logo
UPSC Key: Great Nicobar Island Project, PARAKH Rashtriya Sarvekshan and Trade Union

UPSC Key: Great Nicobar Island Project, PARAKH Rashtriya Sarvekshan and Trade Union

Indian Express4 days ago
Important topics and their relevance in UPSC CSE exam for July 8, 2025. If you missed the July 7, 2025 UPSC CSE exam key from the Indian Express, read it here
FRONT PAGE
Trump unveils 25% tariffs on South Korea and Japan; India eyes extended deadline
Syllabus:
Preliminary Examination: Current events of national and international importance.
Mains Examination: General Studies II: Effect of policies and politics of developed and developing countries on India's interests
What's the ongoing story: TWO DAYS before the reciprocal tariff pause runs out on July 9, President Donald Trump said on Monday that the US would impose 25% tariffs on imports from Japan and South Korea beginning August 1 as he unveiled the first two of what he has said will be a wave of letters to trading partners outlining the new levies they face.
Key Points to Ponder:
• Know the term 'tariffs'.
• Why tariffs are imposed by a country on another country's goods?
• Which WTO principle is challenged when selective tariffs are imposed on certain countries?
• What is the likely short-term effect of 25% tariffs on South Korea and Japan?
• How does India stand to benefit or lose amid rising US protectionism targeting Asian allies?
• How such trade protectionist measures affect global supply chains, especially in the electronics and automobile sectors?
Key Takeaways:
• The rate for South Korea is the same that Trump initially announced on April 2, while the rate for Japan is 1 point higher than first announced. Trump capped all of the so-called reciprocal tariffs at 10% until July 9 to allow for negotiations. Only two agreements have so far been reached, with Britain and Vietnam.
• Meanwhile, amid uncertainty over the conclusion of an interim trade deal with India, the US has indicated that it may allow negotiations to continue until an extended deadline of August 1.
• Indian officials have indicated that while efforts are still underway to wrap up the trade negotiations — which had reached the last leg till the challenges thrown up in the final lap delayed the announcement of a pact — there could now be some more elbow room with respect to the fresh timelines.
• This is significant for India, which is unlikely to sign on the dotted line by then, although efforts are underway to ink a mini trade deal covering goods, excluding contentious items.
Do You Know:
• The Indian negotiators, led by Chief Negotiator and Special Secretary Rajesh Aggarwal, returned on Friday after nearly a week of talks with the US. A government official indicated that the likely interim deal would involve only goods, as services and labour issues are not currently part of the negotiations.
• A government official had told The Indian Express that agriculture has been a major sticking point in negotiations, particularly because India has adopted an unwavering stance on this sector.
• The US maintains that the August 1 cut-off date is not a new deadline but an outer limit for countries to 'speed things up', and that this strategy has helped bring trading partners such as the European Union on board.
• The threat from the Trump administration is that if the August 1 deadline is not adhered to, those countries go back to the April 2 tariff levels. Most of them are minor trading partners of the US and are likely outside America's 18 important trading relationships that account for 95 per cent of the country's trade deficit.
Other Important Articles Covering the same topic:
📍Trump to impose 25% tariffs on Japan and South Korea from August 1
Post Op Sindoor, pvt sector may see big push for defence manufacturing
Syllabus:
Preliminary Examination: Current events of national and international importance.
Mains Examination: General Studies II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.
What's the ongoing story: WITH A specific thrust on the need to 'leverage the buying power' of the government, authorities are learnt to have reached out to industry bodies and multiple private defence manufacturing companies to elicit active participation in defence manufacturing.
Key Points to Ponder:
• Defence Acquisition Procedure (DAP) 2020-what you know about the same?
• The DAP 2020 emphasizes 'Make in India' by promoting what?
• What are the advantages and limitations of using simulations in defence procurement?
• What are the recent steps taken by the Ministry of Defence to streamline procurement timelines?
• How can India leverage geopolitical crises to strengthen its private defence manufacturing ecosystem?
• What role private sector can play in India's journey toward self-reliance in defence production in the context of evolving national security threats?
• How can public-private collaboration enhance India's defence preparedness?
Key Takeaways:
• There is likely to be a greater push for enhanced indigenous arms manufacturing of items such as artillery guns, missiles, loitering and precision-guided munitions, and military-grade drones in the backdrop of Operation Sindoor.
• The government is pivoting towards a leaner equipment procurement model that involves leveraging the private sector to a much greater extent, giving key players visibility in terms of future orders and taking recourse to provisions such as deemed licensing to tide over procedural hurdles.
• Specific measures on the anvil include plans to compress procurement schedules to around two years from an average of about six years currently for big orders, as was done for the Rafale Marine aircraft procured by the Navy, a top government official told The Indian Express.
Do You Know:
• According to the latest data by the Controller General of Accounts, the Ministry of Defence had spent 14 per cent or Rs 24,730 crore till May-end out of its total budgeted capital expenditure Rs 1.8 lakh crore for FY26. The Ministry had spent just 4 per cent of its budgeted amount in the corresponding period of the previous financial year.
• A model involving research and development (R&D) by public sector undertakings (PSUs), sometimes jointly with the private sector players, and the production then being entrusted to the private company, as was done for DRDO-designed 5.56x45mm CQB Carbine that is now being manufactured by Bharat Forge after a tender process, is likely to be replicated for more equipment.
• In case of drones, the idea is to shortlist up to five manufacturers of civilian drones that have the capacity to expand to military-grade ones, and offer them government support for technology tie-ups and order book guidance.
• The government is also working towards revising the Defence Acquisition Procedure (DAP) 2020 to streamline the defence procurement process. A compression of the documentation manual, co-development with the Defence Research and Development Organisation (DRDO), and a competitive bidding procurement procedure through tenders and not nominations are going to be the key focus areas for the proposed DAP 2025 that is likely to be ready in about eight months.
• GIVEN THAT the nature of warfare is changing, an area where there is likely to be a greater thrust post-Op Sindoor is standoff weapons, including missiles, drones. The government is also working to update its Defence Acquisition Procedure to streamline the procurement process, elicit greater industry participation, and compress acquisition timelines.
Other Important Articles Covering the same topic:
📍Indigenising defence production is a good idea whose time has come
EXPRESS NETWORK
Govt submits panel report on Great Nicobar project to NGT
Syllabus:
Preliminary Examination: Current events of national and international importance
Main Examination: General Studies III: Conservation, environmental pollution and degradation, environmental impact assessment and Infrastructure: Energy, Ports, Roads, Airports, Railways etc.
What's the ongoing story: The Union environment ministry on Monday submitted, in a sealed envelope, the report of a high-powered committee (HPC) formed to revisit the Great Nicobar Island mega infrastructure project's environmental clearance to a six-member bench of the National Green Tribunal (NGT), headed by Chairperson Justice Prakash Shrivastava.
Key Points to Ponder:
• Map Work-Great Nicobar Island
• The Great Nicobar Island mega infrastructure project-what you know about the same?
• What is Andaman and Nicobar Islands Integrated Development Corporation Limited (ANIIDCO)?
• What is the conservation status of leatherback sea turtle, long-tailed macaque, coconut crab and Nicobar megapode?
• What are the issues related to the Great Nicobar Island Project?
• Analyse the trade-offs between development and conservation in the Great Nicobar Island Project.
• How the Great Nicobar Project can enhance India's maritime security?
• Examine the impact of the Great Nicobar Project on the Shompen and Nicobarese tribes.
Key Takeaways:
• The ministry also submitted in an additional affidavit filed before the NGT that Rs 80 crore has already been released till March-end towards wildlife conservation plans and healthcare, as prescribed in the conditions of statutory environmental clearances for the mega project. This includes funds released for leatherback sea turtle; Nicobar megapode conservation; conservation plans for long-tailed macaque and coconut crab; and conservation of native flora and fauna, among other plans.
• The bench granted time to the applicant's counsel to file a rejoinder to the environment ministry's additional affidavit and adjourned the matter.
• The six-member NGT bench was hearing on-going matters filed by environmental activist and researcher Ashish Kothari on alleged environmental violations in the project.
• The ministry's additional affidavit was filed in response to NGT's directions in March to place on record the follow-up actions and outcomes after the HPC revisited the project's statutory environmental clearance.
Do You Know:
• Great Nicobar is the southernmost and largest of the Nicobar Islands, a sparsely inhabited 910-sq-km patch of mainly tropical rainforest in southeastern Bay of Bengal. Indira Point on the island, India's southernmost point, is only 90 nautical miles (less than 170 km) from Sabang at the northern tip of Sumatra, the largest island of the Indonesian archipelago.
• Great Nicobar has two national parks, a biosphere reserve, small populations of the Shompen and Nicobarese tribal peoples, and a few thousand non-tribal settlers.
• The Andaman and Nicobar Islands are a cluster of 836 islands, split into two groups — the Andaman Islands to the north and the Nicobar Islands to the south — by the 150-km wide Ten Degree Channel. President Droupadi Murmu visited the archipelago in February this year, and interacted with some of its indigenous inhabitants.
• The mega infrastructure project — which is being implemented by the Andaman and Nicobar Islands Integrated Development Corporation (ANIIDCO) — is proposed to include an International Container Transhipment Terminal (ICTT), a greenfield international airport with a peak hour capacity to handle 4,000 passengers, a township, and a gas and solar based power plant spread across 16,610 hectares.
• The HPC was formed in April 2023 on the orders of the NGT to address 'unanswered deficiencies' regarding the impact of the mega project involving a port and airport pertaining to coral conservation, location of the port in a prohibited area , and on limited baseline data collection. The NGT had not interfered with the environmental and forest clearances granted for the project.
• The HPC had concluded that the project's environmental clearance and coastal regulation zone clearance adhered to the instant statutory provisions. It had said that no part of the project fell in out of bounds coastally sensitive areas, while regarding corals, it had said citing the Zoological Survey of India that 16,510 coral colonies close to the project needed to translocated, as per an affidavit filed by the environment ministry last year.
• After preparing the report, the HPC forwarded it to the Andaman and Nicobar Island administration, which was directed to take appropriate action regarding the conclusions and recommendations. Further, it said that in compliance of the HPC's report, an overarching committee was formed in January 2024, comprising the chief secretary of Andaman and Nicobar Administration, and representatives of the Wildlife Institute of India, Botanical Survey of India, Zoological Survey of India (ZSI), and ANIIDCO, among others.
• Out of the Rs 80.84 crore released, Rs 15.72 crore was released to the Wildlife Institute of India for undertaking conservation plans for leatherback sea turtles, Nicobar megapode, and saltwater crocodile. The Salim Ali Centre for Ornithology got Rs 24.5 crore for undertaking conservation plans for bird hazard risk assessment for the proposed airport, conservation of coconut crab, and long-tailed macaque.
• An amount of Rs 23.55 crore was released to the ZSI for undertaking conservation and management of coral reefs of the Great Nicobar Island, and conservation management for intertidal marine fauna of the Great Nicobar Island.
Other Important Articles Covering the same topic:
📍The fate of Great Nicobar Island: Its Indigenous peoples displaced by aid, robbed by development
Class 3 learning still lower than pre-Covid level: Govt survey
Syllabus:
Preliminary Examination: Indian Polity and Governance
Mains Examination: General Studies II: Issues relating to development and management of Social Sector/Services relating to Health, Education, Human Resources.
What's the ongoing story: Learning levels are yet to bounce back to pre-Covid levels in the primary stage, with students in Class 3 still not having caught up with the performance recorded in 2017, the Centre's latest school education assessment released Monday shows.
Key Points to Ponder:
• What is the PARAKH Rashtriya Sarvekshan?
• How is this year's survey different from previous years?
• What did current NAS find?
• What are the objectives and significance of PARAKH (Performance Assessment, Review, and Analysis of Knowledge for Holistic Development)?
• What is the role of the National Achievement Survey (NAS) in identifying learning gaps in the Indian school education system?
• How can PARAKH contribute towards improving accountability and outcome-based education in Indian schools?
• Discuss the significance of foundational literacy and numeracy in shaping the long-term educational and socio-economic outcomes of children.
• What are the long-term implications of low foundational skills in early education on India's demographic dividend?
Key Takeaways:
• Class 3 students assessed in language and Mathematics fared better compared to 2021, when learning levels were captured in the wake of the pandemic and the resultant disruptions in education, but their scores remained lower than the pre-Covid level in 2017.
• The PARAKH Rashtriya Sarvekshan, which was called the National Achievement Survey (NAS) in previous iterations, assessed 21.15 lakh students in Classes 3, 6, and 9 across 74,229 schools in December 2024.
• However, scores of only Class 3 can be compared with 2017 and 2021 since it is the only common class in all three rounds of assessment. The 2017 NAS was held for Classes 3, 5 and 8, while the 2021 NAS was for Classes 3, 5, 8, and 10.
• The 2024 survey was aligned with the stages of the National Education Policy 2020, under which Class 3 marks the end of the foundational stage of school education, Class 6 the end of the preparatory stage, and Class 9 the end of the middle stage.
Do You Know:
• According to its findings, Class 3 students recorded an average national score of 64% in language in 2024 — a two-percentage-point increase from 62% in 2021, but lower than the 2017 score of 66.7%. Similarly, in Maths, the national average score in 2024 was 60% — above the 57% recorded in 2021, but below 63% scored in 2017.
• In terms of the language competencies they were assessed on, Class 3 students scored the lowest (60%) in reading short stories and comprehending their meaning, while they fared best (67%) in knowing and using words to carry out day-to-day interactions.
• In Maths, Class 3 students fared poorly in geometric shapes and simple money transactions, scoring an average of 50% in both. They performed best (69%) in identifying simple patterns, shapes and numbers.
• In Classes 6 and 9, the national average score is less than 50% in all subjects they were assessed in, except for language.
Other Important Articles Covering the same topic:
📍Delhi govt schools lead in foundational stage; pvt schools excel in higher grades
Trade union forum calls for nationwide bandh against govt policies tomorrow
Syllabus:
Preliminary Examination: Current events of national and international importance.
Mains Examination: General Studies II: Pressure groups and formal/informal associations and their role in the Polity.
What's the ongoing story: A forum of 10 central trade unions and their associates has called for a 'Bharat Bandh' on Wednesday to oppose the 'anti-worker, anti-farmer and anti-national pro-corporate policies of the government'.
Key Points to Ponder:
• What is trade union?
• Emergence and growth of Trade Unions-what you know about the same?
• What are the Four Labour Codes?
• What is Pressure Group?
• What are the techniques used by pressure groups?
• Pressure Groups in India and trade unions-connect the dots
• What are the core grievances of trade unions in calling for the 09 July Bharat Bandh?
• How can the government address demands of trade unions through inclusive policy-making?
• Know the role of trade unions in shaping labour laws and reforms in India post-economic liberalization.
Key Takeaways:
• The forum on Monday said preparations for the bandh have been taken up in earnest by unions in all sectors of formal and informal/unorganised economy.
• 'More than 25 crore workers are expected to take part in the strike. Farmers and rural workers will also join the protest across the country,' said Amarjeet Kaur from All India Trade Union Congress (AITUC).
• Apart from AITUC, Indian National Trade Union Congress (INTUC), HMS, Centre of Indian Trade Unions (CITU), All India United Trade Union Centre (AIUTUC), Trade Union Coordination Centre (TUCC), Self Employed Women's Association (SEWA), All India Central Council of Trade Unions (AICCTU), Labour Progressive Federation (LPF) and United Trade Union Congress (UTUC) are part of the forum.
Do You Know:
• It alleged that the government has not been conducting the annual labour conference for the last 10 years and continues to take decisions in contravention to the interest of labour force, attempting to impose the four new labour codes to weaken collective bargaining, to cripple union activities and to favour employers in the name of 'ease of doing business'.
• The forum also alleged that the economic policies are resulting in increased unemployment, rising prices of essentials, decrease in wages, cut in social sector spending in education, health, basic civic amenities, and all these are leading to more inequalities and miseries for poor, people of lower income group as well as the middle class.
• Trade unions have been fighting against 'privatisation of public sector enterprises and public services, policies of outsourcing, contractorization and casualisation of workforce', it said.
Other Important Articles Covering the same topic:
📍Bharat Bandh: Why Centre must listen to the concerns of trade unions
Previous year UPSC Mains Question Covering similar theme:
📍Since the decade of the 1920s, the national movement acquired various ideological strands and thereby expanded its social base. Discuss. (2020)
EXPLAINED
Law on phone-tapping, and two HC rulings
Syllabus:
Preliminary Examination: Indian Polity and Governance
Main Examination: General Studies II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.
What's the ongoing story: Both the Madras and Delhi High Court cases involved 'preventing incitement to the commission of an offence', which is one of the valid grounds in law for authorising phone tapping.
Key Points to Ponder:
• How are phones tapped in India?
• Who can tap phones?
• What laws govern this?
• Who authorises phone tapping?
• Indian Telegraph Act, 1885-Historical Background and Present Relevance
• Reforms needed or Revoking Indian Telegraph Act 1885?
• Phone Tapping and Indian Telegraph Act, 1885
• Legality of Phone Tapping and Article 21 of the Indian Constitution
• Authenticity of An Intercepted Conversation as an Evidence-know in detail
Key Takeaways:
• Both the Madras and Delhi High Court cases involved 'preventing incitement to the commission of an offence', which is one of the valid grounds in law for authorising phone tapping.
• Both courts separately examined the nature of economic offences to determine if they could be deemed as 'public emergency' or 'public safety.' While the Delhi High Court upheld the interception order, the Madras High Court quashed it.
• DELHI HC: On June 26, the Delhi High Court rejected the plea of an accused who challenged a trial court's order accepting evidence gathered by the Central Bureau of Investigation (CBI) through phone-tapping.
• Madras HC: The Madras High Court on July 2 quashed an interception order issued by the MHA in 2011 for intercepting the phone of an accused in a bribery case. The accused was allegedly attempting to pay a bribe of Rs 50 lakh to a senior Income Tax officer to help the accused hide undisclosed taxable income.
Do You Know:
• The government's powers to intercept communication is laid down in and circumscribed by three pieces of legislation.
—The Indian Post Office Act, 1898 allows for the interception of communication through post;
—The Indian Telegraph Act, 1885 is used for tapping voice calls; and
—The Information Technology Act, 2000 governs the interception of WhatsApp messages, emails, etc.
• The 140-year-old Telegraph Act was originally meant for intercepting telegrams, but over the years it has been expanded to include telephonic conversations. Section 5(2) of the Act states that both state and central governments can, 'on the occurrence of any public emergency, or in the interest of the public safety', authorise interception.
• Given that the right to free speech and the right to privacy are fundamental rights, any encroachment on these rights through surveillance is only permissible on narrow constitutional grounds.
• These grounds — the interest of the sovereignty, and integrity of India; the security of the state; friendly relations with foreign states; public order; or preventing incitement to the commission of an offence — are enumerated as 'reasonable restrictions' under Article 19(2) of the Constitution.
• Section 5(2) of the Act also mentions these grounds for authorising interception. For actions to be deemed a threat to 'public emergency, or in the interest of the public safety' and allow for interception, they have to necessarily fall into one of the reasonable restrictions.
Other Important Articles Covering the same topic:
📍Explained: The laws for surveillance in India, and concerns over privacy
For any queries and feedback, contact priya.shukla@indianexpress.com
Subscribe to our UPSC newsletter. Stay updated with the latest UPSC articles by joining our Telegram channel – IndianExpress UPSC Hub, and follow us on Instagram and X.
Priya Kumari Shukla is a Senior Copy Editor in the Indian Express (digital). She contributes to the UPSC Section of Indian Express (digital) and started niche initiatives such as UPSC Key, UPSC Ethics Simplified, and The 360° UPSC Debate. The UPSC Key aims to assist students and aspirants in their preparation for the Civil Services and other competitive examinations. It provides valuable guidance on effective strategies for reading and comprehending newspaper content. The 360° UPSC Debate tackles a topic from all perspectives after sorting through various publications. The chosen framework for the discussion is structured in a manner that encompasses both the arguments in favour and against the topic, ensuring comprehensive coverage of many perspectives.
Prior to her involvement with the Indian Express, she had affiliations with a non-governmental organisation (NGO) as well as several coaching and edutech enterprises. In her prior professional experience, she was responsible for creating and refining material in various domains, including article composition and voiceover video production. She has written in-house books on many subjects, including modern India, ancient Indian history, internal security, international relations, and the Indian economy. She has more than eight years of expertise in the field of content writing.
Priya holds a Master's degree in Electronic Science from the University of Pune as well as an Executive Programme in Public Policy and Management (EPPPM) from the esteemed Indian Institute of Management Calcutta, widely recognised as one of the most prestigious business schools in India. She is also an alumni of Jamia Milia Islamia University Residential Coaching Academy (RCA).
Priya has made diligent efforts to engage in research endeavours, acquiring the necessary skills to effectively examine and synthesise facts and empirical evidence prior to presenting their perspective. Priya demonstrates a strong passion for reading, particularly in the genres of classical Hindi, English, Maithili, and Marathi novels and novellas. Additionally, she possessed the distinction of being a cricket player at the national level.
Qualification, Degrees / other achievements:
Master's degree in Electronic Science from University of Pune and Executive Programme in Public Policy and Management (EPPPM) from Indian Institute of Management Calcutta
... Read More
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Space and defense firm Firefly's US IPO filing reveals 2024 revenue growth
Space and defense firm Firefly's US IPO filing reveals 2024 revenue growth

Time of India

time29 minutes ago

  • Time of India

Space and defense firm Firefly's US IPO filing reveals 2024 revenue growth

By Prakhar Srivastava AE Industrial Partners-backed space and defense technology company Firefly Aerospace on Friday disclosed a 10% rise in 2024 revenue in its filing for an initial public offering in the United States. Firefly revealed a revenue of $60.8 million in 2024, compared to $55.2 million the previous year. The U.S. IPO market is witnessing renewed interest and vigor, especially for space listings, as investors return after months of sluggish activity earlier this year triggered by policy shifts and tariff uncertainty under President Donald Trump. "There is a 'window of opportunity' in space-related IPOs," said IPOX CEO Josef Schuster, adding that there was strong investor appetite for space-related offerings. "This is driven by enthusiasm about the growth prospects of the sector." Space firms Voyager Technologies and Karman Holdings received warm welcomes when they debuted listings earlier this year. Texas-based Firefly designs and manufactures small and medium lift launch vehicles, lunar landers and orbital transfer vehicles. It scored its first Moon landing in March with the Blue Ghost spacecraft, joining a handful of private companies competing to reach the frontlines in a global lunar race. Firefly secured a valuation of $2 billion in a November 2024 funding round. It intends to list on the Nasdaq under the symbol "FLY". Goldman Sachs, JPMorgan, Jefferies and Wells Fargo are the lead underwriters for the offering.

Auto recap, July 11: Tesla to inaugurate its 1st dealership, Toyota Glanza gets 6 airbags and more
Auto recap, July 11: Tesla to inaugurate its 1st dealership, Toyota Glanza gets 6 airbags and more

Hindustan Times

time29 minutes ago

  • Hindustan Times

Auto recap, July 11: Tesla to inaugurate its 1st dealership, Toyota Glanza gets 6 airbags and more

Tesla is all-set to launch in the Indian market. (AP Photo/Robert F. Bukaty, File) (AP) Check Offers The automotive sector is undergoing swift transformations, making it challenging to remain updated on all the recent developments. At HT Auto, we are committed to providing the most pertinent and up-to-date information as it emerges. Presented below is a brief summary of the main highlights from Friday, July 11. Toyota Glanza Prestige Edition launched In conjunction with the safety enhancement, Toyota has launched a new limited-time accessory bundle known as the "Prestige Package." This package, which is available until July 31, features a variety of cosmetic enhancements aimed at improving the vehicle's aesthetics and interior experience. The items included in the package consist of chrome-trimmed body side mouldings, premium door visors, rear lamp and lower grille garnishes, illuminated door sills, and a rear skid plate. These accessories are installed by dealers and are provided as an optional upgrade. Apart from this, the premium hatchback also gets 6 airbags as standard. Also Read : Toyota Glanza Prestige Edition launched, now gets 6 airbags as standard Tesla to launch its first experience center Tesla is poised to launch its inaugural experience centre in Mumbai. This centre is situated in Bandra Kurla Complex (BKC) and is scheduled to open on July 15. It is anticipated that Elon Musk will make an appearance at the experience centre, given that it is the first of its kind in our nation. However, this has not been officially confirmed as of yet. This highly anticipated move will formally mark the company's entry into the world's third-largest automotive market. Following Mumbai, the next experience centre may be established in New Delhi. The prominent American electric vehicle manufacturer has begun importing its Model Y rear-wheel drive SUVs from its Shanghai facility, signaling the start of its retail operations in India. As per import records obtained by Bloomberg News, at least five Model Y units have arrived at Mumbai port. Also Read : Tesla to launch its first experience centre in Mumbai on July 15 Renault Boreal unveiled globally The Renault Boreal, a new C-segment SUV, features advanced driver assistance systems, an OpenR Link multimedia system with Google services, and a flexible modular platform. Set to launch in Latin America and Turkey from late 2025, its arrival in India remains uncertain despite growing local interest in mid-size SUVs. Also Read : Renault unveils Boreal SUV based on ultra-flexible modular platform. Will it come to India? Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date: 12 Jul 2025, 07:15 am IST

Copper traders rush metal to Hawaii to capture mega tariff trade
Copper traders rush metal to Hawaii to capture mega tariff trade

Time of India

time32 minutes ago

  • Time of India

Copper traders rush metal to Hawaii to capture mega tariff trade

Copper traders racing to get cargoes into the US are looking to shift deliveries into Hawaii and Puerto Rico to cut shipment times, as Donald Trump's plan for 50% tariffs threatens to slam the door on a hugely profitable arbitrage trade that has gripped the industry for months. New York futures spiked to a roughly 25% premium over international benchmark prices in the wake of Trump's initial announcement on Tuesday, which means traders who can deliver metal into the US before the new levies stand to capture an even larger profit — or face big losses if the clock runs out. Trump's announcement points to the culmination of a dramatic shift that has played out in the copper market ever since the president first announced plans to put tariffs on copper in February. The resulting surge in US prices prompted an industry-wide dash to deliver metal into the US; stockpiles inside the country have soared, while the rest of the world faced a mounting supply squeeze. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Top 25 Most Beautiful Women In The World Car Novels Undo The shipments had been reducing in scale in recent weeks, as some traders started to brace for a tariff announcement, according to people familiar with the market. But there are still large volumes of copper on their way to US ports, they said. Bloomberg Copper inventories in the US are likely to hit 500,000 tons in the coming weeks, roughly half of which is in the key US storage hub of New Orleans, according to estimates from participants active in the market. Metal is also being stored in Port Panama City in Florida. Live Events Frazzled traders described pulling all-nighters through the turmoil as they responded to Tuesday's news, making decisions over what to do with cargoes already on their way to the US, and whether to try to squeeze in further shipments. While tariffs were eventually expected, 50% was higher than many in the market were betting on. The president confirmed that rate in a social-media post late Wednesday, as well as a plan for it to kick in from Aug. 1. Some traders desperate to get their hands on last-minute metal are willing to pay big premiums — offering close to $400 a ton on top of London Metal Exchange prices — and seeking to divert shipments headed for China toward the US instead, according to people involved in the market, who asked not to be identified discussing commercially sensitive information. Buyers are particularly willing to pay more for brands that are eligible for delivery against Comex contracts, meaning that they could re-sell them on the exchange as a last resort if they cannot find other homes for the copper upon arrival in the US. Shipments from Asia to New Orleans typically take over a month, so any traders sending metal now would risk being caught on the wrong side of the tariffs, which are due to become effective at the start of next month. But the journey to Hawaii is roughly ten days, and at least one trader has already completed a shipment to the Pacific state, according to a person familiar with the matter. For producers in South America, Puerto Rico is a similarly attractive delivery point because it is part of the US customs territory, some of the traders said. In Chile, the key supplier of copper to the US, mining companies have been huddled in meetings to discuss how to prioritize shipments to the US through the end of July under their agreements with existing customers. Trump's announcements means that traders now face a race against time — especially those that paid large premiums to get their hands on copper cargoes. They stood to make a huge profit shipping that metal to the US, but now face the risk that the tariffs will be implemented while the metal is on the water. Traders are also wrestling with a long list of unknowns. Besides the timing, Trump's remarks leave questions over which types of copper will be subject to tariffs. Previous metal tariffs imposed by the administration have also exempted cargoes already on the water when the levies take effect, providing potential wiggle room for traders willing to take that risk. The size of the gap between New York and London prices — far below 50% — also suggests a level of uncertainty about whether a 50% tariff will really be universally applied on refined copper imports.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store