A Liberian-flagged cargo ship came under fire from Houthi rebels Monday in the Red Sea, with two on board reported to be hurt and two others missing in an assault a day after the Yemen-based rebels sunk another vessel. The attack on the Greek-owned bulk carrier Eternity C in the crucial maritime route came after the Houthis attacked the Liberian-flagged, Greek-owned bulk carrier Magic Seas with drones, missiles, rocket-propelled grenades and small arms fire Sunday, forcing its crew of 22 to abandon the vessel.
The two attacks and a round of Israeli airstrikes early Monday targeting the rebels raised fears of a renewed Houthi campaign against shipping that could again draw in U.S. and Western forces, particularly after U.S. President Donald Trump’s administration targeted the rebels in a major airstrike campaign.
The attacks come at a sensitive moment in the Middle East, as a possible ceasefire in the Israel-Hamas war hangs in the balance, and as Iran weighs whether to restart negotiations over its nuclear program following American airstrikes targeting its most sensitive atomic sites during the Israel-Iran war in June.
Uttarakhand: Cloudburst in Chamoli district; no casualties, SDRF team sent to spot
A cloudburst was reported near Mukh village, close to Nandprayag Ghat in Chamoli district of Uttarakhand, State Disaster Response Force (SDRF) said on Tuesday. No loss of life has been reported so far and an SDRF team has been sent to the location to assess the situation.
On Sunday, the India Meteorological Department (IMD) issued an alert of heavy rainfall in Uttarakhand for the next four days.
Heavy rainfall was expected in districts including Uttarkashi, Tehri, Bageshwar, Dehradun, and Rudraprayag. The State Emergency Operations Centre (SEOC) in Uttarakhand also issued a high-alert landslide warning for four districts Tehri, Uttarkashi, Rudraprayag, and Chamoli.
The alert, dated July 6, warned of potential landslides on July 7 and 8 in several subdivisions, including Chamoli, Rudraprayag, Ukhimath, Ghansali, Narendra Nagar, Dhanaulti, Dunda, and Chinyalisaur. — ANI
Union Railway Minister Ashwini Vaishnaw’s father, Daulal Vaishnaw, passed away at AIIMS Jodhpur on Tuesday. He had been critically ill.
Union Railway Minister Ashwini Vaishnaw (PTI file photo)
Union Railway Minister Ashwini Vaishnaw’s father Daulal Vaishnaw passed away at AIIMS Jodhpur on Tuesday. Daulal Vaishnaw breathed his last at 11.51am today.
News agency PTI, citing hospital authorities, reported he had been critically ill for the past few days and was under treatment at the hospital.
In an official statement, the hospital said, “It is with profound sorrow that we inform you of the demise of Hon’ble Railway Minister’s father, Shri Daulal Vaishnaw, today on 08 July 2025 at 11:52 AM at AIIMS Jodhpur.”
Despite all possible efforts by the medical team, he could not be saved, the statement further read.
His mortal remains will be kept for paying tributes at his residence in Mahaveer Nagar in Ratanada area in Jodhpur at 3 pm. The funeral procession will begin at 4.30 pm.
The last rites will take place at Kaga cremation ground near Nagauri gate in Jodhpur.
Daulal Vaishnaw’s Death: Condolences Pour In
Condolences poured in following the demise of the Union Minister’s father. Rajasthan Governor Haribhau Bagade, Chief Minister Bhajanlal Sharma, Assembly Speaker Vasudev Devnani, Uttar Pradesh Chief Minister Yogi Adityanath and other leaders expressed condolences over the demise of the minister’s father.
Taking to X, Uttar Pradesh Chief Minister Yogi Adityanath condoled the death and paid tributes to the departed soul.
माननीय केंद्रीय मंत्री श्री अश्विनी वैष्णव जी के पूज्य पिता जी का निधन अत्यंत दुःखद है। विनम्र श्रद्धांजलि!मेरी संवेदनाएं शोकाकुल परिजनों के साथ हैं।
प्रभु श्री राम से प्रार्थना है कि दिवंगत पुण्यात्मा को अपने श्री चरणों में स्थान तथा शोक-संतप्त परिवार को यह अथाह दुःख सहन करने…
CM Adityanath tweeted, “The passing of the revered father of Honorable Union Minister Shri Ashwini Vaishnaw Ji is deeply saddening. Humble tributes! My condolences are with the grief-stricken family. I pray to Lord Shri Ram that the departed noble soul be granted a place at His divine feet and that the bereaved family be given the strength to bear this immense sorrow. Om Shanti! (sic)”
Chief Minister Bhajanlal Sharma wrote on X, “The news of the passing of Shri Dau Lal Vaishnaw ji, father of Honorable Union Minister Shri Ashwini Vaishnaw ji, is deeply saddening. My condolences are with the grief-stricken family members. May God grant the virtuous soul a place at His divine feet and provide strength to the bereaved family in this hour of sorrow. Om Shanti! (sic)”
While BJD chief and former Odisha CM Naveen Patnaik also expressed grief over Daulal’s demise.
“Deeply saddened to hear about the demise of Daulal Vaishnaw, father of Hon’ble Union Minister Shri @AshwiniVaishnaw ji. My thoughts and prayers are with the bereaved family members and friends during this hour of grief. #OmShanti. (sic),” he tweeted.
Manisha Roy is a Senior Sub-Editor at News18.com’s general desk. She comes with an experience of over 5 years in media industry. She covers politics and other hard news. She can be contacted at Manisha.Roy@nw18…Read More
Manisha Roy is a Senior Sub-Editor at News18.com’s general desk. She comes with an experience of over 5 years in media industry. She covers politics and other hard news. She can be contacted at Manisha.Roy@nw18… Read More
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New Delhi, Jul 8 (PTI) India’s hydrogen demand is expected to rise at a compound annual growth rate of 3 per cent to 8.8 million tonne per annum by 2032, a report released by India Energy Storage Alliance (IESA) on Tuesday said.
The report unveiled on the first day of India Energy Storage Week here said that despite announcements of green hydrogen projects of over 9 MTPA capacity, few in India have reached the Final Investment Decision (FID) or secured long-term offtake agreements from domestic or international markets.
In the baseline scenario, with 30 per cent of the announced green hydrogen (GH2) capacity commissioned within ten years, electrolytic c bio-H2 (bio hydrogen) supply can meet approximately 31 per cent of domestic demand in 2032.
The report further highlighted that out of 9.2 million tonne per annum (MTPA) GH2 project announcements, 4 states account for 82 per cent projects: Odisha (38 per cent), Gujarat (26 per cent), Karnataka (12 per cent), Andhra Pradesh (6 per cent). About 72 per cent of the announced projects are targeting GH2 use for ammonia production, whereas 20 per cent have not announced end use applications.
Debmalya Sen, President, IESA said “This gathering will pave the way for India’s transition to a resilient energy system, ensuring we meet our growing energy demands while keeping our target of production capacity of 5 MTPA of green hydrogen by 2030 in sight.”
Vinayak Walimbe, Managing Director, Customized Energy Solutions (CES), stated, despite various policy interventions and government initiatives to promote the green hydrogen mission, several challenges remain in addressing the urgent issue of decarbonization.
For consumers who obtain hydrogen – representing about 6 per cent of the total hydrogen market – the landed cost of hydrogen is even greater due to storage and transportation expenses.
Additionally, open-access electricity regulations often restrict the renewable energy offset for commercial and industrial consumers, which could reduce the capacity utilization of electrolyzers.
As per the report, estimated Levelized Cost of Hydrogen (LCOH) in the base case is two to four times higher than the production cost of fossil fuel-based hydrogen.
In a highly optimistic scenario, the estimate is 1.5 to 2.5 times higher, which is very close to the recent first price discovery of green hydrogen in India, it stated.
The 11th edition of India Energy Storage Week 2025 (IESW) organised by IESA kicked off on Tuesday at IICC Yashobhoomi here.
Trump tariffs live: South Africa says Trump misjudges trade data
South African President Cyril Ramaphosa’s office has pushed back against US President Donald Trump’s move to impose a 30% tariff on South African goods, disputing the data behind the decision and calling for more clarity before any negotiations can proceed. In a statement, the presidency said:
“South Africa maintains that the 30% reciprocal tariff does not accurately reflect current trade data. According to our analysis, the average tariff on goods entering South Africa is 7.6%. Notably, 56% of imports arrive duty-free under the most-favoured-nation status, and 77% of US goods face zero tariffs when entering the South African market.” The statement added that South Africa remains committed to pursuing “a more balanced and mutually beneficial trade relationship with the United States” through diplomatic channels, but is currently awaiting a detailed “template” that U.S. officials had committed to sharing during the June 23 summit in Luanda.
New Delhi Delhi, Jul 8 (PTI) The US has extended the suspension of its April 2 reciprocal tariffs until August 1, a move which provides relief to Indian exporters and additional time for New Delhi and Washington to resolve pending issues to finalise an interim trade deal.
India, which is negotiating a trade pact with the US, was not included in the list of countries that received tariff letters from the Trump administration on Monday.
The Trump administration, on Monday, sent the first tranche of letters to various countries detailing the tariffs that the US will impose on products from those countries entering American markets from August 1.
Bangladesh, Indonesia, Japan, South Korea, Malaysia, Thailand, South Africa, Bosnia and Herzegovina, Cambodia, Kazakhstan, Lao, Serbia and Tunisia are among the countries that received letters signed by US President Donald Trump.
“…based on additional information and recommendations from various senior officials, including information on the status of discussions with trading partners, that it is necessary and appropriate to extend the suspension effectuated by Executive Order 14266 until 12:01 a.m. Eastern daylight time on August 1, 2025,” the White House has said.
This suspension was expiring on July 9.
On April 2, the US President announced reciprocal tariffs against a number of countries, including India (26 per cent), but paused the implementation of these duties for 90 days, giving all trading partners a July 9 deadline to negotiate and reach a trade deal with Washington.
Commenting on this decision, exporters said the deferment of the imposition of reciprocal tariffs from July 9 to August 1 reflects the US’s willingness to engage constructively with its trading partners.
“It provides an extended window for dialogue, which can help our negotiators to sort out remaining contentious issues,” Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said.
He said that the proposed tariffs, covering a dozen countries, may provide India more comparative advantage if it finalises a BTA (bilateral trade agreement) with the US , at least on goods, by the end of this month.
Another exporter said that the decision will give relief to the domestic industry here as the Indian official team has got some 12-13 more working days to talk to their US counterparts on the interim trade deal.
International trade expert Biswajit Dhar also said that it is a relief for India. “I see this as a relief for us and this response has come due to India taking a strong stand on certain issues.”
FIEO President and Ludhiana-based engineering exporter said though this is a small relief, “we are keeping our fingers crossed”.
Sharing similar views, Mumbai-based exporter and founder of Technocraft Industries (India) Sharad Kumar Saraf said that US President Donald Trump is “very unpredictable”.
“The period of tariff suspension is very small. Indian exporters should explore new markets to increase exports,” Saraf said.
India and the US are negotiating a bilateral trade agreement. They have set a deadline to conclude the first tranche by fall (September- October) this year. Before that, the two countries are looking to finalise an interim trade deal.
According to officials, India has already made its stand clear to the US authorities on the interim trade deal and the ball is now in Washington’s court.
The US has been India’s largest trading partner since 2021-22. In 2024-25, the bilateral trade in goods stood at USD 131.84 billion (USD 86.51 billion worth of exports, USD 45.33 billion of imports and USD 41.18 billion trade surplus).
US President Donald Trump has said that the United States is close to finalising a trade deal with India. This move is part of a larger effort to change global trade ties and use tariffs as a tool to increase US influence. During a private dinner with Israeli President Benjamin Netanyahu on Monday, Trump told reporters that the US has already reached trade agreements with countries like the United Kingdom and China. He added that India could be next.
He also indicated that while some countries are cooperating, others are not willing to accept the terms the US is offering. In those cases, the US is informing them that they will face new tariffs. He said letters are being sent to these countries explaining the new tariff amounts they would have to pay.
Trump delays tariffs on countries till August
Trump has delayed imposing higher tariffs on goods coming into the US from 14 countries, including Japan and South Korea. The development comes just as a 90-day pause on some of the toughest import taxes, put in place by the White House, was about to expire this week. Trump repeated his warning that a 25% tariff could still be placed on goods from Japan and South Korea. He also shared letters to leaders of several countries, saying new tariffs will take effect from August 1. The higher tariffs were supposed to start on July 9, but were earlier put on hold while US officials tried to make trade agreements.
Trump shared tariff letters via social media on Monday that were sent to leaders of the 14 countries. He explained his new tariff plans in them and said the rates could go up or down, depending on how each country’s relationship with the US develops. Most of the tariff amounts in the letters were similar to what Trump had mentioned in April, during what he called the “Liberation Day” announcement, when he threatened new taxes on goods from many countries. Although highest tariff rate of 40% has been imposed on Myanmar and the Lao People’s Democratic Republic.
Trump says the goal of these tariffs is to protect American companies from foreign competition and to support US factories and jobs. However, many economists believe these steps will make things more expensive for American buyers and reduce trade.
‘If you don’t move things along till Aug 1, you will boomerang back to April 2 tariff level’: Bessent
US Treasury Secretary Scott Bessent said on Sunday that the tariffs announced in April will be enforced starting August 1 for countries that haven’t finalized a deal with President Donald Trump’s administration. “President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level,” Bessent said during an interview on CNN’s ‘State of the Union’. He explained that these countries will receive letters stating that if no agreement is reached by then, their tariff rates will return to what was set on April 2.
Bessent pushed back on claims that August 1 marks just another tariff deadline. However, he acknowledged that the new date could give countries extra time to work out better trade terms. “We are saying this is when it’s happening, if you want to speed things up, have at it, if you want to go back to the old rate that’s your choice,” Bessent added.
How did Wall Street react: Stock markets dropped from record highs and the US dollar rose after Trump started sharing his tariff letters. The US will begin charging tariffs on countries like Japan, South Korea, and South Africa from August, which led to a fall in their currencies. The S&P 500 index went down by around 1%, with big companies seeing the biggest losses. Tesla’s stock fell nearly 7% after Elon Musk said he had started a political party, causing investors to worry about the company’s future. US government bonds also dropped in value, especially the long-term ones. Emerging markets were affected too, after Trump said he might add more tariffs on countries that support the “Anti-American policies of BRICS.”
Live Updates
07:57 (IST) 8 Jul 2025
Trump Tariff Live Updates: Summary of latest updates on tariffs and how markets reacted:
– Trump sent letters on Monday warning trading partners about higher tariffs, but gave them more time by moving the deadline to August 1. That’s when the new tariffs will start.
– The new rates are mostly similar to what was shared earlier: 25% tariffs on goods from Japan and South Korea, 30% on South Africa, and 36% on Thailand and Cambodia.
– Trump said these rates are final for now, but if a country comes back with a better offer and he agrees with it, he’s open to making changes. The letters were sent just two days before trade partners were supposed to respond to the proposed tariffs, known as “reciprocal levies.”
– Japan’s Prime Minister Shigeru Ishiba said he was very disappointed by the higher tariffs, but that Japan will try to reach a deal quickly.
– In the markets, US stocks dropped, with the S&P 500 falling by 0.8%. However, Asian markets held up fairly well, and the South Korean won and Japanese yen went up slightly. In contrast, South Africa’s currency, the rand, lost value.
07:49 (IST) 8 Jul 2025
Trump Tariff Live Updates: ‘Japan would seek an agreement as soon as possible,’ Japanese PM tells Cabinet ministers
Japanese Prime Minister Shigeru Ishiba told his cabinet that it was very disappointing that Trump had announced higher tariffs. He said Japan would try to reach a deal quickly but admitted that there are still some issues the two countries disagree on. He also said that Japan has not made quick or easy compromises during the talks so far and will keep standing up for its own interests.
07:46 (IST) 8 Jul 2025
Trump Tariff Live Updates: Trump willing to talk about trade deals
The fact that Trump is still willing to talk about trade deals is helping Asian currencies stay stable, even with the new tariffs, a Bloomberg report said. The report further added that it’s important to remember that no matter what the final tariff rate is for each country, it won’t be zero because of the deals already in place. So, every Asian country will be affected in some way.
07:44 (IST) 8 Jul 2025
Trump Tariff Live Updates: Trump and Japan’s stalemate over auto industry
Trump has shown clear frustration with Japan in recent weeks. He and Japanese leader Ishiba couldn’t reach an agreement during last month’s G-7 Summit in Canada, which only added to the negative outlook. Just last week, Trump warned that Japan could face tariffs as high as 35%, or possibly more, because of the large trade gap between the two countries. One of the main issues causing tension is the auto industry. Trump’s proposed tariffs on cars and car parts have created serious concern for Japan’s key automobile sector.
07:41 (IST) 8 Jul 2025
Trump Tariff Live Updates: What did Trump say about the tariff letters?
Let’s break down what Trump said about the letters being sent to other countries. He described them as close to final offers, even though the August 1 deadline isn’t completely fixed. When asked if countries like South Korea and Japan should accept the offers, Trump said the US is open to fair negotiations. He pointed out that many countries have benefited from trade with the US for a long time, and now it’s time to bring more balance. From his point of view, the current trade situation is unfair, and the small changes being asked for now don’t make up for the losses the US has faced over the years.
07:27 (IST) 8 Jul 2025
Trump Tariff Live Updates: Why did US not secure 90 trade deals in 90 days? Trump answers
When asked why the administration hadn’t secured 90 trade deals in 90 days as promised, Trump avoided giving a direct answer to the reporters on Monday. He said they had spoken to all countries involved. He added that while a few deals might still happen, most countries would simply be getting a letter about the new tariffs. As far as he was concerned, the process was finished.
“I told you, I told you. We’ll make some deals. But for the most part, we’re going to send a letter,” Trump said. “As far as I’m concerned, we’re done.”
07:24 (IST) 8 Jul 2025
Trump Tariff Live Updates: ‘Not100% firm,’ says Trump when asked about Aug 1 deadline
When asked if the new August 1 deadline was final, US President Trump said it was mostly set but not “100% firm”. He said that if other countries reach out with a different proposal, the US would be willing to consider it. But for now, the current plan remains in place.
“If they call up and they say we’d like to do something a different way, we’re going to be open to that. But essentially that’s the way it is right now,” Trump said.
07:15 (IST) 8 Jul 2025
Trump Tariff Live Updates: EU will not receive letter from US, eyes possible exemptions from baseline levy of 10%
The European Union is not expected to get a letter from the United States about higher tariffs, according to EU sources who spoke to Reuters on Monday. The EU is also hoping to get exemptions from the basic 10% US tariff.
President Trump has started sending letters to several countries—from Japan to Myanmar—informing them that much higher tariffs will be applied to their exports to the US starting August 1.
Some EU sources said the bloc is close to reaching a deal with the Trump administration. This possible agreement could include small compromises, such as accepting the 10% base US tariff on products like aircraft parts, some medical devices, and certain alcoholic drinks.
Two other sources said the EU is also exploring a deal that would let European carmakers who build and ship vehicles from the US import more EU-made cars at a lower tariff—less than the current 25%.
07:09 (IST) 8 Jul 2025
Trump Tariff Live: Here’s full text of executive order signed by Trump
The White House has released the full text of an executive order signed by Trump, officially moving the upcoming tariff deadline from Wednesday to August 1. According to the order, the delay was based on new information and advice from senior officials, as well as updates on ongoing talks with US trading partners. It states that keeping the suspension in place until 12:01 am EDT on August 1, 2025, is both necessary and appropriate.
“I have determined, based on additional information and recommendations from various senior officials, including information on the status of discussions with trading partners, that it is necessary and appropriate to extend the suspension … until 12:01 a.m. eastern daylight time on August 1, 2025,” the order says.
Back in April, Trump had announced that the higher tariff rates would be postponed until July 9. The new order, which was first mentioned by White House press secretary Karoline Leavitt earlier in the day, also confirms that a separate suspension of tariffs on China, issued on May 12, will stay in effect with no changes.
07:00 (IST) 8 Jul 2025
Trump Tariff Live: List of countries on which Trump imposed tariffs
1. Bangladesh: 35%
2. Bosnia and Herzegovina: 30%
3. Cambodia: 36%
4. Indonesia: 32%
5. Japan: 25%
6. Kazakhstan: 25%
7. Lao People’s Democratic Republic: 40%
8. Malaysia: 25%
9. Myanmar: 40%
10. Republic of Serbia: 35%
11. Republic of Tunisia: 25%
12. South Africa: 30%
13. South Korea: 25%
14. Thailand: 36%
06:28 (IST) 8 Jul 2025
Trump Tariff LIVE: Brazil President criticises Trump’s Tariff warning to BRICS as ‘irresponsible’
Brazil President Luiz Inacio Lula da Silva slammed US President Donald Trump on Monday, stating that his tariff threats towards BRIC countries ‘’irresponsible’’, especially when made through social media.
While addressing the reporters after the BRICS summit in Rio de Janeiro, Lula dismissed warnings about implementing fresh tariffs on the bloc, which the US leader blamed for ‘’anti-American policies,’’ as per Reuters.
06:16 (IST) 8 Jul 2025
Trump Tariff LIVE: Wall Street slides on tariff concerns, Tesla drops as Musk reveals political plans
US stock markets ended sharply in red on Monday as investors’ anxiety grew after President Donald Trump announced new tariffs on countries including Japan and South Korea, as per a report by Reuters. The losses later increased on the day after he extended the tariff list to include South Africa, Laos, Malaysia, Kazakhstan, and Laos.
06:08 (IST) 8 Jul 2025
Trump Tariff LIVE: US President sent additional Tariff letters to THESE countries
US President Donald Trump sent seven additional tariff letters addressed to the heads of Bosnia, Tunisia, Herzegovina, which will now face a 30% tariff, Bangladesh, Thailand, Cambodia, and Serbia. The total number of countries notified through the letters is 14.
05:36 (IST) 8 Jul 2025
Trump Tariff LIVE: Trump stands by August 1 Tariff deadline, but hints willingness to negotiate
US President Donald Trump on Monday reaffirmed that the August 1 date for new US tariffs will remain in place. However, he indicated some room for flexibility. While speaking to reporters, Trump stated that the timeline is ”firm” but not set in stone. ”If they call up and they say we would like to do something a different way, we are going to be open to that”.
00:00 (IST) 8 Jul 2025
Trump Tariff LIVE: POTUS releases letters for 5 more countries – Is the tariff rate changing?
Trump posted more letters about new tariff rates on Truth Social on Monday — an hour after sharing similar missives for South Korea and Japan. The rates outlined in the letters were (in most cases) slightly different from those shared on April 2.
Kazakhstan received a 25% rate, down from 27%
South Africa received a 30% rate, unchanged from April 2
Laos received a 40% rate, down from 48%
Myanmar received a 40% rate, down from 44%
23:51 (IST) 7 Jul 2025
Trump Tariff LIVE: Myanmar to face 40% tariffs
US President Donald Trump announced on Monday that Myanmar would face 40% tariffs from August 1.
23:50 (IST) 7 Jul 2025
Trump Tariff LIVE: POTUS shares fresh letters on social media, now announces tariffs for…
Trump says US will impose 30% tariff on South Africa, 25% tariffs on Kazakhstan and Malaysia as well as 40% tariffs on Laos.
23:42 (IST) 7 Jul 2025
Trump Tariff LIVE: What White House said about impending tariff letters
Trump Tariff LIVE: Why should countries take Trump trade letters seriously? White House responds
Leavitt was asked why people should take Trump’s letters seriously given his shifting trade deadlines.
She said: “They will take the letter seriously because they have taken the president seriously. And that’s why the president’s phone, I can tell you, rings off the hook from world leaders all the time, who are begging him to come to a deal.”
“And this administration is working hard to ensure those deals are in the best interest of the American people. And this delay, again, is in the best interest of the American people. And you all will continue to see these letters released on the president’s Truth Social.”
(via Reuters)
23:18 (IST) 7 Jul 2025
Trump Tariff LIVE: White House says US ‘close on other trade deals’
The White House said on Monday that the US was ‘close on other trade deals’
23:12 (IST) 7 Jul 2025
Trump Tariff LIVE: July 9 deadline delay confirmed
White House Press Secretary Karoline Leavitt said the president will also sign an executive order today, delaying the July 9th deadline to August 1st.
23:08 (IST) 7 Jul 2025
Trump Tariff LIVE: 12 other countries to receive trade letters
The White House confirmed that 12 other countries will also receive trade letters. Press Secretary Karoline Leavitt also confirmed that the missives will be posted on Truth Social.
23:07 (IST) 7 Jul 2025
Trump Tariff LIVE: EU won’t get a tariff letter
Reuters quoted sources as saying that European Union will not be receiving letter setting out higher tariffs from the United States.
23:03 (IST) 7 Jul 2025
Trump Tariff LIVE: Japan, South Korea ETFs fall
Japanese and South Korean ETFs fell in midday trading after US President Donald Trump announced 25% levies on goods imported from the two countries. According to reports, the iShares MSCI Japan ETF slid 2% while the iShares MSCI South Korea ETF fell more than 3%.
23:00 (IST) 7 Jul 2025
Trump Tariff LIVE: White House lauds Trump decision to correct ‘unfair trade barriers’
“Last year, America had a combined $135 billion goods trade DEFICIT w/ Japan & South Korea – deficits fueled by their unfair trade barriers. To finally level the playing field for America, President Trump is HIKING the current 10% tariff on Japan & South Korea to 25% on August 1,” White House Deputy Press Secretary Kush Desai wrote on X.
22:56 (IST) 7 Jul 2025
Trump Tariff LIVE: Has the US made any deals since Liberation Day announcements?
The US administration had set a lofty goal of reaching 90 trade deals in 90 days. Now, with the July 9 deadline looming, the US has only announced pacts with the United Kingdom and Vietnam — as well as a “framework? agreement with China in a separate trade dispute. News of these deals often trickled through social media posts from the president and, even when countries on both sides of a negotiation table made more official announcements, many key details — including timing — were sparse. The Trump administration has since hinted that some trading partners might get more time for talks.
22:55 (IST) 7 Jul 2025
Trump’s Tariff Letters LIVE: ‘If Trump issues tariffs…’: Brazil president’s reaction on tariff letters
Shortly after Donald Trump posted the tariff letters to Japan and South Korea on Truth Social, Brazil’s President Luiz Inácio Lula da Silva said that it is “not responsible for a president from a country like the US to threaten the world with tariffs on social media”. He added, “If Trump issues tariffs, other countries have the right to do the same.”
22:44 (IST) 7 Jul 2025
Trump’s Tariff Letters LIVE: Trump to hold off on new 10% BRICs tariffs if…
According to a source-based Reuters update, the Trump administration does not intend to immediately impose a new 10% tariff against members of the developing nation BRICS bloc. However it will reportedly proceed if individual countries take so-called “anti-American” policy actions.
22:36 (IST) 7 Jul 2025
Trump’s Tariff Letters LIVE: Press Secretary to address media shortly
White House Press Secretary Karoline Leavitt is scheduled to speak to reporters shortly.
22:33 (IST) 7 Jul 2025
Trump’s Tariff Letters LIVE: Stock market roils after announcement
According to reports, the shares of Toyota Motor and Honda Motor fell 4% after the announcement. AMD and Nvidia were slightly lower, while Apple and Alphabet shed over 1%.
China on Monday lodged a protest against Indian Prime Minister Narendra Modi’s greetings to the Dalai Lama on his 90th birthday, warning New Delhi against interfering in its internal affairs, Global Times reported.
On July 6, Prime Minister Modi sent greetings to the Dalai Lama, while the Minister of Parliamentary Affairs, Kiren Rijiju attended the celebration on behalf of the Indian government.
Responding to the development, Chinese Foreign Ministry spokesperson Mao Ning said, “The position of the Chinese government on Xizang-related issues is consistent and clear. As is widely known, the 14th Dalai Lama is a political exile who has long engaged in anti-China separatist activities and seeks to separate Xizang from China under the cloak of religion.” Mao added, “India needs to be fully cognizant of the sensitivity of issues related to Xizang, see clearly the anti-China and separatist nature of the 14th Dalai Lama, honor the commitments India has made to China on issues related to Xizang, act prudently, and stop using those issues to interfere in China’s internal affairs.” She confirmed that China has protested to India regarding its actions.
As tensions persist over India’s engagement with the Dalai Lama, the Chinese government has reiterated its stance on the reincarnation of the Tibetan spiritual leader, the 14th Dalai Lama, with Chinese Ambassador to India Xu Feihong stating that the process is inherently an internal affair of China, adding that “no interference by any external forces will be allowed.”
In a post on X, Chinese Ambassador to India Xu Feihong wrote, “It has been noted that some Indian officials recently made some remarks regarding the reincarnation of the Dalai Lama.” The Chinese envoy further highlighted that the government “opposes any attempts by overseas organisations or individuals to interfere in or dictate the reincarnation process.” “Tibetan Buddhism traces its origins to China’s Qinghai-Tibet Plateau. The primary regions where Tibetan Buddhism is practiced are within China. The lineage of the Dalai Lamas took shape and evolved within China’s Tibet region,” he wrote on X.
The envoy also cleared the government’s stance, asserting that the “conferment of their religious status and titles is the prerogative of the central government of China.” Xu Feihong also stated that the Chinese government upholds the principle of independence and self-governance in religious affairs. He also emphasised that “no interference by any external forces will be allowed.” “The reincarnation and succession of the Dalai Lama is inherently an internal affair of China. The Chinese government upholds the principle of independence and self-governance in religious affairs and administers the reincarnation of Living Buddhas, including that of the Dalai Lama, in accordance with the law. No interference by any external forces will be allowed,” the envoy wrote on X.
The Tibetan community in exile celebrated the 90th birthday of the 14th Dalai Lama with traditional fervour and devotion at the Sambhota Tibetan School in Chhota Shimla on Sunday.
India-US Trade Deal: A look at India-US trade negotiations since the announcement of US President Donald Trump’s reciprocal tariffs
PM Modi with President Donald Trump at the White House in US. (IMAGE: REUTERS)
India and the United States are likely to make a final decision on a mini-trade deal within the next 24 to 48 hours, CNBC-TV18 reported on Sunday citing sources.
The average tariff under the mini deal is likely to be around 10%, while the talks on comprehensive Bilateral Trade Agreement (BTA) are expected to begin after July 9, which marks the end of the 90-day suspension period of the Trump tariffs announced on April 2 on dozens of countries, including India, the report added.
As per the report, the mini-trade deal is likely to have annual quotas for lower tariffs on certain labour-intensive products from India. Certain American agricultural products, such as pecan nuts and blueberries, may be provided with lower tax rates.
A look at India-US trade negotiations since the announcement of US President Donald Trump’s tariffs:
April 2: Trump announces 10% baseline tariff on most imports, calling it the ‘Liberation Day’ action. He says a second wave of reciprocal tariffs (up to 26-27%) is set to hit countries with “unfair trade barriers”, including India, starting April 9.
April 5: The first tariff wave takes effect.
India then opens negotiations immediately, offering to reduce tariffs on select U.S. exports, including motorcycles (Harley-Davidson), whiskey, network and IT hardware. India seeks to shield sensitive areas like dairy and agriculture.
April negotiations: India & the US sign a negotiation framework (Terms of Reference). They focus on tariff reduction, market access, digital goods, excluding immigration and IPR (intellectual property rights).
India proposes “zero-duty” treatment on certain strategic imports under PLI (Production Linked Incentive) schemes. Also, a “forward MFN” clause, which means if India gives better terms to another country in the future, the US gets the same benefits.
April 9: Trump announces a 90-day pause on implementing higher, country-specific reciprocal 26-27% tariffs, temporarily easing pressure on several countries, including India.
May 20 & 23: Commerce Minister Piyush Goyal holds meetings in Washington, D.C. India and the US aim for a “mini-deal” by early July to prevent the 26-27% tariff hike.
India agrees to lower tariffs on select US agri and industrial goods. It keeps dairy and wheat sectors protected due to domestic sensitivity. Trump publicly praises India for offering “zero tariffs on key items”. Markets react positively: Sensex jumps 1,300+ points.
June: The final rounds of negotiation begin. Delegations from both sides exchange legal texts. Rules of origin, certification and compliance, dispute resolution clauses remain the sticking points. US officials say the deal is “90% done” but caution that final compromises are needed.
July 1: EAM S Jaishankar says an agreement needs “give and take.” India insists on excluding dairy and rice. The US continues to push for greater agri access.
July 6: Trump extends tariff deadline to August 1, praising India’s efforts but warning other countries.
July 7: Talks continue at high levels. US Treasury Secretary Bessent says deal is “very close”. Financial markets stabilise in anticipation.
July 7: Trump says he will send the first set of tariff letters, including trade deals, to several countries, which are expected to include new reciprocal tariff rates that will take effect from August 1. The US president announces that any country aligning with the BRICS, which includes India, Brazil, China and Russia, will be charged with an additional 10% tariffs.
At the news desk for 17 years, the story of her life has revolved around finding pun, facts while reporting, on radio, heading a daily newspaper desk, teaching mass media students to now editing special copies …Read More
At the news desk for 17 years, the story of her life has revolved around finding pun, facts while reporting, on radio, heading a daily newspaper desk, teaching mass media students to now editing special copies … Read More
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Newsexplainers India-US Trade Deal A Few Hours Away? How Govt Handled Trump Tariffs, Steered Negotiations
A 14-member team of engineers from the UKis carrying out repairs on a state-of-the-art British fighter jet that has been stuck at an airport in India for more than three weeks.
The F-35B landed on 14 June at Thiruvananthapuram airport in the southern state of Kerala where it was diverted after it ran into bad weather during a sortie in the Indian Ocean.
The plane then reported a technical snag and was unable to return to the HMS Prince of Wales, the Royal Navy’s flagship carrier.
Its prolonged presence on Indian soil has sparked curiosity and raised questions about how such a modern aircraft could remain stranded in a foreign country for so long.
Since the jet’s landing, engineers from HMS Prince of Wales had assessed the aircraft, but they were unable to fix it.
On Sunday, the British High Commission said in a statement that a team of engineers from UK was “deployed to Thiruvananthapuram airport to assess and repair the F-35B aircraft”.
It said the team was “carrying specialist equipment necessary for the movement and repair process”.
Video footage shared by Indian news agencies ANI and PTI showed a British Royal Air Force Airbus landing at Thiruvananthapuram to drop the team of technical experts.
Videos showed the F-35B being towed away to a hangar – the high commission had earlier said they had “accepted the offer to move the craft to the Maintenance Repair and Overhaul (MRO) facility”, but were waiting for equipment to arrive from the UK.
F-35Bs are highly advanced stealth jets, built by Lockheed Martin, and are prized for their short take-off and vertical landing capability.
The $110m (£80m) jet is being guarded around the clock by six officers from the RAF.
The case of the stranded jet has also been raised in the House of Commons.
In India, images of the “lonely F-35B”, parked on the tarmac and soaked by the Kerala monsoon rains, have made it a subject jokes and memes with many suggesting that it does not want to leave the scenic state of Kerala, described as “God’s own country” in tourism brochures.
Experts say if the team of engineers is unable to repair the aircraft and make it fly worthy, it will have to be dismantled and carried out in a bigger cargo plane such as a C-17 Globemaster transport aircraft.
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