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Time of India
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- Time of India
Bernie Sanders' FULL ‘Netanyahu Cruelty' Speech; Senate Dems Join Call To Halt Israel Arms Sale
Liberal Senator Bernie Sanders publicly condemned U.S. military aid to Israel on July 30. He cited Brown University research showing the U.S. funds 70% of the Gaza war. Sanders accused American taxpayer dollars of fueling starvation, bombing schools, and killing civilians in Gaza. He sharply criticized Israeli Prime Minister Netanyahu and his ministers as criminals. Sanders called on Congress to immediately halt all weapons support to Israel. His comments come amid growing accusations of genocide against Israel in Gaza. Sanders emphasized that it is not too late for the U.S. Senate to stop the aid and end its role in the conflict. Read More
Economic Times
28 minutes ago
- Economic Times
Trump tariffs deal $12-billion blow to Indian engineering exports; EEPC eyes market diversification
Synopsis The Engineering Export Promotion Council of India (EEPC) has warned that Trump's 25% tariffs could hit $12 billion worth of Indian steel and aluminium exports, sharply impacting shipments to the US. Chairman Pankaj Chadha said exporters must diversify to markets like South America and the EU to reduce reliance on the US. Agencies Indian engineering goods exporters brace for a significant blow as the US imposes a 25% tariff on imports starting August 1, impacting $12 billion worth of steel and related products. This move threatens India's largest engineering goods market, potentially leading to shipment declines and prompting a search for alternative markets in South America and Mexico. India's engineering goods exporters are preparing for a substantial impact following US President Donald Trump's announcement of a 25% tariff and additional penalties on all Indian imports starting August US is India's largest market for engineering goods, with shipments valued at $19.15 billion in FY25, an increase of 8.7% from $17.62 billion in FY24. Of this, steel, aluminium, and related products account for over 60%—around $12 billion—which now face major reciprocal tariff action. 'The total value of engineering exports to the US is around $19-20 billion, and over $12 billion worth of steel and related goods will be affected by the reciprocal tariffs. That's a huge blow. Steel, aluminium, and their derivatives—exports of these key items will become costlier, leading to a likely dip in shipments,' said Pankaj Chadha, Chairman, Engineering Export Promotion Council of India (EEPC).Trump's announcement comes as India and the US were exploring a bilateral trade agreement (BTA) and touting a 'special strategic partnership.' Chadha noted, 'Donald Trump's announcement came as a shock. On one hand, we were about to do a BTA with that country, and all along he was saying our PM is a close friend and US-India relations have a special strategic character, and now this.'He also stressed the unpredictable nature of Trump's trade moves: 'The transactional nature of the US president is such that you have to give something to get something. We have our red lines on dairy and agricultural products, and if both sides respect each other's red lines, then something meaningful and win-win can come out. But we need to see the fine print of the official documents first, and I'm sure a negotiation process will start rolling once that is clear.' Steel and aluminium in focus Steel and aluminium account for over 60% of India's engineering exports to the US. With the new tariff structure, products such as hot-rolled steel coils, stainless steel products, aluminium sheets, and alloys will face immediate cost escalations, likely eroding their competitiveness in the US analysts said the tariff move could also prompt buyers in the US to shift sourcing to suppliers such as Vietnam, Mexico, or domestic US producers. 'Given that Indian steel and aluminium exports operate on tight margins, absorbing a 25% tariff is unviable. The most likely scenario is a drop in shipments and renegotiations of contracts,' said a Mumbai-based metal industry said EEPC is already working on mitigation strategies. 'We need to expand our global footprint further into South America—we're very close to signing FTAs with Chile and Peru. We should also double down on Mexico and work toward an agreement there. These three are emerging growth hotspots for engineering goods. We are in active dialogue with the EU as well. Derisking our global exposure holds the key in this tariff-ridden environment, so while our dependence on the US market cannot be completely eliminated, it can certainly be reduced.'He added that agriculture and dairy remain India's clear red lines in trade negotiations: 'We can't give away agriculture and dairy—that's definitely our red line.'For now, the EEPC chief has advised exporters to exercise caution until further clarity emerges. 'My message to engineering players and EEPC members will be: once we know the extent of penalties, we will suggest the roadmap ahead,' he said.
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First Post
31 minutes ago
- First Post
Amid ‘penalty' threat on India, a look at trade between US and Russia
The United States has taken aim at India's relationship with Russia yet again in the backdrop of trade talks stalling. Treasury Secretary Scott Bessent claimed India had 'not been a great global actor' and that the entire trade team and President Donald Trump were frustrated. But what about Washington and the EU's trade relationship with Moscow? read more US President Donald Trump is said to be frustrated with India over the trade deal. Reuters The United States has fired fresh shots at India over its relationship with Russia. On Thursday, US Treasury Secretary Scott Bessent claimed India had 'not been a great global actor'. Bessent said the entire trade team including US President Donald Trump were frustrated with India. This comes in the backdrop of Trump announcing a 25 per cent tariff on Indian goods plus a 'penalty' for India buying crude oil from Russia. Some see this as a pressure tactic from the US president after trade talks which have seemingly stalled. STORY CONTINUES BELOW THIS AD But what happened? What did Bessent and others say? And how much trade do the US and Europe do with Russia? What happened? The United States on Thursday, evidently frustrated with the status of the trade talks, took aim at India once again. 'Well, I don't know what's going to happen. It will be up to India. India came to the table early. They've been slow rolling things. So I think that the President, the whole trade team, has been frustrated with them', Bessent said. He pointed out that India had been purchasing large quantities of crude oil from Russia, which has been under sanction from the West. Russia over the years has been selling crude oil to India at a discount – which has resulted in New Delhi saving billions. Bessent wasn't alone. Secretary of State Marco Rubio also slammed India, Saying that New Delhi buying oil from Moscow was funding its Ukraine war. Rubio said this was a point of irritation for the United States. 'Look, global trade – India is an ally. It's a strategic partner. Like anything in foreign policy, you're not going to align 100 per cent of the time on everything', Rubio told Fox Radio. Rubio said it was unfortunate that India's oil purchases continue to fund Russia's Ukraine operations. Bessent and Rubio's remarks came after Trump earlier took to social media to slam India and Russia, saying they 'can take their dead economies down together'. Treasury Secretary Scott Bessent. Reuters 'I don't care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their tariffs are too high, among the highest in the world. Likewise, Russia and the USA do almost no business together. Let's keep it that way,' Trump wrote on his Truth Social platform. STORY CONTINUES BELOW THIS AD Trump added that India has 'always bought a vast majority of their military equipment from Russia'. They 'are Russia's largest buyer of energy, along with China, at a time when everyone wants Russia to stop the killing in Ukraine', he added. Trump's remarks have not gone down well in India. Which makes sense considering that both the United States and Europe continue to trade with Russia. How much trade does US do with Russia? First let's look at the United States' trade relationship with Russia. Though the trade relationship has been in steady decline ever since Moscow's invasion of Kyiv in 2022, it hasn't stopped completely. In 2022, the US imported goods worth $15 billion from Russia. As of May 2025, the US' imports from Russia were at $2.1 billion. This included imports of $196 million in January, $339 million in February, $523 million in March, $492 million in April, and $539 million in May. The US imported fertilisers, precious metals, inorganic chemicals, wood products, and some machinery from Russia. Meanwhile, the US' exports to Russia were valued at around $230 million through May 2025. STORY CONTINUES BELOW THIS AD Photo of President Vladimir Putin released by the Kremlin In 2024, Washington imported goods worth around $3 billion from Moscow – a decrease of 34 per cent from 2023. Still, its monthly imports from Russia hit a high of $438.5 million in May 2024. The US' exports to Russia in 2024 were $526.1 million, down 12.3 percent from around $600 million 2023. The US mainly sent Russia transportation and telecommunication equipment. The two countries' trade deficit was at $2.5 billion in 2024, a decrease of 37.5 per cent from 2023 when the deficit was at $4 billion. While many products are under sanctions, the US continues to import fertilisers, non-ferrous metals and inorganic chemicals from Russia. Fertilisers, at $1.30 billion, made up the major chunk of imports from Russia in 2024. The US also imported non-ferrous materials worth $876.5 million and inorganic chemicals worth $683 million in 2024. The US also imported wood products ($89.44 million), and some machinery ($80 million) and precious metals and stones from Russia in 2024. STORY CONTINUES BELOW THIS AD What about the EU and Russia? At the start of 2022, Russia was a major trading partner of the EU. However, trade between Russia and EU has also been on a decline ever since the Ukraine war. Trade has fallen from $283.3 billion in 2022 to $74.3 billion in 2024. The EU's imports from Russia have shrunk from $105.6 billion in 2022 to $39.5 billion in 2024. The EU's exports to Russia decreased from $177.7 billion in 2022 to $34.7 billion in 2024. The trade deficit, which was at $72.1 billion in 2022, has fallen to $4.8 billion in 2024. The decline has mainly been in fossil fuels—especially crude oil, pipeline gas, and refined petroleum – after the US-led West imposed sanctions on Russian oil and gas in the aftermath of the Ukraine invasion. While the European Union has announced it will stop importing Russian gas by 2027, the bloc is by no means united on the matter. The EU and Russia continue to trade in fertilisers, LNG and metals and raw materials. It is also important to note that despite the decline, many European nations remain hooked on Russian gas and LNG. Slovakia and Hungary, who are openly pro-Moscow, still import Russian crude oil via the Druzhba pipeline. STORY CONTINUES BELOW THIS AD Hungary, Slovakia, and Austria continue to import Russian pipeline gas via TurkStream and Balkans. While the European Union has announced it will stop importing Russian gas by 2027, the bloc is by no means united. Experts say that for many nations in the EU, getting completely off Russian gas will not be easy – or cheap. They express scepticism that it can be done within a few years. India and China hit back India initially responded to Trump's tariffs by saying it has 'taken note' and is 'studying its implications'. 'India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective. The Government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs,' the Ministry of Commerce and Industry said in a statement. 'The Government will take all steps necessary to secure our national interest, as has been the case with other trade agreements including the latest Comprehensive Economic and Trade Agreement with the UK,' the government said. STORY CONTINUES BELOW THIS AD However, after Trump's social media post, India has hit back at the US, telling Washington that it is no longer interested in buying the F-35s. India has consistently said it will put its national interest above all else and pointed to the West's double standards when it comes to dealing with Russia. China's deputy permanent representative to the UN Geng Shuang slammed Washington on Thursday saying that the US itself continues to engage in trade with Russia to this day. 'Why should it be acceptable for the US to do so, but not for others? Isn't this 'only allowing oneself to set fires while forbidding others from lighting lamps?'' Geng said at a UN Security Council meeting. With inputs from agencies
