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Time of India
17 minutes ago
- Time of India
Trump to impose pharma tariffs by August 1, semiconductors likely next
WASHINGTON: President Donald Trump said that he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well, suggesting that those import taxes could hit alongside broad "reciprocal" rates set for implementation on Aug. 1. "Probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff," Trump told reporters Tuesday as he returned to Washington after attending an artificial intelligence summit in Pittsburgh. Explore courses from Top Institutes in Select a Course Category Digital Marketing Operations Management Leadership Data Science Others others Design Thinking Data Analytics Degree Management MCA Technology Public Policy Cybersecurity MBA CXO Artificial Intelligence Project Management Product Management Healthcare healthcare Data Science PGDM Finance Skills you'll gain: Digital Marketing Strategy Search Engine Optimization (SEO) & Content Marketing Social Media Marketing & Advertising Data Analytics & Measurement Duration: 24 Weeks Indian School of Business Professional Certificate Programme in Digital Marketing Starts on Jun 26, 2024 Get Details Skills you'll gain: Digital Marketing Strategies Customer Journey Mapping Paid Advertising Campaign Management Emerging Technologies in Digital Marketing Duration: 12 Weeks Indian School of Business Digital Marketing and Analytics Starts on May 14, 2024 Get Details Trump also said his timeline for implementing tariffs on semiconductors was "similar" and that it was "less complicated" to impose levies on chips, without providing additional detail. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like [70%할인] 갱년기 배우 최명길이 강력추천하는 '이것' 오늘 상담신청 시 1개월치 무료증정! 리피어라 더 알아보기 Undo At a Cabinet meeting earlier this month, Trump said he planned to impose a 50% tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200% after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national security. Still, any tariffs could immediately impact drugmakers like Eli Lilly & Co., Merck & Co. and Pfizer Inc . that produce drugs overseas - and risks driving up costs for US consumers. So does Trump's plans for semiconductor tariffs, which are expected to hit not only the chips themselves but popular products like Apple Inc. and Samsung Electronic Co Ltd. laptops and smartphones. Live Events
Indian Express
17 minutes ago
- Indian Express
Farmers' body warns against US deal, says protests will 'intensify' if concerns ignored
The Indian Coordination Committee of Farmers Movements (ICCFM), a network of farmers' organisations across 11 states including Uttar Pradesh, Haryana, Punjab, Karnataka, Tamil Nadu and Maharashtra, has urged the government to exclude all aspects of agriculture from the US trade deal in order to protect the interests of Indian farmers. 'If the Indian government moves forward with trade deals that overlook critical issues affecting our farmers, movements like ours will be compelled to intensify our protests against such anti-farmer policies. However, we are hopeful that the same sentiment which led India to wisely withdraw from the RCEP trade negotiations will prevail in this case as well,' the farmers' body said in a statement to the government amid ongoing negotiations. In a letter to Commerce Minister Piyush Goyal, the ICCFM warned that granting duty-free access to US agricultural products under a trade agreement could have serious consequences. It noted that the US has been engaged in a trade war with China, Mexico, and Canada since 2018, which has severely affected its agricultural exports. 'The US trade deficit in agriculture has nearly doubled, indicating a significant surplus they may seek to offload onto markets like India. For example, soybean exports from the US dropped from $34.4 billion in 2022 to $24.5 billion in 2024, while corn exports fell from $18.6 billion to $13.9 billion during the same period,' the letter stated. The ICCFM further emphasised the risk to Indian farmers, stating that the US government is among the world's largest agricultural subsidisers. The 2024 Farm Bill has allocated a staggering $1.5 trillion towards farm subsidies. These substantial supports not only restrict agricultural imports into the US but also enable American products to enter export markets at artificially low prices. Allowing such heavily subsidised US imports into India, the ICCFM argued, would undermine India's longstanding position at the World Trade Organization (WTO) against these very subsidies. Notably, a recent report by the State Bank of India (SBI) cautioned that opening India's dairy sector to US imports could result in an annual loss of Rs 1.03 lakh crore to Indian dairy farmers. The report highlighted that milk prices in India could drop by at least 15 per cent if the sector is opened up, significantly affecting the livelihoods of small dairy farmers due to the heavily subsidised US dairy industry. The farmers' body also criticised the US for threatening Indian farmers' livelihoods at the WTO by challenging the modest support provided by the Indian government through public procurement schemes, citing alleged violations of WTO rules. 'This is despite the glaring lack of a level playing field. The US Farm Bill 2019 alone allocated $867 billion in subsidies for American farmers, whereas an OECD study indicates that the aggregate Producer Support Estimate for Indian farmers was a negative 14 per cent over 2000–2016,' the letter stated. On the issue of edible oil, the ICCFM pointed out that the US is the world's third-largest exporter of soybean oil. 'India, once self-sufficient in edible oil, now imports nearly 70 per cent of its requirements due to anti-farmer trade policies. On 31 May, India halved the import duty on crude palm oil, soybean oil, and sunflower oil—from 20 per cent to 10 per cent—citing inflation. This duty cut, ostensibly made in the name of a Free Trade Agreement (FTA), primarily benefits large importers who dominate the import and processing of crude edible oil,' the letter stated. While former US President Donald Trump supported large American agribusinesses, India's leadership must protect its small-scale producers who feed the nation, the farmers said, adding that India has the capacity to produce more edible oil, and lowering import duties only undermines domestic cultivation—benefiting corporations at the expense of Indian farmers. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
The Hindu
17 minutes ago
- The Hindu
Trump says he's 'highly unlikely' to fire Fed's Jerome Powell after floating that idea in private
President Donald Trump said on Wednesday (July 16, 2025) that he was 'highly unlikely' to fire Federal Reserve Chair Jerome Powell, a public statement made less than 24 hours after suggesting in a private meeting that he was leaning in favour of dismissing the head of the nation's central bank. Mr. Trump confirmed that in a White House meeting on Tuesday night with about a dozen House Republicans he had discussed the 'concept' of dismissing Mr. Powell, long a target because of his refusal to lower interest rates as Mr. Trump wants. 'Almost every one of them said I should,' Mr. Trump said about the lawmakers who had come to talk to him about crypto legislation. He indicated he was leaning in that direction, according to a White House official. During that session, Mr. Trump waved a letter about firing Mr. Powell, but a person familiar with the matter said it was essentially a prop drafted by someone else and that the Republican president has not drafted such a letter. Neither source was authorised to publicly discuss the private meeting and they spoke only on condition on anonymity. Mr. Trump made his comment about being 'highly unlikely' to dismiss Mr. Powell — 'unless he has to leave for fraud' — during an Oval Office meeting with Salman bin Hamad Al Khalifa, the crown prince of Bahrain. In recent days, White House and administration officials have accused Mr. Powell of mismanaging a $2.5 billion renovation project at the Fed, adding to months of efforts by Mr. Trump try to rid himself of the politically independent central banker. U.S. stocks were shaky as Mr. Trump spoke about Mr. Powell on Wednesday. The S&P 500's modest gain in the morning became a drop of 0.7 per cent after initial reports that the president may fire the Fed chair. Stocks then trimmed their losses after Mr. Trump's later comment. Treasury yields also swivelled in the bond market but remained mostly calm. Those at the White House meeting were among the more far-right lawmakers, including members of the House Freedom Cause whose views are not always shared by other Republicans. In the Senate, Republicans have taken a more guarded approach. Some have backed Powell's performance at the Fed as they await an inspector general's review of the construction project. In a speech Wednesday, Sen. Thom Tillis, R-N.C., said if Mr. Powell is dismissed, 'you are going to see a pretty immediate response' 'If anybody thinks it would be a good idea for the Fed to become another agency in the government subject to the president, they're making a huge mistake," said Mr. Tillis, who has announced that he is not running for reelection. Sen. John Kennedy, R-La., said this week that Mr. Powell 'has done a decent job.' "I don't think he's been perfect,' he said, adding that there have been times they disagreed, but 'I do believe that the chairman is calling them like he sees them.' Republicans on the House Financial Services Committee had been scheduled to meet with Powell on Wednesday evening in a gathering set months ago, but it was abruptly cancelled due to votes in the House, according to a committee aide granted anonymity to discuss a private meeting.
