INR gains further ground at around 1-month high
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Time of India
40 minutes ago
- Time of India
Deep-Sea Mining: Deep-sea mining negotiators to meet under Donald Trump shadow
UNITED NATIONS: The International Seabed Authority (ISA) meets next week to continue debating rules for ocean floor mining in international waters, after the United States moved to unilaterally kick-start the controversial industry. Tired of too many ads? go ad free now The Jamaica-based body, created by the UN Convention on the Law of the Sea, has been working for over a decade on rules governing mineral extraction on the high seas. Nations are divided over the desire to exploit the ocean depths for nodules rich in metals needed for electric vehicles and other emerging technologies -- and worries about disrupting, or possibly decimating, fragile ecosystems. The United States, which is not a signatory to the UN convention or an ISA member, disrupted the painstaking process this year when President Donald Trump issued an executive order calling for his government to speed up issuing permits for underwater mining, including in international waters. Canadian firm The Metals Company (TMC) jumped at the opportunity and in April filed the first US application for a deep-sea mining license, angering environmental groups and many nations. Against this backdrop, the ISA's 36-member executive council reconvenes Monday in Kingston for two more weeks of negotiations on a "mining code." "Our shared objective remains the completion of the negotiations" this year, Council President Duncan Muhumuza Laki wrote in a letter ahead of the meetings. The Ugandan diplomat said an additional session in the fall may be needed to meet a year-end deadline. Louise Casson of Greenpeace called the push to wrap up negotiations "both very unwise and unfeasible." Nations should not be "bullied" into rushing through rules after TMC's "incredibly controversial and rogue move," she told AFP. Leticia Carvalho, secretary-general of the full ISA, said that with the global body "on the cusp of finalizing" its rules, "it is imperative that we get it right." Tired of too many ads? go ad free now "When I speak of the need for timely action, this should in no way be interpreted as a call for rushed or unconsidered decisions," the Brazilian oceanographer told AFP in an e-mail. Moratorium Members are deeply divided over how to proceed, with a growing number calling for at least a temporary moratorium on deep-sea mining. French President Emmanuel Macron opened the UN Ocean conference last month in Nice saying it would be "madness to launch predatory economic action that will disrupt the deep seabed, disrupt biodiversity, destroy it and release irrecoverable carbon sinks -- when we know nothing about it." His country joined Chile, Costa Rica and Panama in a recent letter saying it is "clear" that the regulations "are not ready for adoption yet," and suggesting discussions on a new timeline. "We categorically disassociate ourselves from any suggestion or interpretation that the Council is bound, legally or politically, to adopt the regulations by the end of the year," the letter said. At the previous session in March, the ISA Council went through a debate on 55 of 107 proposed rules. Carvalho said, though some members "have expressed differing views on the desirability or timing of future mining activities, the overwhelming majority have remained committed to continuing the negotiations with good faith, diligence and unity, recognising the imperative of establishing a robust and science-based regulatory regime." A meeting of the full 169-member ISA is scheduled for July 21-25. The number of ISA members in favour of a precautionary pause to mining continues to grow -- from 12 in 2022 to 37 today, according to the NGO alliance Deep Sea Conservation Coalition -- but they are still far from the majority. At that meeting, Chile hopes to revive its bid to adopt "the protection and preservation of the marine environment" as a "general policy" for the body. The move is seen as a first step towards a moratorium.
Time of India
42 minutes ago
- Time of India
India proposes retaliatory tariffs Against US Over Auto Duties at WTO
India on Friday proposed retaliatory tariffs against the US under the World Trade Organization (WTO) norms over latest American tariffs on automobile imports in the guise of safeguard measures. "The safeguard measures would affect $2.895 billion imports annually into the US of the relevant products originating in India, on which the duty collection would be $723.75 million," New Delhi told the WTO. Last month, India sought consultations with the US after Washington adopted a measure in the form of a 25% tariff increase ad valorem on imports of passenger vehicles and light trucks, as well as certain auto parts originating in or from India. India said its proposed suspension of concessions or other obligations would be in the form of higher tariffs on selected products originating in the US. "Accordingly, India's proposed suspension of concessions would result in an equivalent amount of duty collected from products originating in the US," it said. "This notification is made in connection with safeguard measures extended by the United States of America on imports of automobile parts from India." The US imported $89 billion worth of auto parts globally last year, with Mexico accounting for $36 billion, China at $10.1 billion, and India at only $2.2 billion. This is the second instance of New Delhi proposing retaliatory tariffs on US goods. In May, India proposed to levy retaliatory duties on certain American products under the WTO to counter US tariffs on steel and aluminium in the guise of safeguard measures. At the time, New Delhi told the WTO that these measures would affect $7.6 billion imports into the US. On March 26, the US adopted a safeguard measure in the form of a tariff increase of 25% ad valorem on imports of passenger vehicles and light trucks, and on certain auto parts from India. These measures were effective May 3 for auto parts, and for an unlimited duration. The steps are still to be notified by the US to the WTO, but are, in essence, safeguard measures. India has maintained that the measures taken by the US are not consistent with the General Agreement on Trade and Tariff 1994 and the agreement on Safeguards. As consultations sought by India on these tariffs are still to happen, New Delhi said it reserves right to suspend concessions or other obligations to the US in the meantime.
Hans India
an hour ago
- Hans India
‘Big Beautiful Bill' passes US Congress
Washington: US President Donald Trump on Thursday secured a major political victory when Congress narrowly passed his flagship tax and spending bill, cementing his radical second-term agenda and boosting funds for his anti-immigration drive. The bill underlined the President's dominance over the Republican Party, which had been wracked by misgivings over a text that will balloon the national debt and gut health and welfare support. A small group of opponents in the party finally fell into line after Speaker Mike Johnson worked through the night to corral dissenters in the House of Representatives behind the "One Big Beautiful Bill." The bill squeezed past a final vote 218-214, meaning it can be on Mr. Trump's desk to be signed into law on the July 4th Independence Day holiday. "One of the most consequential Bills ever. The USA is the 'HOTTEST' Country in the World, by far!!!" Trump said on social media as he scented victory. The timing of the vote slipped back as Democratic minority leader Hakeem Jeffries spoke against the bill for nearly nine hours to delay proceedings. The legislative win is the latest in a series of successes for Trump, including a Supreme Court ruling last week that curbed lone judges from blocking his policies, and US air strikes that led to a ceasefire between Israel and Iran. His sprawling mega-bill just passed the Senate on Tuesday and had to return to the lower chamber for a rubber stamp of the senators' revisions. The package honours many of Trump's campaign promises: boosting military spending, funding a mass migrant deportation drive and committing $4.5 trillion to extend his first-term tax relief. "Today we are laying a key cornerstone of America's new Golden Age," Johnston said. But it is expected to pile an extra $3.4 trillion over a decade onto the country's fast-growing deficits, while shrinking the federal food assistance program and forcing through the largest cuts to the Medicaid health insurance scheme for low-income Americans since its 1960s launch.
