India on Thursday signed a free trade agreement, officially dubbed as the Comprehensive Economic and Trade Agreement (CETA), with the UK - its 16th trade pact so far - as the country aims to boost bilateral trade and investments.
'Non-compatible with Western Civilization' is about as vague and jingoistic as it gets and Trump saying this gives full license to his acolytes to go full throttle on making life as difficult and scary as possible for as many non-white people as possible,' notes Sree Sreenivasan.
Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
United States President Donald Trump once again mounted a sharp attack on India and Russia for their close ties and said that the two countries can take their 'dead economies down together'.
In response to US criticism of India's oil imports from Russia, the Indian Army shared a 1971 news clip highlighting the US's role in arming Pakistan.
IMAGES from matches played across European leagues on Saturday
'If the near-term economic pain is absorbed more by those who have the ability and the financial strength to do so, then small and medium enterprises in downstream industries will emerge stronger from the trade imbroglio.'
Reliance Industries Ltd has consistently remained compliant with international sanctions and is expected to adhere to upcoming measures on Russian oil, analysts said, estimating that oil sourced from Russia contributes just 2.1 per cent to its consolidated EBITDA. Reliance operates the world's largest single location refining complex, with more than half of the capacity exclusively dedicated for exports.
External Affairs Minister S Jaishankar defends India's purchase of Russian oil, stating it is not the largest purchaser and that the US had previously supported such actions to stabilize energy markets. He also addresses concerns about tariffs and trade relations with the US.
'No respite from economic pain is worth the loss of dignity and self-respect,' asserts former foreign secretary Shyam Saran.
A US official has stated that India's continued purchase of Russian oil is a point of contention in the relationship between the two countries, as it helps fund Russia's war efforts in Ukraine.
'Trump is not shy when he is frustrated with countries'
'Crude oil prices are around $66-67 per barrel now but could fall to $55-60 if global disturbances ease.'
For India, the challenge is to strike a balance between tactical necessity and economic priorities, point out Pravin Krishna and Monil Sharma.
'Given the lag in transmission, further softening of lending rates may happen in the coming months.'
Kylian Mbappe scored twice from the penalty spot as Real Madrid fought back from a goal down to beat Olympique de Marseille 2-1 in their opening match of the Champions League group stage, at the Santiago Bernabeu, Madrid, on Tuesday.
India's brittle energy security is inextricably linked to two opposing paradigms - fossil fuels, and the transition to green energy. The first powers the present; the second paves the way for Viksit Bharat in 2047.
"I understood tariffs better than any human being in the world. And now with my tariffs, they were all dropping them. India was the most highly tariffed nation... And you know what, they've offered me no tariffs in India anymore. No tariffs," Trump said.
China showcased its latest military hardware, including hypersonic and ballistic missiles, during a parade commemorating the 80th anniversary of its victory against Japanese aggression in World War II. President Xi Jinping called for world peace and national rejuvenation.
Former White House trade advisor Peter Navarro has criticised India for continuing to procure Russian oil, alleging profiteering and contributing to the Russia-Ukraine war. India defends its energy procurement as driven by national interest and market dynamics.
'The US slump could hit our hosiery market hard since 40 per cent of our exports go there.' 'Job losses could be severe if the government doesn't step in fast.'
Iran on Sunday vowed to avenge the United States bombing of three of its major nuclear facilities saying the American strikes will have 'everlasting consequences'.
He added that India sells to the US, its biggest "client", "massive" amounts of goods, "but we sell them very little - Until now a totally one sided relationship, and it has been for many decades."
The comments came a day after US President Donald Trump said that Washington is "very close" to the trade pact with India.
'We had very narrow negotiations that were quite useful.'
Businesses are testing new markets, tapping into domestic demand, and pushing the government for relief.
India's goods exports rebounded in July after two months of contraction, with outbound shipments rising 7.3 per cent to $37.24 billion, led by a surge in exports to the United States before the country's reciprocal tariff kicked in and bolstered by a recovery in exports to other key markets.
The restructuring of tariffs by the US has led to a shift in the list of key product suppliers to the American market, with India emerging as one of the beneficiaries at the expense of China and Canada, an official said on Monday. As per an analysis, India's share in the USA's electronics exports has increased to 7.2 per cent to 3.5 per cent year-on-year in May, while China's share dipped to 11 per cent from 22 per cent during the same period.
The United States action of levying 25 per cent additional tariff on Indian goods is 'unfair, unjustified and unreasonable', India said on Wednesday in a firm reaction, signalling increasing tensions between the two strategic partners over New Delhi's energy ties with Moscow.
Manchester City's Erling Haaland extended his remarkable scoring streak to 12 straight matches as his side recorded a comfortable 2-0 victory at Villarreal in the Champions League on Tuesday.
'Modi is such a Prime Minister who always thinks about Sikhs. All the pending issues of Sikhs, which have not been resolved to date, are being resolved, including the Kartarpur Sahib corridor. There should not be such protests against him, and no Sikh can tolerate this'
New Delhi, while opting not to retaliate yet to the American tariffs, has in recent weeks sought to reinforce its friendship with Moscow, and recalibrate its ties with Beijing rather than surrender to Washington's diktats.
If India caves in to US pressure as Trump hopes it will, he will further try to blackmail it into submission, points out Ramesh Menon.
Former US President Donald Trump said he is ready to meet Russian President Vladimir Putin anytime, but warned of potential sanctions if Russia doesn't engage in negotiations on Ukraine. Trump criticized current President Joe Biden's handling of the conflict, claiming that the war wouldn't have happened under his presidency. He also raised concerns about the number of casualties in Ukraine, suggesting that the reported figures are not accurate. Trump also highlighted the financial burden of the conflict on the US and called for increased contributions from European Union members.
Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US.
'Due to tariff uncertainty, automotive customers reduced their steel uplift by almost 15 per cent.'
Siam argues that a 2040 ban could destabilise ongoing and future investments and threaten millions of jobs in the automotive value chain.
The 25 per cent US tariffs, plus a penalty for Russian imports, could dent India's GDP growth by 30 basis points in the current fiscal, but the higher duty is unlikely to significantly affect India's domestic demand-driven economy, Barclays said on Thursday. If the 25 per cent tariff, announced by US President Donald Trump on Wednesday, is implemented from August 1, the effective average US import tariff on Indian goods will rise to 20.6 per cent in trade-weighted terms, as per Barclays estimates.
'Things may get much worse before they get better,' predicts Ajay Chhibber.
A court in Antwerp on Friday cleared the extradition of fugitive diamantaire Mehul Choksi, noting that his arrest by the Belgian authorities on India's request was valid, officials in the know of the development said.
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