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Time of India
10-07-2025
- Business
- Time of India
Trump imposes 50% tariffs on Brazil after spat with Lula
U.S. President Donald Trump said on Wednesday the U.S. would impose a 50% tariff on all imports from Brazil after a spat this week with his Brazilian counterpart who called him an unwanted "emperor." Brazil's President Luiz Inacio Lula da Silva fired back on Wednesday, saying new tariffs would be met with reciprocal measures. In a letter, Trump linked the tariffs to Brazil's treatment of former President Jair Bolsonaro, who is on trial over charges of plotting a coup to stop Lula from taking office in 2023. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Contribute ToGau Seva At Hare Krishna Mandir Hare krishna Mandir Donate Now Undo The levies were imposed due "in part to Brazil's insidious attacks on Free Elections, and the fundamental Free Speech Rights of Americans," the letter said. Brazil's real currency added to earlier losses to fall over 2% against the dollar after the announcement, and companies such as planemaker Embraer and oil major Petrobras also suffered setbacks in the stock market. Live Events Lula, his vice-president, his finance minister, and others held an emergency meeting in Brasilia on Wednesday night to discuss the new levies. In a lengthy post to social media after the meeting, Lula said Trump's accusations that trade between the two countries was unfair to the U.S. were false, stressing the U.S. runs a trade surplus against Brazil. "Sovereignty, respect, and the unwavering defense of the interests of the Brazilian people are the values that guide our relationship with the world," Lula wrote. The U.S. is Brazil's second-largest trading partner after China and the tariffs are a major increase from the 10% announced in April. Trump's letter said the 50% tariff will start August 1 and will be separate from all sectoral tariffs. On Monday, Lula pushed back against Trump after the U.S. leader threatened to impose an additional 10% tariff on the BRICS group of developing nations, which he called "anti-American." "The world has changed. We don't want an emperor," Lula told reporters when asked at a BRICS summit in Rio de Janeiro about the possible BRICS tariff. BOLSONARO 'WITCH HUNT' Tensions between the United States and Brazil had already intensified on Wednesday after Brazil's foreign ministry summoned the U.S. Embassy charge d'affaires over a statement defending Bolsonaro. Around the same time, Trump, speaking to reporters at an event with West African leaders at the White House, said Brazil "has not been good to us, not good at all," adding the tariff rates would be based on "very, very substantial facts" and past history. The U.S. Embassy in Brasilia confirmed on Wednesday its charge d'affaires had a meeting with officials from Brazil's foreign ministry, though it declined to share details about the conversation. Trump's support for Bolsonaro echoed his support for other global leaders who have faced domestic legal cases like French far-right leader Marine Le Pen and Israeli Prime Minister Benjamin Netanyahu. Trump has called cases against those leaders a "witch hunt," a term he used for cases he faced himself in the U.S. after the end of his first term in office. Trump said in a social media post on Monday that Bolsonaro was the victim of such a "witch hunt." The U.S. Embassy in Brasilia issued a statement on Wednesday to the local press echoing his remarks. "The political persecution of Jair Bolsonaro, his family and his supporters is shameful and disrespectful of Brazil's democratic traditions," it said. In a post on social media, Bolsonaro did not mention Trump, but said he "is persecuted because he remains alive in the public consciousness. Even out of power, he remains the most remembered-and most feared-name." In his letter, Trump also directed U.S. Trade Representative James Greer to initiate a probe into what he called unfair trade practices by Brazil, particularly on U.S. companies' digital trade. Trump also criticized decisions from Brazil's Supreme Court that he said censored social media firms. Brazil's Supreme Court has long been criticized by Bolsonaro's allies for ordering social media websites to take down content from leaders of their far-right movement. The court also imposed more responsibilities on those companies last month. In his post on Wednesday, Lula rebuffed Trump's accusations of a witch hunt and said the case against Bolsonaro was up for the courts to decide and not subject to any "threats that could compromise the independence of national institutions." Lula also defended his country's Supreme Court and its ruling on social media and said "freedom of expression must not be confused with aggression or violent practice." IMPACT ON FOOD EXPORTS The tariffs on Brazil could have a significant impact on food prices in the United States. Around a third of the coffee consumed in the U.S., the world's largest drinker of the beverage, comes from Brazil, which is the world's largest coffee grower. Annual Brazilian coffee exports to the U.S. are close to 8 million bags, according to industry groups. More than half of the orange juice sold in the U.S. comes from Brazil, which has an 80% share of the juice's global trade. The South American agricultural powerhouse also sells sugar, beef and ethanol to the U.S., among other products. "This measure impacts not only Brazil, but the whole U.S. juice industry that employs thousands of people and has had Brazil as its main supplier for decades," said Ibiapaba Netto, the executive director of Brazilian orange juice industry group CitrusBR.
Time of India
08-07-2025
- Business
- Time of India
BFSI sector poised for long-term gains amid liquidity push: Varun Saboo
"I do not see a reason why one has to be thinking twice in terms of how markets can rally. I hear a lot of arguments where people talk about Indian markets being expensive, they are expensive and they will remain expensive for the right reason of growth. So, yes, that is my take on an overall market basis," says Varun Saboo , Anand Rathi Shares. Do you think the index is headed in for some more days of consolidation or is it pegging for a move up or down? Varun Saboo: I would just like to re-mention my positive stance as I have been coming on your show and every time I have been coming and talking about it. This consolidation if anything is an opportunity which one is getting. We can clearly see in the underlying if you do a proper bottom-up and if you look to own stocks after looking at bottom-up ideas, one could make good money. There is good enough move coming when it comes to stock ideas on a bottom-up basis. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Contribute ToGau Seva At Hare Krishna Mandir Hare krishna Mandir Donate Now Undo I do not see any reason why one has to be negative on the markets currently. If we have to see the industry, heavyweight sector something like an IT pack or say consumer pack or overall consumption, consumption discretionary, BFSI the outlook for all of them remains quite optimistic honestly. So, I do not see a reason why one has to be thinking twice in terms of how markets can rally. I hear a lot of arguments where people talk about Indian markets being expensive, they are expensive and they will remain expensive for the right reason of growth. So, yes, that is my take on an overall market basis. But of late, a lot of sector churning at play and at least for today we are seeing the defensives making a comeback. Help us understand how are you seeing the money flowing in and which sectors do you see the move upcoming or rather the fund flow is actually getting more inflows right now and getting attractive? Varun Saboo: See, honestly, defensives are rallying because there has been some correction in the…, it is basically more of a catchup honestly. I mean, some correction in the valuations is what I meant. But honestly across sectors if I see, there is no reason why we should not be optimistic. When it comes to say infra, capital goods, we have seen a lot of activity pick up in the last six months, nine months versus the lull we had seen before that. So, things moved on that front. Live Events Then, we had these series of cuts that we have been seeing rate cuts. We saw a lot of liquidity push from the RBI that gives a lot of positive fillip to BFSI over a longer term. NBFCs benefit in the near term and banks benefit over a period of time. BFSI also has been seeing good enough inflows, flows that we have been seeing, stocks performing quite well, particularly the PSU banks that we saw sharp rally which we saw after the policy. They all rallied more than 10% 15%. There is a catch up pending. Generally, the expectation was that this particular quarter could be weak, but going forward things look very optimistic from a BFSI perspective. So, if anything, there will be opportunity. If there is any opportunity, one should grab it. One should look at accumulating these names out here. Then, there is this entire consumer, consumer discretionary space. Honestly, there has to be a lot of merit to own these names. There has been this Rs 12 lakh tax change which is yet to show. We know about the rate cycle that rates have been on a cut. All these things are extremely pro-consumer. So, I see all these heavyweight sectors doing well. And addition lastly, the IT sector which is more about a play on the US economy. We are seeing some resolutions happening in terms of the trade. We are seeing some optimism around rate cuts there as well. So, from their economy also things should start shaping up well. I am quite optimistic across sectors right now. I do not see any reason to be more skewed towards defensives or more skewed towards growth stocks. All of them should perform and that is where we are extremely positive. Our house call is that index will be at 29,000 soon.
Time of India
07-07-2025
- Business
- Time of India
India bonds steady as traders await fresh triggers
Indian government bonds barely moved in early deals on Monday, as traders stayed pat in the absence of any fresh domestic and global cues. The yield on the benchmark 10-year bond was at 6.2926% as of 10:10 a.m. IST compared with Friday's close of 6.2947%. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Contribute ToGau Seva At Hare Krishna Mandir Hare krishna Mandir Donate Now Undo Trading volumes were muted at the start of the week, but investors will keep a watch on U.S. Treasury peers, which inched lower in Asian hours. The 10-year U.S. yield was at 4.3319%, slightly lower following Thursday's rise, after data showed the U.S. created more jobs than expected in June. Brent crude futures lost 0.72% to $67.86 per barrel. Live Events " Foreign investors have been buying Indian bonds lately, so we are closely watching that for further direction," a trader at a primary dealership said. " Public sector banks have been selling for some time, so someone has to absorb that, and if foreign investors continue purchasing, we can see some rally in bonds." Still, bonds should trade in a range, with the 10-year yield bound between 6.28%-6.32%, the trader added. Last week, foreign investors stepped up purchases of Indian government bonds under the Fully Accessible Route (FAR). The investors net bought 87 billion rupees ($1.02 billion) of bonds under FAR during the period, CCIL data showed. Meanwhile, state-run banks net sold bonds worth about 143 billion rupees last week. RATES India's overnight index swap (OIS) rates were little changed in early deals as trading volumes remained muted. The one-year OIS rate and the two-year OIS rate were not traded yet, while the liquid five-year swap inched lower at 5.67%.
Time of India
27-06-2025
- Politics
- Time of India
Iran's top diplomat says talks with US 'complicated' by American strike on nuclear sites
Iran's top diplomat said the possibility of new negotiations with the United States on his country's nuclear program has been "complicated" by the American attack on three of the sites, which he conceded caused "serious damage." The U.S. was one of the parties to the 2015 nuclear deal in which Iran agreed to limits on its uranium enrichment program in exchange for sanctions relief and other benefits. That deal unraveled after U.S. President Donald Trump pulled the U.S. out unilaterally during his first term. Trump has suggested he is interested in new talks with Iran, and said that the two sides would meet next week. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Contribute ToGau Seva At Hare Krishna Mandir Hare krishna Mandir Donate Now Undo In an interview on Iranian state television broadcast late Thursday, Foreign Minister Abbas Araghchi left open the possibility that his country would again enter talks on its nuclear program, but suggested it would not be anytime soon. "No agreement has been made for resuming the negotiations," he said. "No time has been set, no promise has been made, and we haven't even talked about restarting the talks." Live Events The American decision to intervene militarily "made it more complicated and more difficult" for talks on Iran's nuclear program, Araghchi said. Israel attacked Iran on June 13, targeting its nuclear sites, defense systems, high-ranking military officials and atomic scientists in relentless attacks. In 12 days of strikes, Israel said it killed some 30 Iranian commanders and hit eight nuclear-related facilities and more than 720 military infrastructure sites. More than 1,000 people were killed, including at least 417 civilians, according to the Washington-based Human Rights Activists group. Iran fired more than 550 ballistic missiles at Israel, most of which were intercepted but those that got through caused damage in many areas and killed 28 people. The U.S. stepped in on Sunday to hit Iran's three most important strikes with a wave of cruise missiles and bunker-buster bombs dropped by B-2 bombers, designed to penetrate deep into the ground to damage the heavily-fortified targets. Iran, in retaliation, fired missiles at a U.S. base in Qatar on Monday but caused no known casualties. Trump said the American attacks "completely and fully obliterated" Iran's nuclear program, though Iran's Supreme Leader Ayatollah Ali Khamenei on Thursday accused the U.S. president of exaggerating the damage, saying the strikes did not "achieve anything significant." There has been speculation that Iran moved much of its highly-enriched uranium before the strikes, something that it told the U.N. nuclear watchdog, the International Atomic Energy Agency, that it planned to do. Even if that turns out to be true, IAEA Director Rafael Grossi told Radio France International that the damage done to the Fordo site, which was built into a mountain, "is very, very, very considerable." Among other things, he said, centrifuges are "quite precise machines" and it's "not possible" that the concussion from multiple 30,000-pound bombs would not have caused "important physical damage." "These centrifuges are no longer operational," he said. Araghchi himself acknowledged that "the level of damage is high, and it's serious damage." He added that Iran had not yet decided upon whether to allow IAEA inspectors in to assess the damage, but that they would be kept out "for the time being."
Time of India
27-06-2025
- Business
- Time of India
Adani Power shares rally 14% this week amid high trade volumes
The shares of Adani Power have shown an impressive rally, surging 13.8% this week to a high of Rs 605 on the BSE today. This surge is driven by high trading volumes in the stock. Today alone, the stock climbed 4.7% on the BSE in intraday trade. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Contribute ToGau Seva At Hare Krishna Mandir Hare krishna Mandir Donate Now Undo As of 10:50 a.m., the stock's total traded quantity (TTQ) stood at 6.96 lakh shares, with a total turnover of Rs 41.44 crore. The company's total market capitalisation stood at Rs 2.33 lakh crore at that time. On the daily chart, Adani Power has formed impressive long green candles for each day of the week so far. Live Events Technically, shares of Adani Power are trading well above their significant daily exponential moving averages (DEMAs). According to Trendlyne data, the stock's 5-day EMA is currently at 558.3, while the 10-day EMA is at 555.7. The 20-day EMA stands at 555.0, and the 50-day EMA is at 548.3. In terms of longer-term moving averages, the 100-day EMA is placed at 543.3, and the 200-day EMA at 548.6. On the RSI, the stock is oscillating near the 59 mark. An RSI below 30 is considered oversold, while an RSI above 70 is considered overbought. Adani Power share price history Over the past year, shares of Adani Power have declined by 15.64%. However, they have shown a strong recovery in the shorter term, gaining 14.50% year-to-date (YTD). In the last six months, the stock is up 19.03%, while the three-month gain stands at 16.12%. Over the past month, the stock has risen by 9.14%. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
