time for the relationship,' said Ashok Malik, a former policy adviser in India's Foreign Ministry. The White House did not immediately respond to a message seeking comment. Simmering tensions over trade and tariffs The latest hiccup between India and the U.S. emerged last week when Trump announced that he was slapping 25% tariffs on India as well as an unspecified penalty because of India's purchasing of Russian oil. For New Delhi, such a move from its largest trading partner is expected to be felt across sectors, but it also led to a sense of unease in India — even more so when Trump, on social media, called India's economy 'dead.' Trump's recent statements reflect his frustration with the pace of trade talks with India, according to a White House official who was not authorized to speak publicly and spoke on condition of anonymity to describe internal administration thinking. The Republican president has not been pursuing any strategic realignment with Pakistan, according to the official, but is instead trying to play hardball in negotiations. Trump doubled down on the pressure Monday with a fresh post on Truth Social, in which he accused India of buying 'massive amounts' of oil from Russia and then 'selling it on the Open Market for big profits.' 'They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA,' he said. The messaging appears to have stung Modi's administration, which has been hard-selling negotiations with Trump's team over a trade deal by balancing between India's protectionist system while also opening up the country's market to more American goods. Many expected India to react strongly considering Modi's carefully crafted reputation of strength. Instead, the announcement prompted a rather careful response from India's commerce minister, Piyush Goyal, who said the two countries are working towards a 'fair, balanced and mutually beneficial bilateral trade agreement.' India's Foreign Ministry also played down suggestions of any strain. However, experts in New Delhi wonder. 'Strenuous, uninterrupted and bipartisan efforts in both capitals over the past 25 years are being put at risk by not just the tariffs but by fast and loose statements and social media posts,' said Malik, who now heads the India chapter of The Asia Group, a U.S. advisory firm . Malik also said the trade deal the Indian side has offered to the U.S. is the 'most expansive in this country's history,' referring to reports that India was willing to open up to some American agricultural products. That is a politically sensitive issue for Modi, who faced a yearlong farmers' protest a few years ago. Trump appears to be tilting towards Pakistan The unraveling may have gained momentum over tariffs, but the tensions have been palpable for a while. Much of it has to do with Trump growing closer to Pakistan, India's nuclear rival in the neighborhood. In May, India and Pakistan traded a series of military strikes over a gun massacre in disputed Kashmir that New Delhi blamed Islamabad for. Pakistan denied the accusations. The four-day conflict made the possibility of a nuclear conflagration between the two sides seem real and the fighting only stopped when global powers intervened. But it was Trump's claims of mediation and an offer to work to provide a 'solution' regarding the dispute over Kashmir that made Modi's administration uneasy. Since then, Trump has repeated nearly two dozen times that he brokered peace between India and Pakistan. For Modi, that is a risky — even nervy — territory. Domestically, he has positioned himself as a leader who is tough on Pakistan. Internationally, he has made huge diplomatic efforts to isolate the country. So Trump's claims cut a deep wound, prompting a sense in India that the U.S. may no longer be its strategic partner. India insists that Kashmir is India's internal issue and had opposed any third-party intervention. Last week Modi appeared to dismiss Trump's claims after India's Opposition began demanding answers from him. Modi said that 'no country in the world stopped' the fighting between India and Pakistan, but he did not name Trump. Trump has also appeared to be warming up to Pakistan, even praising its counterterrorism efforts. Hours after levying tariffs on India, Trump announced a 'massive' oil exploration deal with Pakistan, saying that some day, India might have to buy oil from Islamabad. Earlier, he also hosted one of Pakistan's top military officials at a private lunch. Sreeram Sundar Chaulia, an expert at New Delhi's Jindal School of International Affairs, said Trump's sudden admiration for Pakistan as a great partner in counterterrorism has 'definitely soured' the mood in India. Chaulia said 'the best-case scenario is that this is just a passing Trump whim,' but he also warned that 'if financial and energy deals are indeed being struck between the U.S. and Pakistan, it will dent the U.S.-India strategic partnership and lead to loss of confidence in the U.S. in Indian eyes.' India's oil purchases from Russia are an irritant The strain in relations has also to do with oil. India had faced strong pressure from the Biden administration to cut back its oil purchases from Moscow during the early months of Russia's invasion of Ukraine. Instead, India bought more, making it the second-biggest buyer of Russian oil after China. That pressure sputtered over time and the U.S. focused more on building strategic ties with India, which is seen as a bulwark against a rising China. Trump's threat to penalize India over oil, however, brought back those issues. On Sunday, the Trump administration made its frustrations over ties between India and Russia ever more public. Stephen Miller, deputy chief of staff at the White House, accused India of financing Russia's war in Ukraine by purchasing oil from Moscow, saying it was 'not acceptable.' Some experts, though, suspect Trump's remarks are mere pressure tactics. 'Given the wild fluctuations in Trump's policies,' Chaulia said, 'it may return to high fives and hugs again.' ___ Associated Press writer Michelle L. Price in Washington contributed reporting. Sheikh Saaliq And Rajesh Roy, The Associated Press Sign in to access your portfolio
Yahoo
13 minutes ago
- Yahoo
CNN data guru in twist calls Trump ‘most influential president' and reveals how he's ‘remaking the USA'
In a surprising TV moment, CNN data guru Harry Enten called Donald Trump the 'most influential president' of the century and revealed how he's 'remaking the United States of America.' Enten, the network's chief data analyst, recently talked with anchor Omar Jimenez on CNN Newsroom about Trump's controversial tariff and immigration policies as well as the flurry of executive orders he has signed in his second term. Trump announced sweeping global tariffs on April 2, which was dubbed 'Liberation Day,' but his tariff policy since then has been anything but predictable. A baseline 10 percent tariff was imposed on all imported goods on 'Liberation Day', with some countries facing additional reciprocal tariffs. These reciprocal tariffs were quickly suspended as the Trump administration attempted to negotiate trade agreements with other countries. Throughout this bumpy tariff ride, critics came up with a nickname for Trump: TACO or Trump Always Chickens Out. But Enten told Jimenez, 'I don't think that's true.' 'I think the theme of this segment is going to be, love it, like it, lump it, Trump's remaking the United States of America,' Enten said. The data guru said the effective tariff rate is at 18 percent, which is up from two percent last year and the highest since the 1930s. 'I can't think of a more influential president during this century, and it starts here with tariffs. He said he was going to raise tariffs, and despite the claims otherwise, he is in fact doing that,' Enten said. The CNN segment came after the Trump administration announced Thursday the 10 percent universal tariffs would remain in place but would only apply to countries where the U.S. exports more than it imports. Most counties face this levy, according to a senior administration official who spoke to CNN. Countries with which the U.S. has a trade deficit now face a 15 percent tariff. Some nations, which the senior official said had some of the highest trade deficits with the U.S., were hit with even higher levies. Enten then jumped into immigration statistics under Trump: 'How about net migration in the United States? Get this, it's down. It's gonna be down at least 60 percent.' 'We may be dealing with, get this, negative net migration to the United States in 2025. That would be the first time there is negative net migration in this country in at least 50 years. We're talking about down from 2.8 million in 2024,' Enten said. He continued: 'And that is a big reason why that I'm saying that Trump, at least in my mind, is the most influential president certainly this century and probably dating a good back chunk into the 20th century as well.' The data guru also talked about the 180 executive orders Trump has signed this year. 'You have to go all the way back to the FDR administration once again to find a year in which there were as many executive orders signed as we have this year. To give you an idea, [former President Joe] Biden, during his first year, signed 77. That's the entire year. We're only a little bit more than halfway through this year,' Enten said.
Yahoo
13 minutes ago
- Yahoo
Figma Sheds 23% After IPO Surge
Figma (FIG, Financials) shares fell 23% to $94.50 Monday, reversing part of last week's rally after the design software firm's New York Stock Exchange debut. The drop comes after the stock closed at $122 Friday, more than tripling on its first trading day. The company and key shareholders sold about 37 million shares at $33 each in the IPO, raising roughly $412 million. The debut reflected renewed investor interest in high?growth technology firms following a slowdown in listings. Figma expects second?quarter revenue to grow about 40% year over year and continues to post profits a contrast to many recent tech IPOs. The stock's fully diluted valuation remains around $56 billion, nearly triple Adobe's $20 billion acquisition offer in 2022 that collapsed in 2023 after regulatory opposition. CEO Dylan Field's stake is worth more than $5 billion even after Monday's sell?off. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
