Congress slams PM Modi over US tariffs, handling of foreign relations
Congress general secretary in-charge of communications, Jairam Ramesh, ridiculed the Prime Minister's earlier focus on inflation in essential vegetables, famously encapsulated in the acronym TOP (Tomato, Onion, Potato).
"Now, the real challenge for India comes from CAP, China, America, and Pakistan," Jairam Ramesh said, pointing to what he described as a worsening geopolitical scenario under Modi's leadership.
Ramesh accused President Trump of "piling it on India" and outlined a series of hostile actions taken by the US administration.
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First Post
13 minutes ago
- First Post
Trump's 25% tariff on India could drag down GDP growth by 50-60 basis points, say analysts
US President Donald Trumps' 25% tariff on India could slash India's projected GDP growth by 50-60 basis points, dragging it below the 6%-mark. Currently, the Reserve Bank has projected the GDP growth for this year at 6.5%. read more US President Donald Trump and Prime Minister Narendra Modi shake hands as they attend a joint press conference at the White House in Washington, on, February 13. Reuters US President Donald Trump could deliver a hit of 50-60 basis points to the Indian GDP growth with tariffs and penalties, according to analysts. Trump on Thursday formally imposed 25 per cent tariff on India. He has also previously threatened additional penalties over India's trade with Russia. Previously, the Reserve Bank of India (RBI) had projected the Indian economy to grow at 6.5 per cent in 2025-26. The Union Finance Ministry had projected the economy to grow in the 6.3-6.8 per cent range. STORY CONTINUES BELOW THIS AD With Trump's 25 per cent tariff, and any additional penalties, the GDP growth could fall to 6.1 per cent and even below the 6 per cent-mark, as per analysts. Trump's tariff could slash GDP growth by 50-60 basis points, exports by 12.5% The State Bank of India (SBI) has said that a 20 per cent tariff could slash as much as 50 basis points (0.5 per cent) from India's GDP, according to CNBC-TV18. At 25 per cent tariff, this would mean a cut of around 62 basis points, dragging down India's GDP growth to around 5.87 per cent. The SBI study further said that any 1 per cent rise in tariff may lead to a 0.5 per cent decline in export volumes'. At 25 per cent tariff, this would mean 12.5 per cent decline in export volume. This could have massive implications for the Indian economy as the United States in India's largest export destination. Other analysts said that the tariff's effect could be in the range of 40-50 basis points. ANZ economists Dhiraj Nim and Sanjay Mathur said if 25 per cent tariff remained in place for the remainder of 2025-26, 'it could subtract 40 basis point from GDP growth', according to The Indian Express. Separately, Barclays has projected a hit of 30 basis points and Nomura has projected a hit of 20 basis points. 'Taking into account the sectoral exemptions, we estimate the effective tariff rate (for India) at ~20 per cent. The announced reciprocal tariff rate of 25 per cent, however, may be temporary, and might settle lower, as negotiations will continue after August 1. However, the best-case outcome would still be tariffs in the 15-20 per cent range, which is disappointing, considering India's more advanced stage of negotiations,' noted Nomura, as per Financial Express. STORY CONTINUES BELOW THIS AD
Indian Express
13 minutes ago
- Indian Express
US envoy arrives in Israel to monitor Gaza food distribution as humanitarian crisis worsens
US President Donald Trump's special envoy Steve Witkoff arrived in Israel on Thursday to discuss the worsening humanitarian situation in Gaza, as the death toll of Palestinians waiting for food and other aid continued to climb. Witkoff and US Ambassador Mike Huckabee will inspect food distribution in Gaza on Friday, the White House said. At least 91 Palestinians were killed and more than 600 wounded while attempting to get aid in the past 24 hours, the Gaza Health Ministry said Thursday. The victims included 54 people killed while awaiting food in northern Gaza near the Zikim crossing on Wednesday, the ministry said. The toll is expected to rise further as many of those killed or wounded were brought to isolated, undersupplied hospitals in northern Gaza and have not yet been counted. Israel's military said Palestinians surrounded aid trucks and the Israeli military fired warning shots into the crowd, but reported no awareness of injuries resulting from Israeli fire. 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International organisations said that Gaza has been on the brink of famine for the past two years, but that recent developments, including a complete blockade on aid for 2 1/2 months, mean that the 'worst-case scenario of famine is currently playing out in Gaza.' Israel criticised by allies German Foreign Minister Johann Wadephul arrived in Israel on Thursday on a two-day trip that will also take him to the Israeli-occupied West Bank. Germany, traditionally a staunch ally of Israel, has been increasingly critical recently of Israel's actions in Gaza. It has insisted that Israel must do more to increase aid supplies and pushed for a ceasefire. Berlin hasn't joined major allies France, Britain, and Canada in saying it will recognise a Palestinian state in September. But in a statement ahead of his departure Thursday, Wadephul underlined Germany's position that a two-state solution is 'the only way' to ensure a future in peace and security for people on both sides. 'For Germany, the recognition of a Palestinian state stands rather at the end of the process. But such a process must begin now. Germany will not move from this aim,' Wadephul said. A diplomatic push Witkoff, Trump's special envoy, arrived in Israel on Thursday afternoon and met with Prime Minister Benjamin Netanyahu about the humanitarian situation and a possible ceasefire, according to an official who spoke on the condition of anonymity to discuss sensitive matters. It was the first meeting between Witkoff and Netanyahu since both Israel and the US called their negotiation teams home from Qatar one week ago. Witkoff said at the time that Hamas 'shows a lack of desire' to reach a truce. 'The fastest way to end the Humanitarian Crises in Gaza is for Hamas to SURRENDER AND RELEASE THE HOSTAGES!!!' Trump wrote on his Truth Social platform Thursday morning. Trump sent Witkoff to the region 'in an effort to save lives and end this crisis,' White House press secretary Karoline Leavitt said, calling the president 'a humanitarian with a big heart.' The war started when Hamas attacked southern Israel on October 7, 2023, killing around 1,200 people and abducting 251 others. They still hold 50 hostages, including around 20 believed to be alive. Most of the others have been released in ceasefires or other deals. Israel's retaliatory offensive has killed more than 60,000 Palestinians, according to Gaza's Health Ministry. Its count doesn't distinguish between militants and civilians. The ministry operates under the Hamas government. The UN and other international organisations see it as the most reliable source of data on casualties.
Economic Times
13 minutes ago
- Economic Times
Trump signs executive order to raise tariffs on key trading partners citing trade deficit, national security
ANI Trump signs executive order to raise tariffs on key trading partners citing trade deficit, national security United States President Donald Trump on Thursday (local time) issued an Executive Order further modifying reciprocal tariff rates, building upon the national emergency declared under Executive Order 14257 earlier this year, in an effort to address what he described as large and persistent U.S. goods trade deficits that pose a threat to national security and the economy. Invoking authority under the International Emergency Economic Powers Act (IEEPA), the National Emergencies Act, and the Trade Act of 1974, Trump said the new measures respond to additional recommendations received from senior officials on foreign trade practices and their impact on U.S. exports, manufacturing, and supply chains. "In Executive Order 14257 of April 2, 2025, I found that conditions reflected in large and persistent annual U.S. goods trade deficits constitute an unusual and extraordinary threat... I declared a national emergency... and imposed additional ad valorem duties that I deemed necessary and appropriate," the order latest order imposes adjusted ad valorem duties on goods from specific trading partners, replacing earlier rates. Goods from other countries will continue to face a 10% duty under Executive Order 14257, as amended. According to the order, the revised Harmonized Tariff Schedule of the United States (HTSUS) will be updated accordingly and take effect seven days after the order's issuance. Goods in transit prior to the deadline and entered before October 5, 2025, will be exempt. Among the adjusted rates, Iraq will face a 35% duty, Laos and Myanmar 40%, Switzerland 39%, and Syria 41%. India's rate has been set at 25%, while Brazil and the United Kingdom will face a 10% European Union will be subject to a conditional structure: goods with a Column 1 Duty Rate of less than 15% will see the rate increased to 15%, while those with rates of 15% or higher will not face any additional partners currently negotiating trade and security agreements with the United States will continue under the new tariff structure until new orders are issued. The Executive Order also imposes steep penalties on transshipment schemes. Goods determined by U.S. Customs and Border Protection (CBP) to have been transshipped will be subject to a 40% ad valorem duty in addition to other applicable penalties. A list of countries and facilities involved in such schemes will be published every six months to aid procurement and security reviews. Implementation will be overseen by the Secretary of Commerce, Secretary of Homeland Security, the United States Trade Representative, and other senior officials, who are authorized to take all necessary actions, including updates to the HTSUS and issuance of Commerce Secretary and the USTR have been directed to continue monitoring the national emergency situation and recommend further action if foreign partners fail to take adequate steps or engage in retaliatory measures."This order shall be implemented consistent with applicable law and subject to the availability of appropriations. The cost of publication will be borne by the Office of the United States Trade Representative," the order stated.
