
7 July 2025: Rana Confesses, Trump Warns BRICS, Passia Extradition Soon
UPDATED: Jul 7, 2025 19:33 IST
On News at 7, this 7 July, Jamshed Qamar Siddiqui brings you the day's most crucial headlines. 26/11 mastermind Tahawuur Rana admits his role in Mumbai attacks, says he trained with Lashkar-e-Taiba and worked as a trusted agent of the Pakistani Army. Trump threatens 10% tariff on nations supporting BRICS, calling the bloc anti-American. Khalistani terrorist Happy Passia to be extradited from U.S. to India for attacks in Punjab.
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India Today
34 minutes ago
- India Today
We are close to making deal with India: Trump after tariff letters to 14 countries
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India Today
35 minutes ago
- India Today
He better behave: Trump warns Zohran Mamdani after pledge to arrest Netanyahu
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Business Standard
40 minutes ago
- Business Standard
Wall Street falls as fears over Trump's new tariffs weigh on markets
US stocks are losing ground in afternoon trading Monday as the Trump administration steps up pressure on trading partners to make deals before punishing tariffs imposed by the US take effect AP New York Stocks fell on Wall Street as the Trump administration stepped up pressure on trading partners to make deals before punishing tariffs imposed by the US take effect. The S&P 500 lost 0.8 per cent Monday. The Dow Jones Industrial Average gave back 0.9 per cent, and the Nasdaq composite fell 0.9 per cent. Tesla tumbled as the feud between CEO Elon Musk and President Donald Trump reignited over the weekend. Musk, once a top donor and ally of Trump, said he would form a third political party in protest over the Republican spending bill that passed last week. US stocks are losing ground in afternoon trading Monday as the Trump administration steps up pressure on trading partners to make deals before punishing tariffs imposed by the US take effect. The S&P 500 was down 1.2 per cent in the first day of trading in the US after a holiday-shortened week. The benchmark index remains near its all-time high set last week. The Dow Jones Industrial Average was down 641 points, or 1.4 per cent, as of 2.32 pm. Eastern time, and the Nasdaq composite was 1.3 per cent lower. Decliners outnumbered gainers by more than 5-to-1 on the New York Stock Exchange. Tesla tumbled 7.4 per cent for the biggest drop among S&P 500 stocks as the feud between CEO Elon Musk and President Donald Trump reignited over the weekend. Musk, once a top donor and ally of Trump, said he would form a third political party in protest over the Republican spending bill that passed last week. The selling accelerated after the Trump administration released letters informing Japan and South Korea that their goods will be taxed at 25 per cent starting on August 1, citing persistent trade imbalances with the two crucial US allies in Asia. If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 per cent that we charge, Trump wrote in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung. Trump told reporters over the weekend that his administration would send letters to several foreign governments as early as Monday spelling out their tariff rates if they don't reach a deal before Wednesday the culmination of a 90-day negotiating period set by the White House during which goods from most countries have been taxed at a baseline 10 per cent. He also said on Sunday that he would impose an additional 10 per cent in tariffs against the Brics bloc of developing nations, which had condemned tariffs increases at its summit in Brazil. In addition to Brazil, the Brics countries also include Russia, India, China and South Africa. With the 90-day pause in US tariffs against a long list of nations set to expire, the threat of more severe tariffs hangs over the global economy once again. Just bringing back that meaty topic back into focus, after a strong week last week, has given a little bit of a pause in the market, said Bill Northey, senior investment director at US Bank Asset Management. The near-term outlook will likely hinge on several key factors like the extent to which trading partners are included in Trump letters, the rate of tariffs, and the effective date of such tariffs, according to analysts at Nomura. Last week, the Trump administration announced that it reached a deal with Vietnam that would allow US goods to enter the country duty-free, while Vietnamese exports to the US would face a 20 per cent levy. That was a decline from the 46 per cent tax on Vietnamese imports he proposed in April. The type of deal struck with Vietnam may be a blueprint for similar countries in the region with economies heavily reliant on large trade deficits with the US, said Jason Pride, chief of investment strategy and research at Glenmede. All of the sectors in the S&P 500 index were in the red, with technology, financial and consumer-related stocks among the biggest weights on the market. Apple fell 2.2 per cent, JPMorgan Chase dropped 2 per cent and Home Depot slid 1.7 per cent. Molina Healthcare fell 3.5 per cent after the insurer lowered its profit guidance due to rapidly accelerating costs. UnitedHealth Group also recently reported a spike in costs that forced it to cut its forecast, sending its stock tumbling in April. In deal news, software company CoreWeave agreed to acquire cryptocurrency mining company Core Scientific in an all-stock transaction valued at about $9 billion. Shares in Core Scientific sank 18.1 per cent, while CoreWeave fell 4.8 per cent. Bond yields mostly rose. The yield on the 10-year Treasury rose to 4.39 per cent from 4.34 per cent late Thursday. The downbeat start to the week follows a strong run for stocks, which pushed further into record heights last week after a better-than-expected US jobs report. Stock indexes in Europe were mostly higher. Asian markets closed mostly lower. Oil prices fluctuated after Opec+ agreed on Saturday to raise production in August by 548,000 barrels per day. US benchmark crude was up 0.6 per cent, while Brent crude, the international standard, was up 1.2 per cent. This week will be relatively light on economic data. On Wednesday the Federal Reserve will release minutes from its policymaking committee's meeting last month. The Fed's chair, Jerome Powell, has been insisting that the central bank wants to wait and see how Trump's tariffs affect the economy and inflation before making its next move on interest rates. While lower rates give a boost to the economy by making it easier to borrow money, they can also give inflation more fuel. That could be dangerous if the Trump' administration's tariffs send inflation higher. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)