Crypto giants set for EU green light amid growing regulatory rift, sources say
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Time of India
9 hours ago
- Time of India
EU OK with Trump winning levy war, but has a wishlist
The European Union is willing to accept a trade arrangement with the US that includes a 10% universal tariff on many of the bloc's exports, but wants the US to commit to lower rates than that on key sectors such as pharmaceuticals, alcohol, semiconductors and commercial aircraft. The EU is also pushing the US for quotas and exemptions to effectively lower Washington's 25% tariff on automobiles and car parts as well as its 50% tariff on steel and aluminum, according to people familiar with the matter. The European Commission, which handles trade matters for the EU, views this arrangement as slightly favoring the US but still something it could agree to, said the people, who spoke on the condition of anonymity. The EU has until July 9 to clinch an arrangement with Donald Trump before tariffs on nearly all of its exports to the US jump to 50%. A commission spokesperson declined to comment on the status of the negotiations but confirmed that a negotiating team was in Washington and would be joined by the EU's trade chief, Maros Sefcovic , on Wednesday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Direct Shopping From Adidas Franchise Store, Up To 50% Off Original Adidas Shop Now Undo "We are fully and deeply engaged in negotiations - a negotiated, mutually beneficial solution remains our preferred outcome," the spokesperson said. "In case a satisfactory outcome is not found, all instruments and options remain on the table." China Ready to Discuss Tariffs at WTO Live Events China is ready to have discussions about trade policies, including tariffs and subsidies, that Washington has identified as obstacles to reforming the World Trade Organization, a senior delegate at China's mission to the WTO said. China had heard "every word" the US had said at the WTO about its trade practices and is open to discussing tariffs, industrial policy and some benefits it gains from its developing country status, as part of broader conversations on reform ahead of a 2026 ministerial meeting in Cameroon, the delegate said.
Time of India
10 hours ago
- Time of India
Track 1.5 and 2.0 Dialogues way forward to South Asia's Prosperity: Experts
South Asia grapples with historical tensions and modern rivalries, hindering regional cooperation on shared challenges like climate change and trade. India's evolving military posture and Sri Lanka's geostrategic importance were highlighted. Experts emphasized the need for deeper engagement from the EU and the importance of mutual respect for security and sovereignty to foster progress. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads South Asia is a vibrant yet volatile region, where historical ties and modern rivalries collide—amplified by global power plays, said Pradeep S. Mehta, Secretary General, CUTS International in his opening a session titled Perpetual Conundrums in South Asia, Mehta emphasised the need for regional cooperation to tackle shared challenges, from climate change to trade to the recent India-Pakistan conflict, Lt Gen Subrata Saha (Retd.), former Member National Security Advisory Board of India, highlighted India's shifting military posture, noting its response to cross-border terrorism. 'From surgical strikes post-Uri to deeper incursions after Pulwama, India's suppression of Pakistani air defences and subsequent ceasefire requests marked a turning point in deterrence.'Former Foreign Secretary of Sri Lanka, Amb. Prasad Kariyawasam, underscored the geostrategic importance of Sri Lanka in the Indian Ocean. 'Ninety percent of global trade is seaborne. A stable Indian Ocean is vital for Sri Lanka's economic security, and there's strong bipartisan support for deeper ties with India,' he Tariq Ahmad Karim, Advisor, Centre for Bay of Bengal Studies, Independent University, Bangladesh and former Bangladesh envoy to India reflected on the region's challenges, stating, 'South Asia's inability to cooperate stems from a failure to learn from shared history. Geography ensures we can't escape each other, yet we remain stuck in the past'.Discussing the role of other countries and regions, especially the US in this region, Michael Kugelman, Senior Fellow, Asia Pacific Foundation of Canada remarked, 'Under a potential Trump 2.0 administration, trade and great-power competition will likely dominate U.S. engagement, though strategic ambiguity persists,''South Asia remains low on the EU's agenda. Moving beyond symbolic gestures to meaningful engagement is critical,' said Shada Islam, Founder, New Horizons Project, Belgium, as she critiqued the EU's approach.'The EU's engagement is ritualistic, overly influenced by the transatlantic partnership. There is an urgent need to move beyond symbolism to meaningful regional engagement.' she added.'India's resistance to Chinese projects curbs BRI's South Asian reach. Nepal's vision of trilateral connectivity remains aspirational without India's involvement', said Apekshya Shah, Senior Fellow, Nepal Economic Forum. She further added governance issues and limited political consensus remain major challenges in delivering the closing remarks, Bipul Chattopadhyay, Executive Director of CUTS International, called for a stronger focus on fostering not only physical connectivity but also energy and people-to-people linkages in the future. He emphasised that security remains supreme, noting that 'mutual respect for each nation's security and sovereignty is essential to forging a path towards incremental progress in regional cooperation.'
India Today
14 hours ago
- India Today
The foreign invasion: EVs made for India
(NOTE: This article was originally published in the India Today issue dated July 7, 2025)The newly announced incentive scheme for foreign carmakers to make EVs in India is about to get off the ground. According to government sources, a lot of carmakers have evinced interest in registering for the scheme. This includes some who are already present in the country as well as new companies taking the opportunity to establish a manufacturing base in India. But that does not mean there will be a long wait for new cars at lower prices, because once registered, these companies can start importing EVs at a duty of 15 per cent as opposed to 70 or 100 per cent as the case may be. The number of cars that can be imported at the incentivised rate is governed by the total amount the company is saving by paying duty at a lower rate. This amount can be equal to the total amount the company has invested under the scheme—the saving being capped at Rs 6,484 crore. Of course, there are a lot more stipulations and caveats to this and it is not as simple as it remains to be seen how many companies will finally avail this scheme (SPMEPCI) to promote manufacturing of passenger electric cars in India. It is almost certain that the one company that this scheme was tailor-made for will not be signing up for it, and will instead be going the CBU (completely built unit) route and paying the prevailing import duty. This may be because Tesla could be hoping for a lowering of tariffs once a bilateral trade agreement is signed between India and the US, or for that matter with any of the territories where it is already making its cars, like the EU. VinFast VF6 advertisementOther US companies that make EVs are also keenly eyeing the Indian market and awaiting the result of the negotiations and the signing of the trade deal before weighing the best route to enter India. Those that are closely watching the developments are new players like Lucid Motors and Rivian as well as the established players like Ford and General Motors. Automaker Stellantis has already announced plans to launch its Leapmotor brand of EVs in India while another new emerging EV player from Vietnam, VinFast, even before the launch of SPMEPCI, has made an investment of US $500 million (Rs 4,305.6 crore) to set up a manufacturing facility in Tamil Nadu and will be rolling out its India-made cars, the VF6 and VF7, in the country is not certain which routes the various EV companies will take but a number of new and established brands will be available soon in the country, and at much lower price to India Today Magazine- EndsTune InMust Watch
