Trump Eyes 'World Tariff' Of 15-20% For Most Countries
Trump told reporters his administration will notify some 200 countries soon of their new "world tariff" rate.
"I would say it'll be somewhere in the 15 to 20% range," Trump told reporters, sitting alongside British Prime Minister Keir Starmer at his luxury golf resort in Turnberry, Scotland. "Probably one of those two numbers."
Trump, who has vowed to end decades of US trade deficits by imposing tariffs on nearly all trading partners, has already announced higher rates of up to 50% on some countries, including Brazil, starting on Friday.
The announcements have spurred feverish negotiations by a host of countries seeking lower tariff rates, including India, Pakistan, Canada, and Thailand, among others.
The US president on Sunday clinched a huge trade deal with the European Union that includes a 15% tariff on most EU goods, $600 billion of investments in the US by European firms, and $750 billion in energy purchases over the next three years.
That followed a $550-billion deal with Japan last week and smaller agreements with Britain, Indonesia, and Vietnam. Other talks are ongoing, including with India, but prospects have dimmed for many more agreements before Friday, Trump's deadline for deals before higher rates take effect.
Trump has repeatedly said he favors straightforward tariff rates over complex negotiations.
"We're going to be setting a tariff for essentially, the rest of the world," he said again on Monday. "And that's what they're going to pay if they want to do business in the United States. Because you can't sit down and make 200 deals."
Canadian Prime Minister Mark Carney said on Monday trade talks with the US were at an intense phase, conceding that his country was still hoping to walk away with a tariff rate below the 35% announced by Trump on some Canadian imports.
Carney conceded this month that Canada - which sends 75% of its exports to the United States - would likely have to accept some tariffs.
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Economic Times
10 minutes ago
- Economic Times
Trump tariffs aren't scaring India's new businesses
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The economy has the look and feel of 'steady as she goes' as far as FY26 is concerned, the Finance Ministry's Monthly Economic Review for June said, even though it pointed out downside risks. Also Read: Trump's staffing gaps complicate India's bid to ease US tensions "The Indian economy in mid-2025 presents a picture of cautious optimism," the review said. "Despite global headwinds marked by trade tensions, geopolitical volatility, and external uncertainties, India's macroeconomic fundamentals have remained resilient. Aided by robust domestic demand, fiscal prudence and monetary support, India appears poised to continue as one of the fastest-growing major economies, with various forecasters, including S&P, ICRA, and the RBI's Survey of Professional Forecasters, projecting GDP growth rates for FY26 in the range of 6.2 per cent and 6.5 per cent." The Finance Ministry report also indicated room for further rate cuts for the RBI. "Core inflation remains subdued, and overall inflation is comfortably below the RBI's 4 per cent target, affording room for the easing cycle to be sustained," it said. A global slowdown could further dampen demand for Indian exports and continued uncertainty on US tariffs may weigh on the country's trade performance in coming quarters, the finance ministry review 25% US tariffs and possibly higher as Trump has threatened will certainly dilute the positive outlook, a trade deal with the US this year can't be ruled out even as other trade agreements will create new avenues for Indian across companies said there is a visible revival of demand in India after months of slowing sales. They are tapping into this recovery with more investments, distribution, equipment and innovation, ET has reported chief executive Tim Cook said growth in India accelerated in the June quarter with the iPhone maker reporting record revenue driven by double-digit expansion in smartphones, Macs and services. 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Urban consumption will "stabilise" on aspects like RBI's rate cuts, USD 10 billion of policy stimulus through personal income tax changes and improved availability of credit, it of Indian Industry (CII) President, Rajiv Memani, has countered prevailing market sentiment about private capital expenditure, asserting that while there's a perception of a slowdown, private capex is actually taking place across various industry sectors in the country. "There's an atmosphere suggesting that private capex is not happening, but actually capex is happening," Memani said last month, citing data showing consistent private investment over the past three years. The CII President pointed to robust corporate fundamentals as evidence of ongoing investment activity. "If you look at listed companies and attend their AGMs, you'll find that CII members are looking to increase capex. Everyone has strong balance sheets, low debt, and the ability to raise funds from public markets," he external risks and domestic uncertainties do pose challenges to economic growth, India's structural story remains resurgent which gives confidence to new businesses as well as top companies.
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First Post
13 minutes ago
- First Post
80 years after Hiroshima: Nuclear threat still looms over global security
History, with its grim cycles and painful lessons, has every reason to indict humanity. In the week marking the 80th anniversary of the US atomic bombings of Hiroshima and Nagasaki, Russia announced it no longer considers itself bound by the 1987 Intermediate-Range Nuclear Forces Treaty, blaming 'the actions of Western countries' for creating a 'direct threat' to its security. Last Friday, US President Donald Trump said he had ordered the deployment of two nuclear submarines 'in appropriate regions' following what he described as 'highly provocative comments' by former Russian president Dmitry Medvedev. STORY CONTINUES BELOW THIS AD It is ironic that nuclear weapons still exist, despite the well-known devastation they cause to the planet—and the threat of nuclear sabre-rattling remains as constant as the air we breathe. Aside from white lilies and sombre memorial services for the dead, and sympathy for those emotionally and physically maimed by the two blasts in Hiroshima and Nagasaki, little has moved forward in practical terms. In the prologue of her book Nuclear War: A Scenario, Annie Jacobsen describes a frightening vision of what the next nuclear bomb explosion might look like. For now, it is only imagination—but reality would unfold within minutes if the bombs were ever detonated, for whatever reason. She writes: 'A 1-megaton thermonuclear weapon detonation begins with a flash of light and heat so tremendous it is impossible for the human mind to comprehend. One hundred and Eighty million degrees Fahrenheit is four or five times hotter than the temperature that occurs at the center of the Earth's sun. In the first fraction of a second this thermonuclear bomb strikes… there is light…. Soft X-ray light with a very short wavelength. The light superheats the surrounding air to a millions of degrees, creating a massive fireball that expands at millions of miles per hour. Within a few seconds, this fireball increases to a diameter of a little more than a mile (5,700 feet across), its light and heat so intense that concrete surfaces explode, metal objects melt or evaporate, stone shatters, humans instantaneously convert into combusting carbon.' This, of course, is Jacobsen's speculative scenario of what might happen if a nuclear bomb were to strike the Pentagon outside Washington. But if such an event were to occur, her imagined horror would become exact, unbearable reality. In the 653-page book The Effects of Nuclear War, authored along with Philip J Dolan, Samuel Galsstone writes, 'There are inherent difficulties in making exact measurements of weapons effects. The results are often dependent upon circumstances, which are difficult, and sometimes impossible, to control even in tests and would certainly be unpredictable in the event of an attack.' STORY CONTINUES BELOW THIS AD Then, after the immediate destruction there is the curse of a nuclear winter which is inevitable. A legacy of devastation, a present of peril Eighty years after the atomic bombings of Hiroshima and Nagasaki, which killed more than 200,000 people and left haunting reminders of nuclear warfare, the world remains on edge. Far from fading into the pages of history, nuclear weapons continue to cast a long, ominous shadow over global peace and security. While the world has avoided another nuclear strike since 1945, today's risks may be even more acute driven by geopolitical volatility, advancing technologies and the slow unravelling of disarmament frameworks. A world still armed to the teeth As of early 2025, the global stockpile of nuclear warheads stands at approximately 12,241, with the vast majority—over 90 per cent—held by United States and Russia. This massive arsenal is not just a relic of the Cold War but a continually modernised force, featuring increasingly sophisticated delivery systems and warhead designs, Andrew Hammond writes in The Business Times. While global treaties have aimed to curb proliferation, they have done little to dismantle the core of existing nuclear forces. Slowing clock of disarmament The post-Cold War era witnessed a surge of hope for nuclear disarmament. Treaties such as the Strategic Arms Reduction Treaty (Start) and initiatives like the Nuclear Security Summits led to tangible reductions and enhanced controls over nuclear materials. However, this progress has since slowed, if not reversed. Today, the momentum has shifted towards rearmament. The United States is developing a new generation of nuclear weapons and has indicated an openness to resuming nuclear testing. Meanwhile, China has more than tripled its arsenal, reaching around 600 warheads. These developments have reignited fears of a new arms race, especially as Russia also pursues advanced systems like hypersonic missiles and underwater nuclear drones. Submarines are indeed deadly platforms for nuclear launches. Efforts such as the Treaty on the Prohibition of Nuclear Weapons (TPNW), which came into force in 2021, have garnered support from many non-nuclear states. Yet, they have been largely dismissed by nuclear-armed nations. The global appetite for disarmament, once buoyed by the horrors of Hiroshima, is faltering in the face of renewed strategic competition. STORY CONTINUES BELOW THIS AD Tensions in a fragile world Geopolitical fault lines are increasingly volatile, exacerbating the risk of nuclear conflict. Recent exchanges between Medvedev and Trump over nuclear threats serve as stark reminders of how easily diplomatic tensions can veer into dangerous territory. Medvedev's reference to Russia's 'Dead Hand' nuclear retaliation system and Trump's counter by repositioning submarines closer to Russia are not just posturing, they reflect the peril of miscalculation in today's hyper-charged political climate. Other hotspots, including the enduring India-Pakistan conflict and North Korea's relentless nuclear testing, add layers of complexity. These regions combine deep-seated historical animosities with nuclear capabilities, making them particularly susceptible to escalation. Iran, for its part, remains a significant concern. Reeling from attacks on its nuclear facilities, Tehran may further accelerate its nuclear programme, potentially pushing other regional powers like Saudi Arabia and Turkey toward similar ambitions. Technology: The new wildcard While nuclear weapons have always embodied existential danger, emerging technologies are making the nuclear scenario even more unpredictable. Artificial intelligence, cyber warfare and advanced missile defence systems are disrupting the traditional logic of nuclear deterrence. According to Hammond, AI-driven systems, if poorly managed, could make decisions faster than human operators can verify, increasing the likelihood of misjudgements. Meanwhile, cyberattacks on nuclear command and control systems could trigger false alarms or disable safeguards. The potential for accidental launches or misinterpreted threats has grown significantly in an era of digital warfare and machine decision-making. STORY CONTINUES BELOW THIS AD During the Cold War and into the 1990s, several false alarms nearly triggered nuclear war due to technical errors and misinterpretations. In the 1950s, a flock of Canadian geese was mistaken for a Soviet bomber attack by radar systems. The 1960s saw meteor showers and radar reflections from the moon falsely indicating a missile strike, while in 1979, a human error led to a false nuclear alert, causing Norad (North American Aerospace Defense Command) to scramble fighter jets. A year later, a faulty computer chip triggered a similar scare, prompting the preparation of B-52 bombers and the President's emergency aircraft. The most serious incident occurred in 1995 when a Norwegian research rocket was misidentified by Russian systems as a US nuclear missile, prompting president Boris Yeltsin to consider a retaliatory strike, an act he ultimately resisted, narrowly avoiding catastrophe. Terrorism threat Beyond state actors, the threat of nuclear terrorism has not disappeared. While acquiring a functional nuclear weapon remains a high barrier for non-state groups, the possibility of a radiological dispersal device (dirty bomb) is far more feasible. Such a weapon would use conventional explosives to spread radioactive material, potentially causing mass panic, economic chaos and long-term contamination of urban centres.. Hammond mentions former US defence secretary Robert Gates who once remarked that the thought of a terrorist obtaining a nuclear weapon was what kept him awake at night. STORY CONTINUES BELOW THIS AD Treaties undermined, norms at risk International treaties and arms control frameworks that once served as guardrails are now fraying. The Doomsday Clock, maintained by the Bulletin of the Atomic Scientists, was set just one second from midnight earlier this year, the closest it has ever been to global catastrophe. Eighty years after Hiroshima, the world faces a dual nuclear threat: that of state-led warfare and non-state terrorism. While the horrors of 1945 forged a powerful global aversion to nuclear war, that consensus is under threat. The only way to ensure nuclear weapons are never used again is to eliminate them altogether. Eight decades on, the urgency of that mission has never been clearer.
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First Post
13 minutes ago
- First Post
Standing tall: Bharat's strategic calm amid Trumpian turbulence
Bharat must stand its ground on tariffs and be prepared for short-term pain in pursuit of long-term strategic gain read more Modi's Bharat has to be both mild and fierce while dealing with the Trumpian turbulence. Image: The White House A bully is an intriguing phenomenon. Powerful, but insecure. Loud, yet hollow. Assertive, but deeply vulnerable. He doesn't merely seek obedience — he craves submission, preferably extracted through intimidation, manipulation, or humiliation. This classic bully syndrome is evident in how Donald Trump has approached his second term as US President, especially in foreign policy. This American trait is becoming more pronounced as 'we are moving into a post-American world, one defined and directed from many places and by many people,' as author Fareed Zakaria writes in his book, The Post-American World. This new world, Zakaria adds, may not be as much about the decline of America as it is about 'the rise of the rest.' STORY CONTINUES BELOW THIS AD Trump's unpredictability, ego-driven decisions, and transactional diplomacy are the result of this changing world order where America is strong, but not strong enough. Trump tries to make up for this by becoming a bully — by holding the world to ransom, as he has done with his ongoing tariff moves. The Bully Syndrome Psychiatrists note that a bully thrives when others submit or appease. The same logic applies in the case of tariffs. Yielding to Trump — or any such figure — is counterproductive. Submission only feeds the bully, inviting more demands and further concessions. That doesn't mean Bharat should react to every Trump tweet or provocation. The goal is not to be reactive but strategic — or even better, strategically proactive. Understand the adversary: When does he lash out? What motivates him? What triggers retreat? Trump's behaviour is largely driven by domestic political compulsions, election cycles, and a simplistic view of trade and tariffs. He may have become the President, but the businessman in him refuses to leave his personality. His worldview remains binary — you're either a winner or a loser, an ally or a foe, a master or a servant. Bharat, with its growing economic heft and independent foreign policy, doesn't fit into his 'ally' column. It doesn't need to. Draw Red Lines, With Poise Bharat's first move should be to clearly set boundaries with poise, not posturing. It must articulate these red lines in an unemotional, matter-of-fact manner. And the Modi government has done precisely that, as the External Affairs Ministry in an official statement on Monday (August 4) called the ongoing Trump tirade 'unjustified and unreasonable.' It also highlighted how the US itself continues to import uranium hexafluoride for its nuclear industry, palladium for its EVs, and fertilisers and chemicals from Russia. STORY CONTINUES BELOW THIS AD Bharat needs cheap oil for its people and growth. It cannot avoid looking at cheaper options just because it suits American interests. Bharat currently consumes about 5 million barrels per day, 85 per cent of which is met through imports. And given the unprecedented growth expected to take place in the country, with GDP growth constantly hovering above 6 per cent, reports say Bharat's demand for oil will be more than that of any other country in the world. Similarly, the US needs to understand that Bharat's Russian defence ties are born out of necessity, not ideology. America's restrictive terms — high costs, limited tech transfer, source code constraints, and end-use monitoring — have pushed New Delhi towards Moscow. What works for Pakistan, an artificial construct, cannot be imposed on Bharat, a civilisational state with strategic autonomy in its DNA. Ancient Wisdom, Modern Challenges Amid Trumpian turbulence, Ved Vyasa's Mahabharata can offer timeless wisdom, urging restraint and patience, and not being overwhelmed by anger and rage. Bhishma, for instance, advises Yudhisthira in 'Raja Dharma Parva' — as translated by Bibek Debroy in The Mahabharata (Volume 8): 'One must fight for the sake of victory, not because of anger or a desire to kill.' He qualifies his statement by saying that 'if the one who is fighting uses deceit, [one] must fight back using deceit. If he fights with adharma, one must counter with adharma.' STORY CONTINUES BELOW THIS AD Bharat need not match Trump tweet-for-tweet. Instead, it should outmanoeuvre him with strategic steadiness. Timing matters. As Bhishma says, 'Time always brings success… However, a man who is waiting for the right time should not let that moment pass.' Meanwhile, without resorting to verbal volleys or showcasing confrontational postures, Bharat can continue doing what it has been doing thus far — buying Russian arms and importing oil. Let Bharat's actions speak for themselves. Build Strategic Alliances Bhishma also advises Yudhisthira to seek new allies when oppressed by a stronger king. He says, 'If a king is oppressed by a stronger king, he must resort to three kinds of allies and friends.' Bhishma then elaborates allies and friends as 'direct allies, allies of allies, and enemies of enemies'. Time is ripe for Bharat to expand its strategic alliances. It must build strategic coalitions — both traditional and innovative. It must reorient its ties with Europe along the lines of the UK Free Trade Agreement. It must look afresh at Asian, African, and South American markets. Some of the American trade losses can be covered there: Bharat's pharma industry, for instance, could find greater footholds in these markets. Similarly, it should deepen its outreach to Asean, and continue nurturing its neighbourhood through cooperative diplomacy. Even within the American political landscape, Bharat should engage with institutions, think tanks, businesses, and lawmakers — beyond the presidency. America is more than its president. Bharat must remember that. STORY CONTINUES BELOW THIS AD The goal is not to overtly challenge the Trump administration but to signal that Bharat cannot be bullied and has options. It values the US relationship but will not be boxed in. Learn from the Dragon More importantly, while dealing with Trumpian threats, Bharat should realise — and also make the Americans realise — that it has weathered greater storms in the past. It navigated alone during the Cold War, defied American fury at the time of the 1971 Bangladesh crisis, endured global isolation after the 1998 nuclear tests, and emerged stronger every time. Today's Bharat is economically sounder, militarily stronger, and diplomatically assertive. It must preserve its strategic autonomy — not for defiance, but for national interest. If Trump is unreasonable, Bharat must stand its ground — calmly, firmly. China offers an instructive example. Trump began his second term with moves to tame the Middle Kingdom. But Beijing responded with resilience, recalibration, and countermeasures. It didn't react emotionally, and eventually, the US President softened. Not out of admiration, but because confrontation wasn't delivering. STORY CONTINUES BELOW THIS AD Likewise, Bharat must insist on mutual solutions. If Washington wants Delhi to move away from Russian arms, it must offer better terms. If it wants to be an energy partner, it must offer affordable, stable alternatives — without coercion. Be Mild and Fierce Bharat's strength lies not just in GDP or missiles, but in civilisational confidence. Bullies lose power when met with quiet defiance. Bharat's message should be simple: 'We value the relationship, but we are equals. We act in our interest and expect respect.' Americans, as a people, are pragmatic. Once the noise settles, they will see that Bharat's rise is a stabilising phenomenon, not a threatening one. It seeks balance, not dominance. It avoids conflict but is unafraid of it when required. The Trumpian storm must be faced with civilisational calmness and confidence — not by shouting, but by outthinking. Not by trembling, but by standing tall. Bharat must be prepared for short-term pain in pursuit of long-term strategic gain. Because in the end, the one who doesn't bend under pressure shapes the course of history. STORY CONTINUES BELOW THIS AD Bhishma again has a word of advice: 'People disrespect one who is mild and hate one who is fierce. Do not be mild. Do not be fierce. Be both mild and fierce.' Modi's Bharat has to be both mild and fierce while dealing with the Trumpian turbulence. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views.
