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India Today
8 minutes ago
- India Today
Is Donald Trump's tariff blitz killing the American Dream?
For all of US President Donald Trump's promises of an economic 'golden age,' a spate of weak economic indicators tells a more troubling story as the impacts of his policies come into sharper latest jobs report came in underwhelming. Consumer prices are creeping upward again. And growth is slowing compared with last year. The numbers don't lie, and they're not painting a picture of than six months into his term, Trump has aggressively reshaped America's trading, manufacturing, and tax frameworks to reflect his economic nationalism. His blitz of tariff hikes, spending shifts, and executive orders may have pleased core supporters, but the aftershocks are now rippling through the economy. Trump has positioned himself to take credit for any gains while scrambling to assign blame when data points disappoint. After Friday's bleak jobs report, he fired the head of the agency responsible for the numbers, claiming without evidence that the figures were politically manipulated. 'The Economy is BOOMING,' Trump posted on Truth Social, contradicting the very data his own government economic fallout of his policies may still be unfolding, but what's becoming increasingly clear is that the promised boom is proving elusive. US ECONOMY IS NOT 'BOOMING'Economists are beginning to detect early warning signs. Growth has slowed to an annualised 1.8% in Q2, far below the 3–4% Trump promised. Inflation is rising again, with core CPI up 3.6% year-on-year. Job creation has dropped below expectations for the second straight month. Real wages are yet, Trump's rhetoric remains unchanged. He's banking on delayed benefits: that tariffs will protect American jobs, that interest rate cuts will fuel a housing revival, and that deregulation will eventually drive corporate for many Americans already reeling from higher prices and fewer job openings, that promised future feels increasingly out of CHAOS TO HURT US CONSUMERSTrump's most audacious bet—sweeping tariffs on nearly all foreign goods—is now colliding with reality. The tariffs, which began taking effect this month, are structured to escalate further in early White House has argued that its recent wave of trade deals—from the EU and Japan to the Philippines—will cushion the blow. But for the average American consumer, tariffs function as a tax. Importers raise prices to cover the duties, which trickle down into grocery bills, construction materials, appliances, and administration insists these moves are part of a longer-term strategy to reshore manufacturing and reduce trade deficits. advertisementBut that narrative is output fell 0.4% in June. The US trade deficit widened in July to $71.2 billion. And consumer sentiment, according to the University of Michigan survey, has slipped to its lowest level in 18 SUPPORTERS DEFEND TARIFFSDespite mounting evidence of economic turbulence, Trump's supporters continue to defend the tariffs, arguing that the full impact will take time to materialise. Some Republican strategists believe the short-term pain is a necessary price for long-term gain.'Considering how early we are in his term, Trump's had an unusually big impact on the economy already,' Alex Conant of Firehouse Strategies told The Associated Pr. 'The full inflationary impact of the tariffs won't be felt until 2026. Unfortunately for Republicans, that's also an election year.'Even so, public approval of Trump's economic stewardship is slipping. Just 38% of adults support his handling of the economy, according to a July AP-NORC poll, down from 50% at the end of his first latest move—blaming the Federal Reserve for not cutting interest rates fast enough—has unnerved investors. Rate cuts may marginally ease mortgage rates, but economists warn they could also re-ignite inflation. It's a risky wager that may undermine confidence in the Fed's SPILLOVERTrump's tariff blitz isn't just straining American households, it's also hurting global trade flows. On August 1, the US formally sanctioned six Indian firms for allegedly buying Iranian petrochemicals, citing violations of Trump's tightened export regime. The sanctions sent shockwaves through India's petrochemical sector, with several companies now facing blocked access to US impact isn't limited to India. European automakers are bracing for higher input costs. Southeast Asian textile exporters are seeing orders rerouted. And China, already caught in a trade war redux, has hinted at retaliatory tariffs of its own. The idea that Trump's trade strategy would isolate China while strengthening US alliances has so far proven inaccurate. And now, it seems that the US is now entangled in disputes on multiple then, Trump's allies insist that it's too soon to judge the results. 'President Trump is implementing the very same policy mix of deregulation, fairer trade, and pro-growth tax cuts at an even bigger scale – as these policies take effect, the best is yet to come,' said White House spokesman Kush that optimism is increasingly at odds with reality on the ground. For many Americans, the promised economic revival feels more like a slow bleed. Higher prices, a jittery job market, and falling real incomes are beginning to this is Trump's golden age, it's starting to look like fool's gold. So far, 'making America great again' seems to be coming with a price tag Americans weren't told about.- EndsTune InTrending Reel
NDTV
8 minutes ago
- NDTV
PM Modi Defiant As Trump Steps Up Pressure On India's Russian Oil Purchases
Prime Minister Narendra Modi struck a defiant tone in the face of US President Donald Trump's tariff threats, urging the nation to buy local goods as his administration signaled it would continue buying Russian oil. PM Modi's government hasn't given Indian oil refiners instructions to stop buying Russian oil, and no decision has been taken on whether to halt the purchases, people familiar with the situation told Bloomberg, asking not to be named due to the sensitivity of the matter. Both state-run and private refiners are allowed to buy from preferred sources, and crude purchases remain a commercial decision, several of the people said. Over the weekend, PM Modi underscored the importance of shielding India's economic interests during uncertain global conditions. The comments came just days after the US President Trump administration imposed a 25% tariff on Indian exports to the US. The White House is also threatening more action if India continues Russian oil purchases. "The world economy is going through many apprehensions - there is an atmosphere of instability," PM Modi said at a rally in Uttar Pradesh on Saturday. "Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian." India has become one of Mr Trump's top targets as he looks to pressure Russian President Vladimir Putin to end his war in Ukraine. The US president lashed out at India last week, criticizing it for joining the BRICS grouping of developing countries and maintaining close ties with Russia, saying "they can take their dead economies down together." The rebuke marked a stunning shift in tone for the US, which for years had overlooked India's close historical ties with Russia as it courted the nation as a counterweight in Asia to China. Now, US President Trump appears willing to undo that strategy to gain leverage against Putin, who has resisted the US president's efforts to end the fighting in Ukraine. 'Get Real' Stephen Miller, Mr Trump's deputy chief of staff, on Sunday accused India of imposing "massive" tariffs on American goods and "cheating" the US immigration system in addition to purchasing about as much Russian oil as China. "President Trump, he wants a tremendous relationship and has had always a tremendous relationship with India and the prime minister," Mr Miller said. "But we need to get real about dealing with the financing of this war." "So, President Trump, all options are on the table to deal diplomatically, financially and otherwise with the ongoing war in Ukraine, so we can achieve peace," Mr Miller added. US President Trump last week told reporters he "heard" India would no longer be buying oil from Russia, calling it "a good step." Bloomberg reported last week that refiners were told to come up with plans for buying non-Russian crude, but one of the people said the instruction amounted to scenario planning in case Russian crude were to become unavailable. The New York Times reported Saturday that India would keep buying Russian crude despite a threat of penalties from Mr Trump, citing two senior Indian officials it didn't identify. An Oil Ministry spokesperson didn't reply to messages from Bloomberg seeking comment outside of regular business hours. India's refiners have been singled out by the European Union and the US for supporting Moscow during its war in Ukraine with the oil purchases. It has become the world's biggest buyer of Russian seaborne exports of crude, soaking up discounted barrels and ramping up its purchases from almost zero to about one-third of its imports. Although China is the primary economic and diplomatic backer of Russia, Mr Trump's leverage against the world's second-biggest economy is limited due to Beijing's control of rare-earth magnets the US needs to make high-tech goods. The US and China have held talks in recent months aimed at stabilising the relationship after they both hiked tariffs on each other's goods well beyond 100% earlier this year. 'Time-Tested Partnership' India has defended its ties with Russia, one of its biggest suppliers of weapons dating back to the Cold War. The two nations have a "steady and time-tested partnership," Foreign Ministry spokesperson Randhir Jaiswal told reporters on Friday. "Our bilateral relationships with various countries stand on their own merit and should not be seen from the prism of a third country," Mr Jaiswal said. Asked about ties with the US, he added that he's "confident that the relationship will continue to move forward." India expects US trade negotiators to visit the country toward the end of the month to continue talks on a bilateral deal, an official in New Delhi said Friday. The nation will hold its ground and won't give the US access to its dairy and agriculture sectors, the official said, citing political and religious sensitivities. PM Modi's renewed emphasis on domestic manufacturing and consumption echoes his long-standing "Make in India" initiative. However, the message has taken on new urgency after the US tariffs. "The interests of our farmers, our small industries and the employment of our youth are of paramount importance," PM Modi told the rally on Saturday.
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First Post
8 minutes ago
- First Post
Military jets scrambled after civilian aircraft breaches no-fly zone near Trump's golf club
Since President Trump began his second term in January, violations of restricted airspace have become increasingly frequent. read more The US fighter jets had to be scrambled on Sunday (August 3) after a civilian aircraft strayed into restricted airspace near President Donald Trump's golf club in Bedminster, New Jersey. The incident, which took place around 12:50 pm local time, marked a significant breach of a temporary flight restriction (TFR) zone established over the Trump National Golf Club, as outlined by the North American Aerospace Defense Command (NORAD). NORAD reported that military jets were scrambled to address the situation, employing flares to signal the pilot to exit the restricted area. STORY CONTINUES BELOW THIS AD The civilian aircraft was safely escorted out, and NORAD noted that while the flares may have been visible from the ground, they burned out quickly and posed no threat to those below. Second such breach in the day This incident was not an isolated event. It was the second unauthorised entry into the restricted airspace that day and one of five such violations over the weekend. President Trump was at the golf club during the incident, according to his public schedule, and was expected to return to the White House later that evening. As of now, the White House has not released an official statement regarding the breach. Since President Trump began his second term in January, violations of restricted airspace have become increasingly frequent. In July alone, NORAD intercepted five aircraft in a single day over the Bedminster area. A similar incident occurred in March near Mar-a-Lago, Trump's luxury resort and residence in Florida. NORAD highlighted the importance of compliance with airspace regulations, stating, 'Adhering to FAA restricted airspace protocols is mandatory, regardless of geographical region, airframe, or aircrew.' The agency urged pilots to stay vigilant and thoroughly review Federal Aviation Administration (FAA) Notices to Airmen (NOTAMs) before flying near restricted zones. These notices provide critical updates on airspace restrictions that could impact flight plans.
