Asian Economies in Rush to Cut Tariff Deals as US Deadline Moves
In his first wave of letters to key trading partners, Trump announced levies of 25% on goods from Japan and South Korea, with rates for Indonesia and Thailand set at over 30%. The US president also signed an executive order holding off the new duties until Aug. 1.
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Bloomberg
20 minutes ago
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ICICI Prudential Asset Files for $1.2 Billion India IPO
ICICI Prudential Asset Management Co., India's second-largest mutual fund manager by assets, filed preliminary documents for what could be the country's second-biggest initial public offering this year. The so-called draft red herring prospectus filed with the markets regulator was disclosed late Tuesday. The offering could raise as much as 100 billion rupees ($1.2 billion) and value the asset manager at around $12 billion, Bloomberg News has reported. Indian lender ICICI Bank Ltd. holds 51% of the joint venture, and and UK-based Prudential Plc owns the remaining 49%.
Yahoo
28 minutes ago
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Trump caught off guard by Pentagon's abrupt move to pause Ukraine weapons deliveries, AP sources say
WASHINGTON (AP) — President Donald Trump's decision to send more defensive weapons to Ukraine came after he privately expressed frustration with Pentagon officials for announcing a pause in some deliveries last week — a move that he felt wasn't properly coordinated with the White House, according to three people familiar with the matter. The Pentagon, which announced last week that it would hold back some air defense missiles, precision-guided artillery and other weapons pledged to Ukraine because of what U.S. officials said were concerns that American stockpiles were in short supply. Donald Trump said Monday that the U.S. will have to send more weapons to Ukraine, effectively reversing the move. Two of the people, who spoke on the condition of anonymity about the sensitive internal discussions, said there was some internal opposition among Pentagon brass to the pause — coordinated by Pentagon policy chief Elbridge Colby — before it was announced. One of the people described Trump as being caught 'flat footed' by the announcement. The White House did not respond to queries about whether Trump was surprised by the Pentagon pause. Pentagon press secretary Kingsley Wilson denied that Defense Secretary Pete Hegseth had acted without consulting the president. 'It is the job of the Secretary of Defense to make military recommendations to the commander-in-chief. Secretary Hegseth provided a framework for the President to evaluate military aid shipments and assess existing stockpiles. This effort was coordinated across government. The Department will continue to give the President robust options regarding military aid to Ukraine, consistent with his goal of bringing this tragic war to an end and putting America first,' Wilson said in a statement to The Associated Press. The pause in critical weapons deliveries had come at a difficult moment for Ukraine, which has faced increasing — and more complex — air barrages from Russia during the more than three-year-old war. Trump acknowledged that in announcing the reversal on Monday night, saying, "They have to be able to defend themselves. They're getting hit very hard now." Asked by a reporter Tuesday who approved the pause, Trump bristled at the question while he was gathered with his Cabinet. 'I don't know. Why don't you tell me?" Trump's change in tone on Putin The president also laid into Russian President Vladimir Putin, suggesting he was unnecessarily prolonging the war that Trump has said he's determined to quickly conclude. Trump has struggled to find a resolution, with talks between the sides stalled. The Republican leader has sounded increasingly exasperated with Putin in recent days. The two spoke by phone last week. 'We get a lot of bull---- thrown at us by Putin, if you want to know the truth," Trump said during Tuesday's Cabinet meeting. "He's very nice all the time, but it turns out to be meaningless.' He has threatened, but held off on, imposing new sanctions against Russia's oil industry to try to prod Putin into peace talks. Sen. Lindsey Graham, R-S.C., said last week that Trump has given him the go-ahead to push forward with a bill he's co-sponsoring that calls, in part, for a 500% tariff on goods imported from countries that continue to buy Russian oil. The move would have huge ramifications for China and India, two economic behemoths that buy Russian oil. Trump said Tuesday that he's 'looking at it very strongly.' Pentagon says it's going to resume shipments to Ukraine The weapons pause announced last week impacted shipments of Patriot missiles, precision-guided GMLRS, Hellfire missiles and Howitzer rounds and more, taking not only Ukrainian officials and other allies by surprise but also U.S. lawmakers and other parts of the Trump administration, including the State Department. The Pentagon said late Monday that at Trump's direction, it would resume weapons shipments to Ukraine 'to ensure the Ukrainians can defend themselves while we work to secure a lasting peace and ensure the killing stops.' Still, spokesman Sean Parnell added that its review for Trump to evaluate military shipments worldwide continues as part of 'America First' defense priorities. It's also unclear which weaponry would now be sent, though Trump said that the U.S. will primarily be assisting Ukraine with defensive weapons. Counting the weapons On Tuesday, each of the services and the combatant commands — the multiservice organizations that spearhead U.S. military operations around the world — were still sending up information on their stockpiles of specific munitions to Pentagon leadership, a U.S. official said. 'They are literally still doing the math,' the official said. The information was being presented on a stoplight chart — where munitions were either in a red, yellow or green status, similar to slides that had been created the week before, the official said. That earlier study had concluded that some munitions were OK to keep sending to Ukraine — but others were reaching concerning levels. Getting a full visibility on the numbers of actual munitions on hand takes time, the official said, because while Patriot missiles, for example, initially belong to the Army, once they are requested and sent to a combatant command, such as U.S. Central Command, the service loses visibility on those numbers in inventory. The vast majority of the munitions and weapons the U.S. has shipped to Ukraine have been pulled from the Army, which has monitored levels closely in recent years, particularly for high-demand items like 155mm artillery shells and Patriot missiles for air defenses. It's been harder for the Army to ramp up production on those items than had been planned: It was trying to hit a goal of producing 100,000 155mm shells a month by the end of 2025 but won't meet that goal now until 2026, Army spokesman Steve Warren said. Ramping up Patriot missile production also has been challenging, Warren said. Sen. Mitch McConnell, R-Ky., said in a statement Tuesday that he was glad Trump was resuming deliveries to Ukraine. 'This time, the President will need to reject calls from the isolationists and restrainers within his Administration to limit these deliveries to defensive weapons," McConnell said. 'And he should disregard those at DoD who invoke munitions shortages to block aid while refusing to invest seriously in expanding munitions production.' ___ Associated Press writers Lisa Mascaro and Matthew Lee contributed to this report.
28 minutes ago
What would it take for Elon Musk to create a new political party in America?
On the heels of the Fourth of July -- and amid his feud with President Donald Trump and congressional Republicans over the president's tax policy bill -- tech billionaire Elon Musk announced plans for a brand new political party, dubbed "America Party," to represent what he called "the 80% in the middle." Musk, who recently left his temporary government post as the head of the Department of Government Efficiency, told his X followers that his new party will "give you back your freedom." In a series of posts over the weekend, Musk said his party would use "extremely concentrated force at a precise location on the battlefield" to target "2 or 3 Senate seats and 8 to 10 House districts," which he believes "would be enough to serve as the deciding vote on contentious laws." So what would it take for Musk to launch his third-party effort? Here's an overview. Getting on the ballot To start, Musk would have to get his party on the ballots in the states where he wants to compete -- each with its own process for qualifying. In many states -- including Kentucky, where the race to fill retiring Republican Sen. Mitch McConnell's open seat in 2026 is heating up -- a party-designated candidate must win a nomination from a state-recognized political party that has received a certain percentage of votes in the previous presidential election -- or else a candidate has to run as an independent or a write-in candidate. In other states, the America Party's name itself could present a problem -- like in New York, where state law prohibits political parties from having the word "American," or any part of it, as part of their party names, according to Election Law Blog. Bankrolling these state-level efforts would take significant resources. Experts would be needed to navigate each state's election laws and political systems in order to identify and nominate promising candidates, and canvassers would have to gather thousands to tens of thousands of signatures for each candidate to get them on the ballot. Traditionally, candidates and their parties spearhead these operations, working together to strategize signature-gathering, voter registration, and campaign fundraising and spending. But Musk's America Party is unlikely to become a certified political party anytime soon, because the Federal Election Commission, which reviews political organizations' qualification as political parties, has not been in quorum to do so since a commissioner resigned in April, leaving the agency with just three commissioners. FEC commissioners can only be appointed by President Trump himself. It's not yet clear if Musk has filed any paperwork for his America Party, and an FEC spokesperson declined to comment on whether the agency has received any paperwork from Musk's team. Going the PAC route Faced with the long odds of gaining party certification, some election experts say that Musk, at least for the time being, could focus on House and Senate candidates through a super PAC. That's because ballot access for congressional races is governed by the states -- not the federal government -- so the America Party could still put its designated candidates on the ballot without the FEC's certification, as long as they pass state qualifications. And because super PACs are unconstrained by fundraising or spending limits, an America Party super PAC could be funded by unlimited donations from supporters including Musk himself, and could independently spend an unlimited amount of money in support of its candidates. The only catch is that super PACs are unable to work directly with campaigns the way FEC-certified political parties can -- but election lawyer Matt Sanderson of Caplin and Drysdale told ABC News that the efficiency of a super PAC can actually outweigh the advantages of a political party. "Form a super PAC, just call yourselves a political party -- that's not against the rules. The FEC blessing is not needed," said Sanderson, who was legal counsel for the No Labels movement during the 2024 election. "I actually don't think it makes a lick of sense in this day and age to try to form yourself as a national party committee." "They can call themselves whatever they want," Sanderson said, explaining that the FEC doesn't prohibit a super PAC from calling itself a political party as long as it doesn't coordinate directly with campaigns. "Just skip right past this very cumbersome and not-all-that-beneficial process, hold themselves out as a political party, and move forward." Joining forces Additionally, Musk could enlist the help of existing third parties, like the Libertarian Party or the Green Party. However, third parties historically have had little success in gaining office in the United States. During the 2024 election, the centrist group No Labels led a third-party presidential movement but ended its efforts months before the Republican and Democratic national conventions, after failing to find their candidate before their self-imposed deadline. Longstanding Libertarian Party nominee Chase Oliver ran in the 2024 presidential race but received less than 0.5% of the total vote. Still, a possible collaboration could be in the works: Musk has been in touch with one-time Democratic presidential candidate Andrew Yang, who in recent days has spearheaded a third party centrist effort of his own, a source familiar with the matter confirmed to ABC News. Caleb Burns, an election lawyer at Wiley Rein, acknowledged the potential significance of obtaining an official party status through the FEC instead of bypassing that step with a super PAC -- stressing the role of a political party as a "brand for politicians." "The success of any new political party will turn on whether there are sufficient candidates -- and, by extension, members of the public -- interested in aligning with that new brand," Burns said. "If the answer is yes, then it makes sense to do everything possible to enhance and promote that brand -- which means proceeding with the organizational and legal burdens necessary to create and formalize a new political party." "The critical predicate, however, is the political question of whether or not there is sufficient interest in a new brand of politician," Burns said. "For that, it seems we will have to wait and see what Mr. Musk concludes."
