Why the US & EU Just Signed a New Trade Pact What It Means for Global Markets
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India.com
2 minutes ago
- India.com
India Hits Back At US, European Union On Russian Oil Imports, Calls It 'Unreasonable'
Hours after US President Donald Trump threatened to raise tariffs against India for buying Russian oil, the Ministry of External Affairs (MEA) strongly responded to the US and the European Union, calling such a move "unjustified and unreasonable." The MEA stated that India would take all necessary steps to protect its national interests and economic security. MEA spokesperson Randhir Jaiswal stated that India has been targeted by the United States and the European Union (EU) for importing oil from Russia since the onset of the Ukraine conflict. Highlighting the West's ongoing trade with Russia, Jaiswal said, 'In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.'
Time of India
10 minutes ago
- Time of India
Swiss eye 'more attractive' offer for Trump after tariff shock
Switzerland said on Monday it was ready to make a better offer to the United States to avoid steep tariffs that have shocked the country. The Alpine nation faces a 39-percent duty, one of the highest among the dozens of economies that will be hit by new tariffs expected to come into force from Thursday. Tired of too many ads? go ad free now The Swiss stock market tumbled by more than two percent when it opened on Monday before paring its losses later in the day, ending the day down just 0.15 percent. It was closed for a national holiday when Trump unveiled the tariffs on Friday. Trump had originally threatened in April to slap a 31-percent tariff on Switzerland, which swiftly decided to negotiate with the United States. By comparison, the 27-nation European Union struck its own deal with Trump and will face tariffs of 15 percent, down from a previous threat of 30 percent. Swiss President Karin Keller-Sutter has said Trump believes that Switzerland "steals" from the United States by enjoying a trade surplus of 40 billion Swiss francs ($50 billion). The Swiss Federal Council said after an emergency meeting on Monday that it would "continue negotiations with the aim of reaching a trade deal", even beyond the Thursday deadline. "Switzerland enters this new phase ready to present a more attractive offer, taking US concerns into account and seeking to ease the current tariff situation," the council said in a statement. It said the looming tariff put the country "at a distinct disadvantage compared with other trading partners with similar economic profiles", citing lower duties for the EU, Britain and Japan. US Trade Representative Jamieson Greer, however, warned on Sunday that "the coming days" were not likely to see changes in any duties as the "tariff rates are pretty much set". - Chocolate, watches, pharmaceuticals - Hans Gersbach, deputy head of the KOF Swiss Economic Institute, said the tariffs could cut the country's annual growth by between 0.3 and 0.6 percent. Tired of too many ads? go ad free now But it could be as much as 0.7 percent if Trump targets the pharmaceutical industry, which has so far been exempt from tariffs. Pharmaceutical products account for more than half of Swiss exports, the economist noted. Analysts at Swiss investment managers Vontobel said in a note that they believed "there is some hope for an agreement on US tariffs for Switzerland" that would bring them down to the 15 percent set for other countries. XTB Research Director Kathleen Brooks said the recovery of the Swiss stock market during the day on Monday "is a sign that investors are optimistic about the prospect of a lower levy being negotiated in the coming days". But Vontobel analysts added that if the 39-percent tariffs remain in place, earnings for key sectors such as watchmakers "could be hit substantially". The chocolate industry association, Chocosuisse, said the tariffs were a "tough blow" for the sector, which is already reeling from a 10-percent duty. "It is particularly shocking that Switzerland finds itself at a distinct disadvantage compared to all other Western industrialised countries," it said in a statement, urging the government to continue negotiating. Swiss media said the government could point to distortions in the gold trade during the negotiations as it inflates the country's trade surplus with the United States. Switzerland is home to refineries where imported gold bars -- mostly from Britain -- are melted down to meet US standards. These gold transactions create a statistical distortion in trade figures, according to the Sunday newspaper SonntagsZeitung, which suggests pointing out that they give the impression Switzerland exports more to the US than it actually does.
The Print
30 minutes ago
- The Print
Sensex rises 419 pts to close above 81k level on gains in metal, auto shares
The 50-share NSE Nifty jumped by 157.40 points or 0.64 per cent to close at 24,722.75. In the intraday session, it rose 169.3 points or 0.6 per cent to hit a high of 24,734.65 Among Sensex firms, Tata Steel was the lead gainer, humping by 4.31 per cent. BEL, Adani Ports, Tata Consultancy Services, Tech Mahindra, Bharti Airtel, HCL Technologies, Trent, Mahindra & Mahindra, Reliance Industries, UltraTech Cement and Larsen & Toubro were the major gainers. Snapping the two-day falling streak, the 30-share Sensex gained 418.81 points or 0.52 per cent to settle at 81,018.72 with 26 of its constituents ending higher and four down. During the day, it climbed 493.28 points or 0.61 per cent to hit an intraday high of 81,093.19. Mumbai, Aug 4 (PTI) Benchmark BSE Sensex rose by nearly 419 points to close above the 81,000 level on Monday following gains in metal, commodities and auto shares amid a firm trend in global markets. However, Power Grid, HDFC Bank, ICICI Bank, Hindustan Unilever were among the laggards. 'The domestic equity market edged higher, supported by strong performance in the metal and auto sectors. A weakening US Dollar, along with robust monthly auto sales and encouraging quarterly results from leading automakers, helped renew investor interest in these sectors. 'The Q1 earnings summary indicates that consumption-driven companies are benefiting from a rebound in volume demand. Meanwhile, rising unemployment and slower job creation in the US have reinforced expectations of a potential Fed rate cut. However, there still remains room for caution due to high US tariffs,' Vinod Nair, Head of Research, Geojit Investments, said. The BSE smallcap gauge rose 0.76 per cent and the midcap index by 1.11 per cent Among sectoral indices, metal rose by 2.58 per cent, realty by 1.88 per cent, commodities by 1.79 per cent, services by 1.74 per cent, auto by 1.54 per cent, focussed IT by 1.48 per cent, teck by 1.46 per cent and IT by 1.38 per cent. FMCG and Bankex were the only laggards. 'Markets started the week on a positive note, gaining over half a percent amid mixed cues. Despite a weak handover from the US markets, the Nifty opened slightly in the green and gradually moved higher throughout the session, eventually settling near the day's high at 24,722.75. Sector-wise, most indices contributed to the rebound, with metals, realty, and auto emerging as the top gainers. 'The broader markets also found some relief after the recent correction, as both the midcap and smallcap indices posted gains of nearly 1.5 per cent,' Ajit Mishra – SVP, Research, Religare Broking, said. In Asian markets, Hong Kong's Hang Seng, South Korea's Kospi and Shanghai's SSE Composite index closed in the positive territory while Japan's Nikkei 225 index in the red territory. Markets in Europe were trading in the green. The US markets ended in negative territory on Friday. Global oil benchmark Brent crude declined 1.15 per cent to USD 68.87 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,366.40 crore on Friday, according to exchange the 50-share NSE Nifty declined 203 points to close at 24,565.35. The rupee depreciated 52 paise to close at 87.70 (provisional) against the US dollar on Monday, as sustained foreign fund outflows and trade tariff uncertainties dented investors' sentiment. PTI HG MR MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
