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Donald Trump thinks he's winning on trade, but America will lose

Donald Trump thinks he's winning on trade, but America will lose

Economista day ago
MORE than 100 days after President Donald Trump's 'Liberation Day', the new global trading order is becoming clear. It is a system of imperial preference. Canada has angered the president, partly by planning to recognise Palestine as a state, and so it faces a duty of 35%. Because Mr Trump reckons that exporters unfairly cheat America, on July 31st he said he would impose 'reciprocal' tariffs on many trading partners, ranging from 10% to 41%. Meanwhile, in order to ward off tariff threats the European Union, Japan and South Korea have all struck deals with Mr Trump, where they promise to open their markets and invest hundreds of billions of dollars in America, in return for levies on their exports of 15%.
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India to defy Trump's threats and keep buying Russian oil, government sources say
India to defy Trump's threats and keep buying Russian oil, government sources say

The Independent

timean hour ago

  • The Independent

India to defy Trump's threats and keep buying Russian oil, government sources say

India will keep purchasing oil from Russia, despite President Donald Trump threatening to impose penalties for doing so, two Indian officials said on Saturday Officials in India, the most populous country on Earth, told Reuters and That contradicted a statement from Trump, who on Friday told reporters his understanding was that India would 'no longer' be buying oil from Russia. "These are long-term oil contracts," an unnamed Indian official told Reuters. "It is not so simple to just stop buying overnight.' Last week, Trump said India would face unspecified penalties for buying Russian oil in addition to a 25 percent tariff on goods. However, China and Turkey, two countries that also purchase large amounts of Russian oil, have not faced similar penalty threats. India drastically increased its import of Russian oil after the Kremlin invaded Ukraine in 2022, while many other countries began to cut back it's imports. The cheap availability of Russian oil allowed India to reduce its reliance on other countries, such as Saudi Arabia or Iraq, who typically sell to Asian countries at a higher price. While India faced criticisms for doing so, the general consensus around India's increase in imports has been that it helps avoid a global surge in oil prices. It's unclear why exactly Trump has targeted India in reducing its import of Russian oil. The president has recently expressed frustrations with Russian President Vladimir Putin for failing to come to the peace talks table to negotiate a ceasefire in Ukraine. On Friday, India's external affairs spokesperson Randdhir Jaiswal said India and Russia had a 'time-tested partnership' and that India was analyzing its energy sourcing. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," Jaiswal said, according to Reuters. India heavily relies on energy imports to sustain the needs of it's more than one billion population. It imports more than one million barrels per day.

TOBIAS ELLWOOD: Schoolyard threats between Russia and US with apocalyptic high stakes
TOBIAS ELLWOOD: Schoolyard threats between Russia and US with apocalyptic high stakes

Daily Mail​

timean hour ago

  • Daily Mail​

TOBIAS ELLWOOD: Schoolyard threats between Russia and US with apocalyptic high stakes

This is classic gunboat diplomacy – a demonstration of brute American force to make Russia think twice about making idle threats. President Trump's public announcement that he was redeploying two nuclear submarines is obviously designed to avoid – not incite – all-out war with Moscow. But it's also a potentially dangerous escalation between two nations armed to the teeth with weapons capable of extinguishing life on this planet. And it underscores how sour the US-Russia relationship is becoming. At its heart is the rude awakening that Mr Trump has had to experience since he took office. Remember how, before he re-entered the White House, he promised that he could end the Ukraine war in 24 hours? Once re-installed in the White House, he even sided with Putin over Ukrainian president Volodymyr Zelensky in pursuit of such a peace deal. But Mr Trump's assumption he could do business with Putin has since come crashing down. Every time the West flinched at Putin's nuclear threats during discussions about arming Ukraine, it emboldened him. Once you're spooked, Putin has you over a barrel. Secondly, what does this say about the backchannels between the West and Moscow? After the 1962 Cuban Missile Crisis, there were big red phones on both presidents' desks, reminding them 24/7 that in a nuclear conflict there are no winners. But now, over 60 years on, these two nuclear superpowers are arguing on social media. At its heart is the rude awakening that Mr Trump has had to experience since he took office. Once re-installed in the White House, he even sided with Putin over Ukrainian president Volodymyr Zelensky (pictured) in pursuit of such a peace deal To keep this in perspective, this wasn't a formal White House response to satellite images showing missile launchers on the move in the US's backyard. Nor was it triggered by a declaration of military intent from Putin. It came from Dmitry Medvedev, deputy chairman of Russia's Security Council – a man known for stirring up mischief on social media. Last week he sought to tweak Mr Trump's tail by warning that each new US ultimatum over the conflict in Ukraine was 'a threat and a step towards war'. Tough words, but hardly reason for the US President publicly to redeploy two nuclear submarines? This episode shines a spotlight on Mr Trump's strategic misstep. After going out on a limb to find a deal on Ukraine, he's been humiliated. And now his response feels like an overreaction to comments that, when analysed, didn't warrant the attention they received. Ultimately, this should serve as a steep learning curve – one that shows Mr Trump just how flawed that Russia-friendly stance really was and how essential backchannels are. It also shows how alarmingly close we may be to sliding toward open conflict. Donald, this isn't statecraft. It's schoolyard brinkmanship with apocalyptic stakes.

Leaked memo from Hegseth's brother calls for US army to help with deportations
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The Independent

timean hour ago

  • The Independent

Leaked memo from Hegseth's brother calls for US army to help with deportations

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