‘India Won't Sign If…'- CII President Warns On India-US Trade Deal, Says ‘Pact Must Be Fair'
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Hindustan Times
29 minutes ago
- Hindustan Times
PM Modi conferred with Brazil's highest civilian honour, his 26th global award
Prime Minister Narendra Modi on Tuesday was conferred with Brazil's highest civilian honour, the Grand Collar of the National Order of the Southern Cross, by President Luiz Inacio Lula da Silva. Prime Minister Narendra Modi, left, poses for a photo with Brazil's President Luiz Inacio Lula da Silva, after receiving the Southern Cross Medal, during a meeting at Alvorada Palace in Brasilia, Brazil. (AP) The award recognises Modi's contributions to deepening bilateral ties and enhancing cooperation between India and Brazil on regional and global issues. 'Being honoured with Brazil's highest national award by the President today is a moment of immense pride and emotion, not only for me, but also for 140 crore Indians,' Modi said during a joint press statement with President Lula following delegation-level talks. 'I express my heartfelt gratitude to him (President Lula), the Brazilian government, and the people of Brazil,' he added. Modi also said that President Lula was the architect of the India-Brazil strategic partnership, and the honour reflected the collective efforts to elevate bilateral ties. 'The award was as much an honour to his untiring efforts to take the bilateral ties to greater heights,' the ministry of external affairs said in a statement. The Prime Minister emphasised that the recognition would inspire the people of both countries to further strengthen their warm and friendly relationship, the release added. Modi says Brazil honour reflects people's deep affection for India Later, in a social media post, Modi said the award symbolised the deep affection the people of Brazil hold for the people of India. 'May our friendship scale even newer heights of success in the times to come,' he wrote. This marks the 26th international honour awarded to Prime Minister Modi by a foreign government since he assumed office in May 2014. On Friday, Prime Minister Modi was conferred with 'The Order of the Republic of Trinidad and Tobago', becoming the first foreign leader to receive the Caribbean nation's highest civilian honour. At a special ceremony held at the President's House, President Christine Carla Kangaloo presented the award in recognition of Modi's statesmanship, his advocacy for the Global South, and his exceptional efforts in strengthening bilateral ties between India and Trinidad and Tobago. Modi, who was on a two-day visit to the Caribbean nation, expressed his gratitude to the government and the people of Trinidad and Tobago for the honour. With PTI inputs
Time of India
31 minutes ago
- Time of India
Textiles exporters face fresh trade uncertainty amid Trump's latest announcements
NEW DELHI: US President 's latest tariff announcements have resulted in fresh uncertainty, with buyers expected to go slow on new orders. While textiles exporters seem to have got an advantage over Bangladesh, which has been slapped with 35% duty by Trump, industry is keeping close tabs on India's bilateral trade deal with the US as the American president has claimed the agreement with Vietnam allows him to impose a 20% tariff, although there may be product-specific concessions. Tired of too many ads? go ad free now In any case, the final word is not out on where tariffs settle in the coming weeks, with countries, including Bangladesh, once again rushing to Washington to rebalance the equations. "We need to watch how tariffs move. Buyers are a little confused at the moment," said V Elangovan, managing director of Tirupur-based SNQS International. What is adding to the complications is China. "Retailers have to fill their shelves. Last week, our merchandisers were in Shanghai, we could not compete because the Chinese were quoting better prices this year than last year. It is not clear how they can do so when the tariff for them is higher. We need more hand-holding from govt," he added. Govt and industry has been pushing for zero duty for garments and home textiles, where Indian products are competitive, although it is unlikely even if a trade deal is worked out as the Trump administration has refused to remove the 10% baseline tariff applicable on all countries. At 10%, Indian exporters are seen to be better off than rivals, provided subsidies are not doled out to Chinese manufacturers. In natural garments, where India has traditional strength, the cost disadvantage is relatively small, 3-4%. However, in synthetic garments, the gap widens to 10-11% due to higher production costs, Apparel Export Promotion Council (AEPC) said. "India, even with the existing reciprocal tariff rate (26% announced in April), will gain in export competitiveness vis-a-vis major garment exporting competing countries. Tired of too many ads? go ad free now Besides, we are quite hopeful of India striking a favourable trade deal which will further improve the competitiveness of India's apparel exports in all important US market... even a moderate reduction in the reciprocal tariff to around 15% could significantly improve our competitiveness across both natural and synthetic garment categories, thereby opening infinite export possibilities for India amid shifting global sourcing trends," said AEPC CEO Mithileshwar Thakur. With current tariff levels - India at 26%, Vietnam at 20%, and Bangladesh at 35% - India is seen to be competitive against Bangladesh in natural garments but faces pressure in the synthetics segment. "It is looking good for us and a trade deal will help," said K M Subramani, president of Tirupur Exporters' Association. The big question is the ability of Indian garment makers to manufacture on a scale, especially given their reluctance to invest in capacity addition.
Mint
33 minutes ago
- Mint
Donald Trump yet again dismisses Elon Musk's ‘America Party', says, ‘it will help us'
US President Donald Trump brushed off tech billionaire Elon Musk's new political party, suggesting it would actually boost his own campaign—just two days after dismissing the idea as 'ridiculous.' 'I think it will help us. It will probably help,' Trump said on July 7 when asked about Musk's formation of the 'America Party,' a political movement Musk says will challenge both Republicans and Democrats. 'Third parties have always been good for me. I don't know about Republicans, but for me,' added Trump. Speaking to reporters on July 7, Trump took direct aim at Musk's announcement, dismissing the concept outright. 'I think it's ridiculous to start a third party. We have a tremendous success with the Republican Party. The Democrats have lost their way, but it's always been a two-party system,' Trump said. 'Starting a third party just adds to confusion.' He added, 'It really seems to have been developed for two parties. Third parties have never worked, so he can have fun with it, but I think it's ridiculous.' Later, Trump amplified his criticism on his Truth Social platform, writing that Musk had gone 'completely off the rails.' 'I'm saddened to watch Elon Musk go completely 'off the rails', essentially becoming a TRAIN WRECK over the past five weeks,' Trump posted, while again defending the two-party system as the only viable political structure in the US. Musk, who owns the social media platform X, fired back with a mocking response to Trump's Truth Social comments: 'What's Truth Social?" Musk unveiled his 'America Party' on July 5, citing fierce opposition to Trump's $5 trillion tax and spending bill, which includes a major debt ceiling hike and rollbacks of climate-related incentives. 'When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,' Musk wrote on X. He added: 'Today, the America Party is formed to give you back your freedom.' Although still unofficial, Musk indicated that the new party would focus on unseating GOP lawmakers who voted for Trump's sweeping fiscal package. A poll posted by Musk on July 4 showed 65% of more than 1.2 million respondents supporting the creation of a third party. 'By a factor of 2 to 1, you want a new political party and you shall have it!' Musk wrote. Trump suggested that Musk's motivation may stem from specific provisions in the spending bill. 'He's probably upset because the Bill eliminates the ridiculous Electric Vehicle (EV) Mandate, which would have forced everyone to buy an Electric Car in a short period of time,' Trump said.
