US bans 7 Indian companies!
US bans 7 Indian companies!
Yashwant Bhaskar
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Updated:
Jul 31, 2025, 10:34 AM IST
America Bans Indian Companies: The US has warned that any country or individual buying oil or petrochemicals from Iran is subject to US sanctions and will be barred from doing business with the US. Trump has also announced tariffs on India.
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First Post
14 minutes ago
- First Post
Trump's 25% tariff on India could drag down GDP growth by 50-60 basis points, say analysts
US President Donald Trumps' 25% tariff on India could slash India's projected GDP growth by 50-60 basis points, dragging it below the 6%-mark. Currently, the Reserve Bank has projected the GDP growth for this year at 6.5%. read more US President Donald Trump and Prime Minister Narendra Modi shake hands as they attend a joint press conference at the White House in Washington, on, February 13. Reuters US President Donald Trump could deliver a hit of 50-60 basis points to the Indian GDP growth with tariffs and penalties, according to analysts. Trump on Thursday formally imposed 25 per cent tariff on India. He has also previously threatened additional penalties over India's trade with Russia. Previously, the Reserve Bank of India (RBI) had projected the Indian economy to grow at 6.5 per cent in 2025-26. The Union Finance Ministry had projected the economy to grow in the 6.3-6.8 per cent range. STORY CONTINUES BELOW THIS AD With Trump's 25 per cent tariff, and any additional penalties, the GDP growth could fall to 6.1 per cent and even below the 6 per cent-mark, as per analysts. Trump's tariff could slash GDP growth by 50-60 basis points, exports by 12.5% The State Bank of India (SBI) has said that a 20 per cent tariff could slash as much as 50 basis points (0.5 per cent) from India's GDP, according to CNBC-TV18. At 25 per cent tariff, this would mean a cut of around 62 basis points, dragging down India's GDP growth to around 5.87 per cent. The SBI study further said that any 1 per cent rise in tariff may lead to a 0.5 per cent decline in export volumes'. At 25 per cent tariff, this would mean 12.5 per cent decline in export volume. This could have massive implications for the Indian economy as the United States in India's largest export destination. Other analysts said that the tariff's effect could be in the range of 40-50 basis points. ANZ economists Dhiraj Nim and Sanjay Mathur said if 25 per cent tariff remained in place for the remainder of 2025-26, 'it could subtract 40 basis point from GDP growth', according to The Indian Express. Separately, Barclays has projected a hit of 30 basis points and Nomura has projected a hit of 20 basis points. 'Taking into account the sectoral exemptions, we estimate the effective tariff rate (for India) at ~20 per cent. The announced reciprocal tariff rate of 25 per cent, however, may be temporary, and might settle lower, as negotiations will continue after August 1. However, the best-case outcome would still be tariffs in the 15-20 per cent range, which is disappointing, considering India's more advanced stage of negotiations,' noted Nomura, as per Financial Express. STORY CONTINUES BELOW THIS AD
Hindustan Times
14 minutes ago
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Donald Trump says it's disgusting' what Russia is doing to Ukraine, amid strikes on Kyiv
US President Donald Trump threatened fresh sanctions Thursday while slamming Russia's military actions in Ukraine as "disgusting," as strikes on Kyiv killed at least 16 people. Washington has given Moscow until the end of next week to cease hostilities in Ukraine, under threat of severe economic sanctions.(AP) "Russia -- I think it's disgusting what they're doing. I think it's disgusting," Trump told reporters. Trump also said he would send his special envoy Steve Witkoff, currently in Israel, to visit Russia next. Russian President Vladimir Putin has already met Witkoff multiple times in Moscow, before Trump's efforts to mend ties with the Kremlin came to a grinding halt. Washington has given Moscow until the end of next week to cease hostilities in Ukraine, under threat of severe economic sanctions. Trump reiterated the deadline on Thursday. "We're going to put sanctions. I don't know that sanctions bother him," the US president said, referring to Putin. Trump has previously threatened that new measures could mean "secondary tariffs" targeting Russia's remaining trade partners, such as China and India. This would further stifle Russia, but would risk significant international disruption. The US president began his second term with his own rosy predictions that the war in Ukraine -- raging since Russia invaded its neighbor in February 2022 -- would soon end. In recent weeks, Trump has increasingly voiced frustration with Putin over Moscow's unrelenting offensive.
Hindustan Times
14 minutes ago
- Hindustan Times
Pakistan set to receive first-ever oil shipment from US: What it means?
In a first, Pakistan has agreed to import US crude oil, marking a major shift in its long-standing dependence on Middle Eastern energy suppliers. Oil is Pakistan's biggest import item, and its shipments were valued at $11.3 billion in the year ending June 30, 2025,(AFP) The historic oil deal comes just months after US President Donald Trump threatened Pakistani exports with dramatic tariffs, forcing Islamabad to increase its energy and trade relations with Washington. Pakistan's largest refiner, Cnergyico, will import 1 million barrels of oil from American West Texas Intermediate (WTI) crude from global commodity trader Vitol in October, its vice chairman, Usama Qureshi, told Reuters on Friday. "This is a test spot cargo under our umbrella term agreement with Vitol. If it is commercially viable and available, we could import at least one cargo per month," he said, adding that the shipment was not meant for resale. The landmark deal was the result of months of negotiations that began in April, shortly after President Trump announced potential 29% tariffs on imports from Pakistan. In response, Pakistan's finance and petroleum ministries encouraged local refineries to explore US crude imports after the April tariff announcement, Qureshi said. Why is buying oil from the US significant for Pakistan? Oil is Pakistan's biggest import item, and its shipments were valued at $11.3 billion in the year ending June 30, 2025, accounting for nearly a fifth of the country's total import bill. The import deal will help Pakistan diversify its crude sourcing and reduce reliance on Middle Eastern suppliers, who account for nearly all of its oil imports. "Gross refining margin is on par with Gulf grades, and no blending or refinery tweaks are required," Qureshi said. The deal coincides with a broader trade agreement between the US and Pakistan announced by Trump, saying that Washington would help Islamabad develop its 'massive oil reserves.' It is not immediately clear what massive oil reserves in Pakistan Trump was referring to. Trump also made no mention of tariffs in his announcement. Islamabad said the agreement would lead to lower tariffs and increased investment, without specifying the level of duties to be levied on Pakistani shipments.
