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Gold futures in New York held steady on Monday as markets awaited a formal clarification from the White House over its tariff policy, after a surprise US ruling last week rattled the bullion trade. According to Bloomberg, a US government agency stunned traders by formally ruling that 100-ounce and one-kilogram gold bars would be subject to import duties, a move that sent futures prices surging to a record on Friday before erasing most of those gains. The administration later told Bloomberg it would issue a statement to address what it called “misinformation” about duties on gold and other specialty products.<h2>Price gap between New York and London narrows</h2>On Monday, futures were trading about $65 an ounce above the global spot benchmark, with the premium narrowing to under $60 after briefly topping $100 last week. The sudden spike in the gap between New York and London trading hubs highlighted how sensitive global bullion flows are to US trade policy.&nbsp;Washington had exempted gold from tariffs back in April, and traders say the uncertainty over whether that exemption still stands is keeping the market on edge. Analysts warn that any prolonged ambiguity could disrupt the smooth functioning of US gold futures contracts.<h2>Industry calls for stability</h2>As quoted by Bloomberg, Joseph Cavatoni, senior market strategist for North America at the World Gold Council, said the gold market was “behaving in an orderly manner” while awaiting clarity, adding that the Council would continue monitoring developments and update its research once more information is available.&nbsp;The precious metal has gained nearly 30 per cent so far this year, with most of the rally occurring in the first four months as geopolitical tensions and trade disputes boosted demand for safe-haven assets. Prices ended Friday within about $100 of April’s all-time high.<h2>Eyes on US inflation data</h2>Traders are also looking to Tuesday’s US inflation print for fresh cues on interest rate policy. Bloomberg reports that economists expect core consumer prices, excluding food and energy to have risen 0.3 per cent in July, up from 0.2 per cent in June.&nbsp;The Federal Reserve has resisted President Donald Trump’s calls to ease monetary policy, balancing concerns over a cooling job market with the challenge of still-elevated inflation. Lower interest rates typically benefit gold, which does not yield interest.Spot gold eased 0.1 per cent to $3,394.13 an ounce in Singapore trade at 7:46 a.m., while the Bloomberg Dollar Spot Index slipped 0.1 per cent.Silver fell, while platinum saw slight gains.&nbsp;(With inputs from the agencies)

The price gap between New York and London narrowed, with futures trading about $65 an ounce above the spot benchmark. Analysts urge for clarity, as uncertainty disrupts market stability. Traders look forward to US inflation data for cues on interest rate policy.

Gold futures in New York held steady on Monday as markets awaited a formal clarification from the White House over its tariff policy, after a surprise US ruling last week rattled the bullion trade. According to Bloomberg, a US government agency stunned traders by formally ruling that 100-ounce and one-kilogram gold bars would be subject to import duties, a move that sent futures prices surging to a record on Friday before erasing most of those gains. The administration later told Bloomberg it would issue a statement to address what it called “misinformation” about duties on gold and other specialty products. Price gap between New York and London narrows On Monday, futures were trading about $65 an ounce above the global spot benchmark, with the premium narrowing to under $60 after briefly topping $100 last week. The sudden spike in the gap between New York and London trading hubs highlighted how sensitive global bullion flows are to US trade policy. Washington had exempted gold from tariffs back in April, and traders say the uncertainty over whether that exemption still stands is keeping the market on edge. Analysts warn that any prolonged ambiguity could disrupt the smooth functioning of US gold futures contracts. Industry calls for stability As quoted by Bloomberg, Joseph Cavatoni, senior market strategist for North America at the World Gold Council, said the gold market was “behaving in an orderly manner” while awaiting clarity, adding that the Council would continue monitoring developments and update its research once more information is available. The precious metal has gained nearly 30 per cent so far this year, with most of the rally occurring in the first four months as geopolitical tensions and trade disputes boosted demand for safe-haven assets. Prices ended Friday within about $100 of April’s all-time high. Eyes on US inflation data Traders are also looking to Tuesday’s US inflation print for fresh cues on interest rate policy. Bloomberg reports that economists expect core consumer prices, excluding food and energy to have risen 0.3 per cent in July, up from 0.2 per cent in June. The Federal Reserve has resisted President Donald Trump’s calls to ease monetary policy, balancing concerns over a cooling job market with the challenge of still-elevated inflation. Lower interest rates typically benefit gold, which does not yield interest. Spot gold eased 0.1 per cent to $3,394.13 an ounce in Singapore trade at 7:46 a.m., while the Bloomberg Dollar Spot Index slipped 0.1 per cent.Silver fell, while platinum saw slight gains. (With inputs from the agencies)

Gold futures in New York remained steady as markets awaited clarification from the White House on tariff policies following a surprising ruling that imposed import duties on certain gold bars.

Gold market holds steady as traders await US tariff clarity

Ahead of a potential summit between US President Donald Trump and Chinese President Xi Jinping, China is reportedly pushing the United States to ease export restrictions on critical artificial intelligence (AI) components, specifically high-bandwidth memory (HBM) chips. The Financial Times reported on Sunday that Chinese officials have raised this issue in trade talks with US experts, seeking to relax the restrictions imposed by Washington on HBM exports to China. HBM chips are integral to the rapid processing of data-heavy AI tasks, enabling advanced AI chipsets to function at scale. China’s push for access to these chips comes as Chinese tech giants like Huawei struggle to develop their own AI chips in the face of US export controls. These restrictions, which were escalated in 2024 under President Joe Biden’s administration, have hindered the growth of Chinese companies in both the AI and semiconductor sectors.<h2>Impact of US export controls on China’s AI progress</h2>Since 2022, successive US administrations have imposed increasingly stringent controls on the export of advanced chips to China, citing national security concerns over Beijing’s AI and defence ambitions. In particular, the Biden administration’s 2024 ban on the export of HBM chips to China has dealt a significant blow to Chinese efforts to develop sophisticated AI chips at scale. The controls also affect major Chinese tech companies like Huawei and Semiconductor Manufacturing International Corporation (SMIC), which rely on access to such components to compete globally.Chinese officials have argued that these restrictions are unfair and impede their legitimate access to the global market. In discussions with US negotiators, China has reportedly emphasised the critical nature of HBM chips for the development of its AI capabilities, noting that these chips are indispensable for combining memory and logic components in AI chip production. The recent focus on HBM controls has intensified as Beijing seeks to gain a strategic advantage in the global AI race.<h2>Concerns in Washington over potential relaxation of export controls</h2>The push for relaxed HBM controls comes as President Trump prepares for a possible summit with President Xi. However, many in Washington are concerned that such a move could benefit Chinese companies like Huawei and SMIC by enabling them to produce more AI chips, potentially giving them an edge over US competitors such as Nvidia. Some experts have warned that relaxing these controls could open the floodgates for China to rapidly scale its AI chip production and disrupt the US semiconductor market.AI experts cautioned that lifting the HBM ban would effectively assist Chinese companies in replacing US chipmakers in the AI sector. And relaxing these controls would be a gift to Huawei and SMIC. The growing scrutiny on companies like Nvidia, which has been selling gaming chips to China, also raises concerns over potential loopholes in US export control enforcement. Despite these chips not being marketed for AI, Chinese companies have reportedly found ways to repurpose them for AI applications. US lawmakers, such as John Moolenaar, have called for stronger enforcement to prevent the smuggling of advanced chips into China.&nbsp;(With inputs from agencies)

Chinese officials have argued that these restrictions are unfair and impede their legitimate access to the global market. In discussions with US negotiators, China has reportedly emphasised the critical nature of HBM chips for the development of its AI capabilities.

Ahead of a potential summit between US President Donald Trump and Chinese President Xi Jinping, China is reportedly pushing the United States to ease export restrictions on critical artificial intelligence (AI) components, specifically high-bandwidth memory (HBM) chips. The Financial Times reported on Sunday that Chinese officials have raised this issue in trade talks with US experts, seeking to relax the restrictions imposed by Washington on HBM exports to China. HBM chips are integral to the rapid processing of data-heavy AI tasks, enabling advanced AI chipsets to function at scale. China’s push for access to these chips comes as Chinese tech giants like Huawei struggle to develop their own AI chips in the face of US export controls. These restrictions, which were escalated in 2024 under President Joe Biden’s administration, have hindered the growth of Chinese companies in both the AI and semiconductor sectors. Impact of US export controls on China’s AI progress Since 2022, successive US administrations have imposed increasingly stringent controls on the export of advanced chips to China, citing national security concerns over Beijing’s AI and defence ambitions. In particular, the Biden administration’s 2024 ban on the export of HBM chips to China has dealt a significant blow to Chinese efforts to develop sophisticated AI chips at scale. The controls also affect major Chinese tech companies like Huawei and Semiconductor Manufacturing International Corporation (SMIC), which rely on access to such components to compete globally. Chinese officials have argued that these restrictions are unfair and impede their legitimate access to the global market. In discussions with US negotiators, China has reportedly emphasised the critical nature of HBM chips for the development of its AI capabilities, noting that these chips are indispensable for combining memory and logic components in AI chip production. The recent focus on HBM controls has intensified as Beijing seeks to gain a strategic advantage in the global AI race. Concerns in Washington over potential relaxation of export controls The push for relaxed HBM controls comes as President Trump prepares for a possible summit with President Xi. However, many in Washington are concerned that such a move could benefit Chinese companies like Huawei and SMIC by enabling them to produce more AI chips, potentially giving them an edge over US competitors such as Nvidia. Some experts have warned that relaxing these controls could open the floodgates for China to rapidly scale its AI chip production and disrupt the US semiconductor market. AI experts cautioned that lifting the HBM ban would effectively assist Chinese companies in replacing US chipmakers in the AI sector. And relaxing these controls would be a gift to Huawei and SMIC. The growing scrutiny on companies like Nvidia, which has been selling gaming chips to China, also raises concerns over potential loopholes in US export control enforcement. Despite these chips not being marketed for AI, Chinese companies have reportedly found ways to repurpose them for AI applications. US lawmakers, such as John Moolenaar, have called for stronger enforcement to prevent the smuggling of advanced chips into China. (With inputs from agencies)

Chinese officials have argued that these restrictions are unfair and impede their legitimate access to the global market. In discussions with US negotiators, China has reportedly emphasised the critical nature of HBM chips for the development of its AI capabilities.

China seeks relaxation of AI chip export controls ahead of US-China trade talks

Oil prices fell in early Asian trade on Monday, extending last week’s sharp losses, as global markets weighed higher US tariffs, an OPEC output increase, and rising hopes for a Ukraine ceasefire deal. Brent crude futures slipped 52 cents, or 0.78 per cent, to $66.07 a barrel by 0041 GMT, while US West Texas Intermediate (WTI) crude dropped 58 cents to $63.30. The decline comes after Brent lost 4.4 per cent and WTI shed 5.1 per cent over the week ended Friday, dragged lower by a gloomy economic outlook, as per Reuters.<h2>Ceasefire hopes and sanctions impact</h2>According to Reuters, expectations have grown that sanctions limiting the supply of Russian oil to global markets could soon be eased. This follows US President Donald Trump’s announcement on Friday that he will meet Russian President Vladimir Putin in Alaska on August 15 to negotiate an end to the Ukraine war.&nbsp;Trump has warned Moscow that if no peace deal is reached, its oil buyers could face secondary sanctions. At the same time, Washington is pressing India to scale back Russian crude purchases. The White House has also indicated that penalties on Russia could be tightened if talks fail.<h2>Tariffs and inflation risks weigh on demand</h2>The market downturn has also been fuelled by Trump’s new import tariffs, which took effect on Thursday. These duties target dozens of countries and are expected to disrupt supply chains, push up inflation, and slow economic activity.&nbsp;In parallel, OPEC’s latest output hike has added pressure to crude prices, with the combination of higher supply and weaker demand expectations reinforcing the bearish sentiment.<h2>Key US inflation data ahead</h2>Traders are now focused on US inflation figures due Tuesday, which could influence the Federal Reserve’s interest rate outlook. As quoted by Reuters, IG market analyst Tony Sycamore noted that a weaker-than-expected Consumer Price Index (CPI) reading would boost expectations for earlier and deeper Fed rate cuts, potentially stimulating economic activity and supporting oil demand. Conversely, a hotter print could raise stagflation fears and delay policy easing.&nbsp;With geopolitical talks and economic data converging this week, oil prices are expected to remain volatile as markets balance hopes of a Ukraine peace pact against the drag from tariffs and output increases.&nbsp;(With inputs from the agencies)

Market sentiment remains bearish due to geopolitical tensions, economic forecasts, and upcoming US inflation data, which are influencing demand.

Oil prices fell in early Asian trade on Monday, extending last week’s sharp losses, as global markets weighed higher US tariffs, an OPEC output increase, and rising hopes for a Ukraine ceasefire deal. Brent crude futures slipped 52 cents, or 0.78 per cent, to $66.07 a barrel by 0041 GMT, while US West Texas Intermediate (WTI) crude dropped 58 cents to $63.30. The decline comes after Brent lost 4.4 per cent and WTI shed 5.1 per cent over the week ended Friday, dragged lower by a gloomy economic outlook, as per Reuters. Ceasefire hopes and sanctions impact According to Reuters, expectations have grown that sanctions limiting the supply of Russian oil to global markets could soon be eased. This follows US President Donald Trump’s announcement on Friday that he will meet Russian President Vladimir Putin in Alaska on August 15 to negotiate an end to the Ukraine war. Trump has warned Moscow that if no peace deal is reached, its oil buyers could face secondary sanctions. At the same time, Washington is pressing India to scale back Russian crude purchases. The White House has also indicated that penalties on Russia could be tightened if talks fail. Tariffs and inflation risks weigh on demand The market downturn has also been fuelled by Trump’s new import tariffs, which took effect on Thursday. These duties target dozens of countries and are expected to disrupt supply chains, push up inflation, and slow economic activity. In parallel, OPEC’s latest output hike has added pressure to crude prices, with the combination of higher supply and weaker demand expectations reinforcing the bearish sentiment. Key US inflation data ahead Traders are now focused on US inflation figures due Tuesday, which could influence the Federal Reserve’s interest rate outlook. As quoted by Reuters, IG market analyst Tony Sycamore noted that a weaker-than-expected Consumer Price Index (CPI) reading would boost expectations for earlier and deeper Fed rate cuts, potentially stimulating economic activity and supporting oil demand. Conversely, a hotter print could raise stagflation fears and delay policy easing. With geopolitical talks and economic data converging this week, oil prices are expected to remain volatile as markets balance hopes of a Ukraine peace pact against the drag from tariffs and output increases. (With inputs from the agencies)

Oil prices dropped in early Asian trade, extending last week’s losses amidst higher US tariffs, an OPEC output increase, and rising ceasefire hopes in Ukraine. Brent crude fell to $66.07, and WTI dropped to $63.30.

Oil prices slide as markets eye US–Russia Ukraine peace talks

US Federal Reserve Governor Michelle Bowman has called for three interest-rate cuts this year, signalling growing concern inside the central bank over weakening job growth and softening demand. Speaking at the Kansas Bankers Association in Colorado Springs on Saturday, Bowman, a 2018 Trump appointee said recent weak labour-market data had reinforced her view that policy easing was now necessary. According to Bloomberg, she urged the Fed to start cutting at its next meeting in September to “avoid unnecessary erosion” in employment and prevent a larger policy correction later.<h2>From rate-hold supporter to early cut advocate</h2>The Fed has kept interest rates unchanged through the first half of 2025, a stance Bowman backed until June. But in July, she broke ranks alongside fellow Governor Christopher Waller, voting for a quarter-point cut. Her shift comes as the US job market shows signs of strain. Data from the Bureau of Labor Statistics showed employers added just 73,000 jobs in July, well below expectations, with prior months’ gains revised down by nearly 260,000.&nbsp;&nbsp;The unemployment rate also ticked up to 4.2 per cent from 4.1 per cent in June. Three other Fed policymakers, San Francisco’s Mary Daly, Minneapolis’ Neel Kashkari and Governor Lisa Cook have also voiced concerns about the cooling labour market in recent days, hinting they may support a September cut.<h2>Tariffs unlikely to stoke lasting inflation</h2>Bowman also addressed the inflation outlook, saying tariff-driven price rises, a major factor under President Donald Trump’s trade policies were unlikely to cause persistent inflation pressures. “With underlying inflation on a sustained trajectory toward 2 per cent, softness in aggregate demand and signs of fragility in the labour market, I think we should focus on risks to our employment mandate,” she said, as quoted by Bloomberg.&nbsp;Her comments reflect a broader view among some policymakers that the Fed can ease rates without jeopardising price stability, particularly if tariffs don’t trigger lasting inflationary effects.<h2>Spotlight on community banks</h2>Bowman used part of her remarks to announce an October 9 conference on community banking, aimed at exploring reforms to the capital framework for smaller lenders. She has long argued that community banks, which support local economies but have been losing market share to larger institutions, face unique challenges that merit tailored regulation. She pointed to possible changes to the community bank leverage ratio, a simpler capital requirement designed as an alternative to risk-based measures.&nbsp;Bowman, a former community banker herself, said she wants to make the ratio more attractive so more lenders adopt it, and to reshape supervision to protect smaller banks from rules designed for Wall Street giants. The Fed already held a separate conference in July to discuss capital requirements for the biggest US banks, with regulators signalling a willingness to ease certain rules, including the enhanced supplementary leverage ratio and adjust stress testing frameworks.<h2>Economic and policy stakes</h2>Bowman’s push for rate cuts puts her at the centre of the Fed’s growing policy debate ahead of September. With job growth slowing, unemployment edging higher, and inflation nearing the Fed’s 2 per cent target, the risk calculus inside the central bank appears to be shifting from inflation control to employment protection.&nbsp;If Bowman’s view gains traction, the Fed could deliver its first rate cut in September, the first step in what she hopes will be a three-cut cycle to stabilise the economy before labour market weakness becomes entrenched.&nbsp;(With inputs from the agencies)

US Federal Reserve Governor Michelle Bowman  also downplayed the inflation threat from Trump era tariffs, arguing they won’t produce lasting price pressures. Beyond monetary policy, she announced an October conference on community banking reforms, seeking to ease capital rules for smaller lenders and make the community bank leverage ratio more appealing.

US Federal Reserve Governor Michelle Bowman has called for three interest-rate cuts this year, signalling growing concern inside the central bank over weakening job growth and softening demand. Speaking at the Kansas Bankers Association in Colorado Springs on Saturday, Bowman, a 2018 Trump appointee said recent weak labour-market data had reinforced her view that policy easing was now necessary. According to Bloomberg, she urged the Fed to start cutting at its next meeting in September to “avoid unnecessary erosion” in employment and prevent a larger policy correction later. From rate-hold supporter to early cut advocate The Fed has kept interest rates unchanged through the first half of 2025, a stance Bowman backed until June. But in July, she broke ranks alongside fellow Governor Christopher Waller, voting for a quarter-point cut. Her shift comes as the US job market shows signs of strain. Data from the Bureau of Labor Statistics showed employers added just 73,000 jobs in July, well below expectations, with prior months’ gains revised down by nearly 260,000. The unemployment rate also ticked up to 4.2 per cent from 4.1 per cent in June. Three other Fed policymakers, San Francisco’s Mary Daly, Minneapolis’ Neel Kashkari and Governor Lisa Cook have also voiced concerns about the cooling labour market in recent days, hinting they may support a September cut. Tariffs unlikely to stoke lasting inflation Bowman also addressed the inflation outlook, saying tariff-driven price rises, a major factor under President Donald Trump’s trade policies were unlikely to cause persistent inflation pressures. “With underlying inflation on a sustained trajectory toward 2 per cent, softness in aggregate demand and signs of fragility in the labour market, I think we should focus on risks to our employment mandate,” she said, as quoted by Bloomberg. Her comments reflect a broader view among some policymakers that the Fed can ease rates without jeopardising price stability, particularly if tariffs don’t trigger lasting inflationary effects. Spotlight on community banks Bowman used part of her remarks to announce an October 9 conference on community banking, aimed at exploring reforms to the capital framework for smaller lenders. She has long argued that community banks, which support local economies but have been losing market share to larger institutions, face unique challenges that merit tailored regulation. She pointed to possible changes to the community bank leverage ratio, a simpler capital requirement designed as an alternative to risk-based measures. Bowman, a former community banker herself, said she wants to make the ratio more attractive so more lenders adopt it, and to reshape supervision to protect smaller banks from rules designed for Wall Street giants. The Fed already held a separate conference in July to discuss capital requirements for the biggest US banks, with regulators signalling a willingness to ease certain rules, including the enhanced supplementary leverage ratio and adjust stress testing frameworks. Economic and policy stakes Bowman’s push for rate cuts puts her at the centre of the Fed’s growing policy debate ahead of September. With job growth slowing, unemployment edging higher, and inflation nearing the Fed’s 2 per cent target, the risk calculus inside the central bank appears to be shifting from inflation control to employment protection. If Bowman’s view gains traction, the Fed could deliver its first rate cut in September, the first step in what she hopes will be a three-cut cycle to stabilise the economy before labour market weakness becomes entrenched. (With inputs from the agencies)

Citing weakening job growth and softening demand, US Federal Reserve Governor Michelle Bowman warned that delaying action could deepen labour market damage. The July jobs report showed just 73,000 new positions and an uptick in unemployment to 4.2%, fuelling her call for faster easing.

Fed’s Bowman backs three rate cuts in 2025, warns of labour market fragility

US Treasury yields have snapped a three-week rally, with traders holding their breath ahead of a crucial consumer price index (CPI) report that could shape the Federal Reserve’s next move.As per Bloomberg, the 10-year Treasury yield rose by seven basis points last week to about 4.3 per cent, bouncing off a three-month low. Traders are now pricing in more than an 80 per cent probability of a Fed rate cut in September, according to interest-rate swap market data.&nbsp;The inflation data, due Tuesday, will be closely watched for signs of how President Donald Trump’s new tariffs are feeding into consumer prices. Economists expect “core” inflation — excluding food and energy — to have risen by 0.3 per cent in July, up from 0.2 per cent the month before.&nbsp;A hotter-than-expected reading could test market expectations for rate cuts, especially as the Fed has so far resisted Trump’s public pressure to ease policy more aggressively. The central bank has been balancing the risks of a cooling job market against still-stubborn price pressures.<h2>Political influence creeps into the Fed</h2>In a move that could tilt the policy debate, Trump last week installed a political ally at the Federal Reserve. Stephen Miran, who chairs the Council of Economic Advisers, has been appointed as a Fed governor — potentially shifting the central bank’s internal calculus ahead of September’s meeting.&nbsp;This week’s US data docket is unusually heavy. Aside from the CPI, markets will get July retail sales, industrial production, producer prices, and consumer sentiment readings. These could either cement or derail expectations for the first rate cut of Trump’s current term.Key US economic releases this week:<ul><li>August 12: NFIB small business optimism, CPI, real earnings, federal budget balance.</li><li>August 14: Producer price index, jobless claims.</li><li>August 15: Retail sales, manufacturing data, University of Michigan consumer sentiment</li></ul><h2>Fed officials on the speaking circuit</h2>Federal Reserve officials, including Michelle Bowman, Austan Goolsbee, and Raphael Bostic, are scheduled to make public remarks this week. Their tone could signal whether the central bank is preparing to move in September or waiting for more evidence of inflation cooling.The Treasury market’s reaction will hinge on whether inflation aligns with forecasts. A softer print could deepen bets on multiple rate cuts before year-end, while a strong reading may keep yields elevated and delay policy easing.&nbsp;(With inputs from the agencies)&nbsp;

With Trump fresh tariffs adding uncertainty to inflation, the data will be key to gauging how consumer prices are responding. A packed economic calendar and multiple Fed speeches this week could shape market sentiment ahead of September’s policy meeting.

US Treasury yields have snapped a three-week rally, with traders holding their breath ahead of a crucial consumer price index (CPI) report that could shape the Federal Reserve’s next move. As per Bloomberg, the 10-year Treasury yield rose by seven basis points last week to about 4.3 per cent, bouncing off a three-month low. Traders are now pricing in more than an 80 per cent probability of a Fed rate cut in September, according to interest-rate swap market data. The inflation data, due Tuesday, will be closely watched for signs of how President Donald Trump’s new tariffs are feeding into consumer prices. Economists expect “core” inflation — excluding food and energy — to have risen by 0.3 per cent in July, up from 0.2 per cent the month before. A hotter-than-expected reading could test market expectations for rate cuts, especially as the Fed has so far resisted Trump’s public pressure to ease policy more aggressively. The central bank has been balancing the risks of a cooling job market against still-stubborn price pressures. Political influence creeps into the Fed In a move that could tilt the policy debate, Trump last week installed a political ally at the Federal Reserve. Stephen Miran, who chairs the Council of Economic Advisers, has been appointed as a Fed governor — potentially shifting the central bank’s internal calculus ahead of September’s meeting. This week’s US data docket is unusually heavy. Aside from the CPI, markets will get July retail sales, industrial production, producer prices, and consumer sentiment readings. These could either cement or derail expectations for the first rate cut of Trump’s current term. Key US economic releases this week: August 12: NFIB small business optimism, CPI, real earnings, federal budget balance. August 14: Producer price index, jobless claims. August 15: Retail sales, manufacturing data, University of Michigan consumer sentiment Fed officials on the speaking circuit Federal Reserve officials, including Michelle Bowman, Austan Goolsbee, and Raphael Bostic, are scheduled to make public remarks this week. Their tone could signal whether the central bank is preparing to move in September or waiting for more evidence of inflation cooling. The Treasury market’s reaction will hinge on whether inflation aligns with forecasts. A softer print could deepen bets on multiple rate cuts before year-end, while a strong reading may keep yields elevated and delay policy easing. (With inputs from the agencies)

US Treasury yields ended a three-week slide, with traders bracing for a pivotal CPI report that could determine the Federal Reserve’s next rate move. The 10-year yield climbed to around 4.3%, while markets are pricing in an 80% chance of a September rate cut.

US Treasury rally pauses as markets brace for inflation test

China has escalated its tech security battle with the United States, targeting Nvidia’s latest H20 artificial intelligence chips with claims they are unsafe, outdated and environmentally unfriendly. The sharp criticism, published by an account linked to state broadcaster CCTV, comes just weeks after Beijing formally summoned the US chipmaker over alleged “backdoor” access in its hardware.&nbsp;The WeChat article from Yuyuan Tantian, a social media handle affiliated with CCTV, said the H20 chips were not advanced, not green, and not secure. It argued that Chinese consumers “have the option not to buy” products that fail on all three counts. The statement builds on earlier criticism from People’s Daily, the Communist Party’s flagship paper, which demanded “convincing security proofs” from Nvidia to restore market trust. As per Reuters, this is the latest in a string of warnings from Beijing against foreign tech suppliers amid tightening controls over critical digital infrastructure.<h2>The ‘backdoor’ allegation</h2>China’s cyberspace watchdog met Nvidia executives on 31 July to question whether the H20 chips contained any hardware “backdoor," a hidden method to bypass normal authentication or security controls. State media claims such access could enable functions like remote shutdown of the hardware.Nvidia, in response, said its products contain no such backdoors and do not allow remote access or control.<h2>The US–China chip flashpoint</h2>The H20 is one of several chips Nvidia designed specifically for China after the US imposed sweeping AI chip export restrictions in late 2023. The administration of President Donald Trump initially banned H20 sales in April 2025 amid rising trade tensions, but later reversed the decision in July to allow limited exports.&nbsp;The chip has since faced scepticism in China, not just over security risks, but also its performance. Analysts note that the H20 is less powerful than Nvidia’s top global AI chips due to US export rules, potentially limiting its adoption in China’s rapidly evolving AI sector.<h2>What this means for the tech war?</h2>Security claims against Nvidia fit into a broader pattern of mutual distrust between Washington and Beijing over semiconductors — the backbone of artificial intelligence, cloud computing, and military systems.&nbsp;While the US accuses China of technology theft and national security risks from its hardware, Beijing is now mirroring those arguments, scrutinising American chips for possible vulnerabilities. If Chinese buyers shun the H20, Nvidia risks losing a major share of one of its biggest international markets.&nbsp;(With inputs from the agencies)&nbsp;

The H20, designed for China after US export curbs, was briefly banned under Trump before limited sales resumed in July. With state media warning consumers to avoid the product, the standoff signals deepening distrust in the US and China chip war and could jeopardize Nvidia’s China market share.

China has escalated its tech security battle with the United States, targeting Nvidia’s latest H20 artificial intelligence chips with claims they are unsafe, outdated and environmentally unfriendly. The sharp criticism, published by an account linked to state broadcaster CCTV, comes just weeks after Beijing formally summoned the US chipmaker over alleged “backdoor” access in its hardware. The WeChat article from Yuyuan Tantian, a social media handle affiliated with CCTV, said the H20 chips were not advanced, not green, and not secure. It argued that Chinese consumers “have the option not to buy” products that fail on all three counts. The statement builds on earlier criticism from People’s Daily, the Communist Party’s flagship paper, which demanded “convincing security proofs” from Nvidia to restore market trust. As per Reuters, this is the latest in a string of warnings from Beijing against foreign tech suppliers amid tightening controls over critical digital infrastructure. The ‘backdoor’ allegation China’s cyberspace watchdog met Nvidia executives on 31 July to question whether the H20 chips contained any hardware “backdoor," a hidden method to bypass normal authentication or security controls. State media claims such access could enable functions like remote shutdown of the hardware. Nvidia, in response, said its products contain no such backdoors and do not allow remote access or control. The US–China chip flashpoint The H20 is one of several chips Nvidia designed specifically for China after the US imposed sweeping AI chip export restrictions in late 2023. The administration of President Donald Trump initially banned H20 sales in April 2025 amid rising trade tensions, but later reversed the decision in July to allow limited exports. The chip has since faced scepticism in China, not just over security risks, but also its performance. Analysts note that the H20 is less powerful than Nvidia’s top global AI chips due to US export rules, potentially limiting its adoption in China’s rapidly evolving AI sector. What this means for the tech war? Security claims against Nvidia fit into a broader pattern of mutual distrust between Washington and Beijing over semiconductors — the backbone of artificial intelligence, cloud computing, and military systems. While the US accuses China of technology theft and national security risks from its hardware, Beijing is now mirroring those arguments, scrutinising American chips for possible vulnerabilities. If Chinese buyers shun the H20, Nvidia risks losing a major share of one of its biggest international markets. (With inputs from the agencies)

China has intensified its tech security offensive against the US by publicly attacking Nvidia’s H20 AI chips as insecure, outdated, and environmentally unfriendly. The criticism follows a formal inquiry into alleged “backdoor” access — claims Nvidia denies.

China calls Nvidia H20 chips unsafe, cites ‘backdoor’ concerns

Mexico has moved to set minimum export prices for fresh tomatoes bound for the United States in an effort to ease tensions after Washington imposed anti-dumping duties. According to Bloomberg, the new pricing floor aims to restore full access to the US market and prevent what Mexican officials called “distortion in the prices” of tomato exports.<h2>Why Mexico acted now?</h2>The move follows the Trump administration’s decision to impose an anti-dumping duty of over 17 per cent last month after accusing Mexican growers of selling tomatoes at unfairly low prices. US growers had long argued that cheap imports were undercutting domestic producers. While the US Commerce Department announced the duty, President Donald Trump delayed a broader tariff hike for 90 days to leave room for negotiations on a fresh trade agreement.&nbsp;“The Mexican government is trying to help growers avoid an increase in anti-dumping duties in the future,” Georgina Felix, director of operations at the Arizona-based Fresh Produce Association of the Americas, told Bloomberg. The dispute escalated after the US withdrew in July from a 2019 agreement that had suspended dumping investigations. That deal had required a minimum price for tomato imports at their first point of sale in the US, effectively acting as a safeguard for American growers. Its collapse re-opened the door to duties and reignited trade tensions.&nbsp;Under the new Mexican decree, the minimum prices imply a sharp jump, almost 40 per cent for round “bola” tomatoes and 26 per cent for cherry and grape varieties. This increase, as noted by Juan Carlos Anaya of Mexico City’s Agricultural Markets Consulting Group in comments to Imagen Radio, is even greater than the US duty itself.<h2>Political and economic stakes</h2>Tomatoes are one of Mexico’s most valuable agricultural exports to the US, making the dispute politically sensitive and economically significant. For Mexican farmers, setting a price floor may cushion the impact of US duties and secure more predictable market access, while for American growers, it may address concerns over price undercutting.&nbsp;Still, the 90-day window before Trump’s delayed tariff hike expires leaves little time for both sides to reach a permanent deal. Without one, the tomato dispute risks becoming another flashpoint in a broader pattern of agricultural and manufacturing trade tensions between Washington and Mexico City.&nbsp;(With inputs from the agencies)

The move, which comes amid a 90 day delay in broader US tariff hikes, raises prices by up to 40% for some varieties and aims to ease tensions before talks expire potentially averting another flashpoint in agricultural trade.

Mexico has moved to set minimum export prices for fresh tomatoes bound for the United States in an effort to ease tensions after Washington imposed anti-dumping duties. According to Bloomberg, the new pricing floor aims to restore full access to the US market and prevent what Mexican officials called “distortion in the prices” of tomato exports. Why Mexico acted now? The move follows the Trump administration’s decision to impose an anti-dumping duty of over 17 per cent last month after accusing Mexican growers of selling tomatoes at unfairly low prices. US growers had long argued that cheap imports were undercutting domestic producers. While the US Commerce Department announced the duty, President Donald Trump delayed a broader tariff hike for 90 days to leave room for negotiations on a fresh trade agreement. “The Mexican government is trying to help growers avoid an increase in anti-dumping duties in the future,” Georgina Felix, director of operations at the Arizona-based Fresh Produce Association of the Americas, told Bloomberg. The dispute escalated after the US withdrew in July from a 2019 agreement that had suspended dumping investigations. That deal had required a minimum price for tomato imports at their first point of sale in the US, effectively acting as a safeguard for American growers. Its collapse re-opened the door to duties and reignited trade tensions. Under the new Mexican decree, the minimum prices imply a sharp jump, almost 40 per cent for round “bola” tomatoes and 26 per cent for cherry and grape varieties. This increase, as noted by Juan Carlos Anaya of Mexico City’s Agricultural Markets Consulting Group in comments to Imagen Radio, is even greater than the US duty itself. Political and economic stakes Tomatoes are one of Mexico’s most valuable agricultural exports to the US, making the dispute politically sensitive and economically significant. For Mexican farmers, setting a price floor may cushion the impact of US duties and secure more predictable market access, while for American growers, it may address concerns over price undercutting. Still, the 90-day window before Trump’s delayed tariff hike expires leaves little time for both sides to reach a permanent deal. Without one, the tomato dispute risks becoming another flashpoint in a broader pattern of agricultural and manufacturing trade tensions between Washington and Mexico City. (With inputs from the agencies)

As the US-Mexico tomato trade dispute heats up, Mexico has introduced minimum export prices for fresh tomatoes headed to the US in a bid to counter Washington’s 17% anti-dumping duty and restore full market access.

Mexico hikes tomato export prices to dodge Trump’s 17% tariff

China’s producer prices dropped more than expected in July, while consumer prices were flat, signalling that the world’s second-largest economy is still grappling with weak domestic demand and fragile business confidence. According to data from the National Bureau of Statistics (NBS) cited by Reuters, the producer price index (PPI) fell 3.6 per cent year-on-year, missing economists’ forecast of a 3.3 per cent decline and matching June’s near two-year low.&nbsp;PPI, a key gauge of factory-gate prices, has now been in decline for more than two years. July’s figures show that Beijing’s early-stage efforts to curb aggressive price competition and address overcapacity in key industries have yet to deliver a significant turnaround. The current industrial restructuring push is a more modest version of the sweeping supply-side reforms launched a decade ago, which were instrumental in ending a previous deflationary cycle. On a month-on-month basis, PPI fell 0.2 per cent in July, a smaller drop than June’s 0.4 per cent fall. Dong Lijuan, NBS chief statistician, told Reuters that extreme weather and ongoing global trade uncertainties had contributed to price declines in certain sectors.<h2>Signs of easing pressure, but risks remain</h2>Some analysts see tentative signs that deflationary pressures may be starting to ease. Xing Zhaopeng, senior China strategist at ANZ, told Reuters that improvements in both the month-on-month PPI and year-on-year core CPI could indicate the government’s “anti-involution” measures, aimed at reducing disorderly competition in industries such as autos will start lifting annual PPI from August.&nbsp;However, others remain cautious. Without stronger demand-side stimulus or reforms to boost household welfare, analysts warn these policies may have limited impact on final demand. A prolonged property market slump and strained trade relations with the United States continue to weigh heavily on consumer spending and manufacturing activity.<h2>Consumer prices show mixed trends</h2>China’s consumer price index (CPI) was unchanged year-on-year in July, compared with a 0.1 per cent rise in June. This outperformed a Reuters poll forecast for a 0.1 per cent decline. Core CPI, which excludes volatile food and fuel prices, rose 0.8 per cent, the highest level in 17 months, suggesting some resilience in underlying consumer demand.&nbsp;Food prices fell 1.6 per cent from a year earlier, following a 0.3 per cent drop in June. On a monthly basis, CPI climbed 0.4 per cent in July, reversing June’s 0.1 per cent fall and beating forecasts for a 0.3 per cent increase.<h2>Extreme weather adds to economic strain</h2>The NBS noted that weather played a significant role in price movements last month. Large parts of China’s eastern coast endured sweltering heat, while heavier-than-usual monsoon rains hit both northern and southern provinces. These disruptions have further complicated efforts to stabilise prices and growth.&nbsp;Zhiwei Zhang, chief economist at Pinpoint Asset Management, told Reuters it is still too early to declare the end of deflation in China. He warned that the property sector has not yet stabilised, the economy remains overly reliant on external demand, and the labour market is still weak.With deflationary pressures persisting, policymakers face the challenge of balancing targeted industrial reforms with measures to spur broader domestic demand without triggering fresh economic imbalances.&nbsp;(With input from the agencies)&nbsp;

Analysts say month-on-month improvements in both producer and core consumer prices suggest Beijing targeted industrial reforms could start yielding results from August.

China’s producer prices dropped more than expected in July, while consumer prices were flat, signalling that the world’s second-largest economy is still grappling with weak domestic demand and fragile business confidence. According to data from the National Bureau of Statistics (NBS) cited by Reuters, the producer price index (PPI) fell 3.6 per cent year-on-year, missing economists’ forecast of a 3.3 per cent decline and matching June’s near two-year low. PPI, a key gauge of factory-gate prices, has now been in decline for more than two years. July’s figures show that Beijing’s early-stage efforts to curb aggressive price competition and address overcapacity in key industries have yet to deliver a significant turnaround. The current industrial restructuring push is a more modest version of the sweeping supply-side reforms launched a decade ago, which were instrumental in ending a previous deflationary cycle. On a month-on-month basis, PPI fell 0.2 per cent in July, a smaller drop than June’s 0.4 per cent fall. Dong Lijuan, NBS chief statistician, told Reuters that extreme weather and ongoing global trade uncertainties had contributed to price declines in certain sectors. Signs of easing pressure, but risks remain Some analysts see tentative signs that deflationary pressures may be starting to ease. Xing Zhaopeng, senior China strategist at ANZ, told Reuters that improvements in both the month-on-month PPI and year-on-year core CPI could indicate the government’s “anti-involution” measures, aimed at reducing disorderly competition in industries such as autos will start lifting annual PPI from August. However, others remain cautious. Without stronger demand-side stimulus or reforms to boost household welfare, analysts warn these policies may have limited impact on final demand. A prolonged property market slump and strained trade relations with the United States continue to weigh heavily on consumer spending and manufacturing activity. Consumer prices show mixed trends China’s consumer price index (CPI) was unchanged year-on-year in July, compared with a 0.1 per cent rise in June. This outperformed a Reuters poll forecast for a 0.1 per cent decline. Core CPI, which excludes volatile food and fuel prices, rose 0.8 per cent, the highest level in 17 months, suggesting some resilience in underlying consumer demand. Food prices fell 1.6 per cent from a year earlier, following a 0.3 per cent drop in June. On a monthly basis, CPI climbed 0.4 per cent in July, reversing June’s 0.1 per cent fall and beating forecasts for a 0.3 per cent increase. Extreme weather adds to economic strain The NBS noted that weather played a significant role in price movements last month. Large parts of China’s eastern coast endured sweltering heat, while heavier-than-usual monsoon rains hit both northern and southern provinces. These disruptions have further complicated efforts to stabilise prices and growth. Zhiwei Zhang, chief economist at Pinpoint Asset Management, told Reuters it is still too early to declare the end of deflation in China. He warned that the property sector has not yet stabilised, the economy remains overly reliant on external demand, and the labour market is still weak. With deflationary pressures persisting, policymakers face the challenge of balancing targeted industrial reforms with measures to spur broader domestic demand without triggering fresh economic imbalances. (With input from the agencies)

China’s factory-gate prices fell for the 25th straight month in July, but the pace of decline slowed, offering tentative signs that deflationary pressures may be bottoming out.

China’s factory-gate prices fall more than expected in July, deflation fears linger

The latest readings suggest that President Donald Trump’s higher import duties, part of his ongoing trade crackdowns are starting to work their way into consumer prices. Bloomberg notes that a separate measure of core services inflation remains tame for now, but economists expect gradual increases in the coming months. For the Federal Reserve, this creates a policy challenge. Officials have kept interest rates unchanged in 2025, seeking clarity on whether tariffs will cause sustained inflation. But they must also weigh signs of a cooling labour market, the other half of their dual mandate.<h2>Consumers still spending, for now</h2>Retail sales data due Friday is expected to show a solid July increase, boosted by incentives on vehicle purchases and online shopping spikes during Amazon’s Prime Day. However, Bloomberg reports that once adjusted for inflation, the figures may point to a more lacklustre consumer spending environment. Manufacturing data from the Fed is likely to show stagnant factory output as producers navigate shifting tariff rules. Meanwhile, a preliminary US–China trade truce is set to expire on Tuesday, although an extension remains possible.<h2>Global markets eye central bank's move&nbsp;</h2>Beyond the US, Bloomberg notes that the Bank of Canada will publish minutes from its decision to hold rates at 2.75 per cent for a third meeting, while leaving the door open for cuts if inflation remains contained. July home sales data will also indicate whether recent gains have continued. Asia’s economic calendar is packed, with China releasing July activity data, including industrial production, retail sales, and jobless figures on Friday. Australia’s central bank is expected to cut rates for a third time this year, while India’s CPI and wholesale price data will offer fresh insight into price trends before Trump’s 50 per cent tariff on Indian goods fully kicks in.&nbsp;In Europe, the UK will release wage growth and GDP figures in the wake of the Bank of England’s latest rate cut, while Switzerland’s economy may show a sudden contraction even before Trump’s 39 per cent tariff impact takes hold. Africa and Latin America will also see rate decisions and inflation reports, with Brazil, Argentina, and Chile updating price data, and Kenya, Uganda, and Namibia adjusting policy to manage growth and price stability.&nbsp;The coming week’s data, as per Bloomberg, will help clarify whether the US inflation uptick is temporary or the start of a broader trend. If tariffs continue to feed through to consumer prices, the Fed may face mounting pressure to act, even as global markets adjust to a wave of central bank decisions and shifting trade policies.&nbsp;(With input from the agencies)&nbsp;

Trump 50% tariff on Indian goods and levies on other nations are reshaping global markets, from US inflation pressures to rate decisions in Asia, Europe, and Latin America. This week data will test how far the ripple effects go.

The latest readings suggest that President Donald Trump’s higher import duties, part of his ongoing trade crackdowns are starting to work their way into consumer prices. Bloomberg notes that a separate measure of core services inflation remains tame for now, but economists expect gradual increases in the coming months. For the Federal Reserve, this creates a policy challenge. Officials have kept interest rates unchanged in 2025, seeking clarity on whether tariffs will cause sustained inflation. But they must also weigh signs of a cooling labour market, the other half of their dual mandate. Consumers still spending, for now Retail sales data due Friday is expected to show a solid July increase, boosted by incentives on vehicle purchases and online shopping spikes during Amazon’s Prime Day. However, Bloomberg reports that once adjusted for inflation, the figures may point to a more lacklustre consumer spending environment. Manufacturing data from the Fed is likely to show stagnant factory output as producers navigate shifting tariff rules. Meanwhile, a preliminary US–China trade truce is set to expire on Tuesday, although an extension remains possible. Global markets eye central bank's move Beyond the US, Bloomberg notes that the Bank of Canada will publish minutes from its decision to hold rates at 2.75 per cent for a third meeting, while leaving the door open for cuts if inflation remains contained. July home sales data will also indicate whether recent gains have continued. Asia’s economic calendar is packed, with China releasing July activity data, including industrial production, retail sales, and jobless figures on Friday. Australia’s central bank is expected to cut rates for a third time this year, while India’s CPI and wholesale price data will offer fresh insight into price trends before Trump’s 50 per cent tariff on Indian goods fully kicks in. In Europe, the UK will release wage growth and GDP figures in the wake of the Bank of England’s latest rate cut, while Switzerland’s economy may show a sudden contraction even before Trump’s 39 per cent tariff impact takes hold. Africa and Latin America will also see rate decisions and inflation reports, with Brazil, Argentina, and Chile updating price data, and Kenya, Uganda, and Namibia adjusting policy to manage growth and price stability. The coming week’s data, as per Bloomberg, will help clarify whether the US inflation uptick is temporary or the start of a broader trend. If tariffs continue to feed through to consumer prices, the Fed may face mounting pressure to act, even as global markets adjust to a wave of central bank decisions and shifting trade policies. (With input from the agencies)

As US tariffs push some prices higher, the Fed faces a tough call: act against potential inflation or hold rates amid signs of economic slowdown. Global markets brace for a week of key central bank moves and trade policy shifts.

US inflation set to tick higher as Trump tariffs hit consumers

India’s bid to close the gap with China’s stock market could be slipping further out of reach, thanks to the US President Donald Trump’s latest tariff escalation. India’s equity market now trails onshore China’s by $6.3 trillion, the widest gap since March, as per Bloomberg. The MSCI India Index has reportedly underperformed its Chinese counterpart by 10 percentage points this quarter and is heading for its biggest annual lag since 2017.<h2>Tariffs hit India harder</h2>President Trump announced a 50 per cent tariff on Indian exports to the US, half of which is effectively a penalty for India’s purchases of Russian oil. While New Delhi was singled out, China, which imports far more from Moscow has largely been spared. Beijing, according to Bloomberg, is instead waiting for an extension of its trade truce with Washington.This selective targeting has reportedly shaken investor sentiment towards India, already under pressure from high stock valuations and slowing earnings growth. Last month alone, foreign investors pulled about $3 billion from Indian equities, the biggest monthly outflow since February, as per Bloomberg data.&nbsp;Despite the near-term challenges, India’s growth prospects remain appealing. Morgan Stanley, as per Bloomberg, still sees Indian equities climbing to new highs over the coming decades, driven by population growth and infrastructure development. Veteran emerging-market investor Mark Mobius told Bloomberg TV that any market correction could be a buying opportunity, with the US tariff battle likely to have only a “short-lived” psychological effect. Domestic institutional investors have also stepped in, pouring about $50 billion into Indian equities, according to exchange data compiled by Bloomberg. Along with retail investors, they now control a bigger slice of the $5.2 trillion market than foreign funds, which could help cushion against sharp selloffs.<h2>Wall Street tilts toward China</h2>Global investment houses are taking note. Goldman Sachs, as quoted by Bloomberg, has maintained a “marketweight” stance on Indian equities while upgrading its 12-month target for Chinese stocks and keeping an “overweight” view on them.&nbsp;The reversal is striking. Just a few years ago, China was labelled “uninvestable” due to regulatory crackdowns and geopolitical risks, leading many funds to pivot towards India as a safer bet. Now, India faces its own set of headwinds: trade friction with the US, softer corporate earnings, and expensive valuations. Anna Wu, a cross-asset strategist at VanEck in Sydney, told Bloomberg that China’s shares are likely to outperform Indian peers in the coming quarters. She cited easing trade tensions in Beijing, government “anti-involution” policies, and advances in artificial intelligence, such as the DeepSeek breakthrough earlier this year, as factors supporting Chinese markets.&nbsp;Meanwhile, Beijing is not without its own troubles. UBS has delayed its forecast for a property market recovery after second-quarter sales weakened. While GDP growth exceeded expectations, deflation risks and sluggish consumer spending remain concerns. Yet for global investors, China’s market still offers access to high-growth sectors such as AI, clean energy, and biotech at more attractive price levels. Bloomberg notes that the MSCI India gauge trades at over 21 times its one-year forward earnings, compared to just 11.9 times for China’s equivalent index.<h2>Trade rift could impact India’s manufacturing ambitions</h2>The tariff escalation also threatens Prime Minister Narendra Modi’s goal of positioning India as a manufacturing alternative to China. As quoted by Bloomberg, Andrei Stetsenko of Farley Capital LP warned that Trump’s pressure campaign risks deepening Indian resentment, potentially damaging what had been a strengthening US-India partnership built on shared concerns over China.&nbsp;Until trade tensions ease, analysts like Nomura’s Chetan Seth expect Indian equities to remain sidelined in regional portfolios, with more foreign fund selling possible in the months ahead.&nbsp;(With input from the agencies)&nbsp;&nbsp;

Trump 50% tariff on Indian exports, partly over Russian oil, hits investor sentiment and threatens India’s manufacturing ambitions, while global funds shift toward cheaper Chinese equities.

India’s bid to close the gap with China’s stock market could be slipping further out of reach, thanks to the US President Donald Trump’s latest tariff escalation. India’s equity market now trails onshore China’s by $6.3 trillion, the widest gap since March, as per Bloomberg. The MSCI India Index has reportedly underperformed its Chinese counterpart by 10 percentage points this quarter and is heading for its biggest annual lag since 2017. Tariffs hit India harder President Trump announced a 50 per cent tariff on Indian exports to the US, half of which is effectively a penalty for India’s purchases of Russian oil. While New Delhi was singled out, China, which imports far more from Moscow has largely been spared. Beijing, according to Bloomberg, is instead waiting for an extension of its trade truce with Washington.This selective targeting has reportedly shaken investor sentiment towards India, already under pressure from high stock valuations and slowing earnings growth. Last month alone, foreign investors pulled about $3 billion from Indian equities, the biggest monthly outflow since February, as per Bloomberg data. Despite the near-term challenges, India’s growth prospects remain appealing. Morgan Stanley, as per Bloomberg, still sees Indian equities climbing to new highs over the coming decades, driven by population growth and infrastructure development. Veteran emerging-market investor Mark Mobius told Bloomberg TV that any market correction could be a buying opportunity, with the US tariff battle likely to have only a “short-lived” psychological effect. Domestic institutional investors have also stepped in, pouring about $50 billion into Indian equities, according to exchange data compiled by Bloomberg. Along with retail investors, they now control a bigger slice of the $5.2 trillion market than foreign funds, which could help cushion against sharp selloffs. Wall Street tilts toward China Global investment houses are taking note. Goldman Sachs, as quoted by Bloomberg, has maintained a “marketweight” stance on Indian equities while upgrading its 12-month target for Chinese stocks and keeping an “overweight” view on them. The reversal is striking. Just a few years ago, China was labelled “uninvestable” due to regulatory crackdowns and geopolitical risks, leading many funds to pivot towards India as a safer bet. Now, India faces its own set of headwinds: trade friction with the US, softer corporate earnings, and expensive valuations. Anna Wu, a cross-asset strategist at VanEck in Sydney, told Bloomberg that China’s shares are likely to outperform Indian peers in the coming quarters. She cited easing trade tensions in Beijing, government “anti-involution” policies, and advances in artificial intelligence, such as the DeepSeek breakthrough earlier this year, as factors supporting Chinese markets. Meanwhile, Beijing is not without its own troubles. UBS has delayed its forecast for a property market recovery after second-quarter sales weakened. While GDP growth exceeded expectations, deflation risks and sluggish consumer spending remain concerns. Yet for global investors, China’s market still offers access to high-growth sectors such as AI, clean energy, and biotech at more attractive price levels. Bloomberg notes that the MSCI India gauge trades at over 21 times its one-year forward earnings, compared to just 11.9 times for China’s equivalent index. Trade rift could impact India’s manufacturing ambitions The tariff escalation also threatens Prime Minister Narendra Modi’s goal of positioning India as a manufacturing alternative to China. As quoted by Bloomberg, Andrei Stetsenko of Farley Capital LP warned that Trump’s pressure campaign risks deepening Indian resentment, potentially damaging what had been a strengthening US-India partnership built on shared concerns over China. Until trade tensions ease, analysts like Nomura’s Chetan Seth expect Indian equities to remain sidelined in regional portfolios, with more foreign fund selling possible in the months ahead. (With input from the agencies)

US tariffs have widened India’s stock market underperformance against China to the biggest gap in five months, as foreign investors retreat and Wall Street tilts toward Beijing.

Trump tariffs threaten to widen $6.3 trillion gap between China and India markets

The Canadian government announced on Friday that it would lower the price cap on Russian-origin seaborne crude oil as part of a coordinated effort with its allies to increase economic pressure on Russia over its continued invasion of Ukraine. The price cap for Russian oil will be reduced from $60 per barrel to $47.60, according to a statement from Canada’s Finance Department. This move aligns Canada with the European Union and the United Kingdom, both of which had made similar decisions in July. “By further lowering the price cap on Russian crude oil, Canada and its partners are ratcheting up the economic pressure and limiting a crucial source of funding for Russia's illegal war,” Canadian Finance Minister Francois-Philippe Champagne said in the statement.<h2>Targeting Russia’s oil revenues</h2>The price cap is part of a broader strategy aimed at reducing Russia’s oil revenues, a key source of funding for its military operations in Ukraine. Since the start of the war in 2022, Western allies have imposed a series of sanctions on Russia to weaken its economy and limit its ability to finance its war efforts. By capping the price of Russian oil, these measures are designed to make it harder for Moscow to sell oil at market prices, while still allowing some exports to continue in a way that prevents a global supply crisis.The decision by Canada to lower the cap underscores the ongoing unity among Western countries in their efforts to isolate Russia economically. The new cap also brings Canada's position in line with the European Union and the United Kingdom, both of which have adopted similar policies to curb Russia’s oil revenue and signal their continued support for Ukraine.<h2>Impact on global oil markets</h2>The move comes amid ongoing volatility in the global oil markets, with prices fluctuating due to concerns over global economic growth and trade disruptions. Oil prices had recently seen their biggest weekly losses since June, as investors worried about the economic impact of sanctions and tariffs that have been introduced globally.While the reduction in the price cap is designed to target Russia’s economy, it remains to be seen what impact this will have on the global oil market. The effectiveness of these measures will depend on how other countries, including major oil consumers in Asia, react to the cap and whether Russia can find alternative markets for its oil. With this latest move, Canada strengthens its commitment to opposing Russia’s invasion of Ukraine, alongside its key allies in the EU and the UK.&nbsp;(With inputs from agencies)

The price cap for Russian oil will be reduced from $60 per barrel to $47.60, according to a statement from Canada’s Finance Department. This move aligns Canada with the European Union and the United Kingdom, both of which had made similar decisions in July.

The Canadian government announced on Friday that it would lower the price cap on Russian-origin seaborne crude oil as part of a coordinated effort with its allies to increase economic pressure on Russia over its continued invasion of Ukraine. The price cap for Russian oil will be reduced from $60 per barrel to $47.60, according to a statement from Canada’s Finance Department. This move aligns Canada with the European Union and the United Kingdom, both of which had made similar decisions in July. “By further lowering the price cap on Russian crude oil, Canada and its partners are ratcheting up the economic pressure and limiting a crucial source of funding for Russia's illegal war,” Canadian Finance Minister Francois-Philippe Champagne said in the statement. Targeting Russia’s oil revenues The price cap is part of a broader strategy aimed at reducing Russia’s oil revenues, a key source of funding for its military operations in Ukraine. Since the start of the war in 2022, Western allies have imposed a series of sanctions on Russia to weaken its economy and limit its ability to finance its war efforts. By capping the price of Russian oil, these measures are designed to make it harder for Moscow to sell oil at market prices, while still allowing some exports to continue in a way that prevents a global supply crisis. The decision by Canada to lower the cap underscores the ongoing unity among Western countries in their efforts to isolate Russia economically. The new cap also brings Canada's position in line with the European Union and the United Kingdom, both of which have adopted similar policies to curb Russia’s oil revenue and signal their continued support for Ukraine. Impact on global oil markets The move comes amid ongoing volatility in the global oil markets, with prices fluctuating due to concerns over global economic growth and trade disruptions. Oil prices had recently seen their biggest weekly losses since June, as investors worried about the economic impact of sanctions and tariffs that have been introduced globally. While the reduction in the price cap is designed to target Russia’s economy, it remains to be seen what impact this will have on the global oil market. The effectiveness of these measures will depend on how other countries, including major oil consumers in Asia, react to the cap and whether Russia can find alternative markets for its oil. With this latest move, Canada strengthens its commitment to opposing Russia’s invasion of Ukraine, alongside its key allies in the EU and the UK. (With inputs from agencies)

The price cap for Russian oil will be reduced from $60 per barrel to $47.60, according to a statement from Canada’s Finance Department. This move aligns Canada with the European Union and the United Kingdom, both of which had made similar decisions in July.

Canada joins allies in lowering price cap on Russian oil

Britain’s competition watchdog, the Competition and Markets Authority (CMA), has cleared Boeing’s proposed $4.7 billion acquisition of Spirit AeroSystems, marking a significant step forward in the deal. The CMA, which began its investigation in June, decided against launching a deeper “Phase 2” review, meaning the deal does not pose a substantial risk to competition in the UK. This decision, expected to reassure investors, sets the stage for Boeing’s reintegration of Spirit, a move designed to bolster its supply chain, improve quality control, and restore investor confidence.“We’re pleased with the outcome and continue to work through the remaining regulatory processes,” Boeing stated in response to the CMA’s clearance. However, the deal still awaits approval from two other major regulators: the European Commission and the US Federal Trade Commission. Both have the final say on whether Boeing can proceed with this major acquisition.<h2>Strategic move to strengthen Boeing’s supply chain</h2>The acquisition will bring Spirit AeroSystems, one of the world’s largest aerostructures manufacturers, back into Boeing’s fold, ending nearly two decades of the company's independence since its spin-off in 2005. Spirit’s production plants, which have been a critical source of fuselage parts and other aerospace components, will now be under Boeing’s control. These operations, based in Wichita and Tulsa, have been essential for Boeing’s 737 and 787 programmes. Boeing’s decision to buy Spirit comes after years of production challenges, including quality issues with parts supplied by Spirit, such as the fuselage involved in a 737 MAX incident with Alaska Airlines.Boeing CEO Dave Calhoun emphasised that reintegrating Spirit would help align production systems, enhance safety protocols, and streamline quality programmes. The move is also part of Boeing’s strategy to stabilise its supply chain after the crises that have rocked the company in recent years, including the 737 MAX grounding and significant financial setbacks. By reacquiring Spirit, Boeing hopes to regain direct control of critical aerostructures production and reduce reliance on external suppliers.<h2>Airbus moves to secure own supply chain with Spirit Divestitures</h2>While Boeing is working to secure its acquisition, rival Airbus is also strengthening its position by acquiring certain Spirit facilities. In April, Airbus reached a deal to take over Spirit's US operations that supply components for Airbus’s A220 and A350 programmes. This move is aimed at stabilising Airbus’s own supply chain, which has faced pressure from delays and quality concerns related to Spirit’s manufacturing.Meanwhile, Spirit is also offloading some of its non-Boeing-related operations. The company announced it will sell its facility in Subang, Malaysia, for $95.3 million to Composites Technology Research Malaysia (CTRM), which will continue producing parts for Boeing’s 737 and 787 programmes, as well as Airbus’s A220, A320, and A350.<h2>What’s next for Boeing and Spirit</h2>Although the CMA’s clearance is a major milestone, the deal still needs approval from the European Commission and the US Federal Trade Commission. Boeing hopes to finalise the transaction by the fourth quarter of 2025, contingent on these remaining regulatory approvals. This acquisition is expected to yield several benefits for Boeing, including more efficient operations, improved quality control, and greater supply chain resilience. However, challenges remain, particularly labour issues in Belfast and uncertainties regarding the integration of Spirit’s diverse operations.&nbsp;(With inputs from agencies)

Boeing's acquisition will bring Spirit AeroSystems, one of the world’s largest aerostructures manufacturers, back into Boeing’s fold, ending nearly two decades of the company's independence since its spin-off in 2005.

Britain’s competition watchdog, the Competition and Markets Authority (CMA), has cleared Boeing’s proposed $4.7 billion acquisition of Spirit AeroSystems, marking a significant step forward in the deal. The CMA, which began its investigation in June, decided against launching a deeper “Phase 2” review, meaning the deal does not pose a substantial risk to competition in the UK. This decision, expected to reassure investors, sets the stage for Boeing’s reintegration of Spirit, a move designed to bolster its supply chain, improve quality control, and restore investor confidence. “We’re pleased with the outcome and continue to work through the remaining regulatory processes,” Boeing stated in response to the CMA’s clearance. However, the deal still awaits approval from two other major regulators: the European Commission and the US Federal Trade Commission. Both have the final say on whether Boeing can proceed with this major acquisition. Strategic move to strengthen Boeing’s supply chain The acquisition will bring Spirit AeroSystems, one of the world’s largest aerostructures manufacturers, back into Boeing’s fold, ending nearly two decades of the company's independence since its spin-off in 2005. Spirit’s production plants, which have been a critical source of fuselage parts and other aerospace components, will now be under Boeing’s control. These operations, based in Wichita and Tulsa, have been essential for Boeing’s 737 and 787 programmes. Boeing’s decision to buy Spirit comes after years of production challenges, including quality issues with parts supplied by Spirit, such as the fuselage involved in a 737 MAX incident with Alaska Airlines. Boeing CEO Dave Calhoun emphasised that reintegrating Spirit would help align production systems, enhance safety protocols, and streamline quality programmes. The move is also part of Boeing’s strategy to stabilise its supply chain after the crises that have rocked the company in recent years, including the 737 MAX grounding and significant financial setbacks. By reacquiring Spirit, Boeing hopes to regain direct control of critical aerostructures production and reduce reliance on external suppliers. Airbus moves to secure own supply chain with Spirit Divestitures While Boeing is working to secure its acquisition, rival Airbus is also strengthening its position by acquiring certain Spirit facilities. In April, Airbus reached a deal to take over Spirit's US operations that supply components for Airbus’s A220 and A350 programmes. This move is aimed at stabilising Airbus’s own supply chain, which has faced pressure from delays and quality concerns related to Spirit’s manufacturing. Meanwhile, Spirit is also offloading some of its non-Boeing-related operations. The company announced it will sell its facility in Subang, Malaysia, for $95.3 million to Composites Technology Research Malaysia (CTRM), which will continue producing parts for Boeing’s 737 and 787 programmes, as well as Airbus’s A220, A320, and A350. What’s next for Boeing and Spirit Although the CMA’s clearance is a major milestone, the deal still needs approval from the European Commission and the US Federal Trade Commission. Boeing hopes to finalise the transaction by the fourth quarter of 2025, contingent on these remaining regulatory approvals. This acquisition is expected to yield several benefits for Boeing, including more efficient operations, improved quality control, and greater supply chain resilience. However, challenges remain, particularly labour issues in Belfast and uncertainties regarding the integration of Spirit’s diverse operations. (With inputs from agencies)

Boeing's acquisition will bring Spirit AeroSystems, one of the world’s largest aerostructures manufacturers, back into Boeing’s fold, ending nearly two decades of the company's independence since its spin-off in 2005.

UK regulator clears Boeing’s $4.7 billion acquisition of Spirit AeroSystems

China’s consumer prices were unchanged in July, reflecting the continued pressures of weak domestic demand and trade uncertainty. The National Bureau of Statistics (NBS) reported that the Consumer Price Index (CPI) remained at 0.0 per cent year-on-year, following a slight 0.1 per cent rise in June. This performance exceeded the 0.1 per cent decline expected by economists in a Reuters poll. However, on a month-to-month basis, CPI increased by 0.4 per cent, reversing June’s 0.1 per cent drop, driven by higher service and industrial goods prices. July saw food prices decline by 1.6 per cent, a further widening of the previous month’s decrease. This decline, largely due to a high base of comparison from the previous year, dragged down the CPI by approximately 0.29 percentage points.<h2>Core CPI signals economic recovery in key sectors</h2>Despite the flat overall CPI, core inflation, which excludes volatile food and energy prices, rose by 0.8 per cent year-on-year, reflecting growing momentum in domestic demand, especially in the services sector. Core CPI’s rise is the largest since March 2024 and indicates an ongoing recovery in consumption, though it remains partial. Service prices increased by 0.6 per cent month-on-month, contributing significantly to the CPI rise, especially in areas such as air travel, tourism, and accommodations. With the summer travel season in full swing, prices in sectors like air tickets, tourism, hotel stays, and vehicle rentals jumped by 17.9 per cent, 9.1 per cent, 6.9 per cent, and 4.4 per cent, respectively, all above seasonal averages. These sectors alone contributed around 0.21 percentage points to the overall CPI increase.<h2>PPI continues decline, but eases pressure</h2>Meanwhile, the Producer Price Index (PPI), which measures factory-gate prices, fell 3.6 per cent year-on-year in July, the same as in June. However, month-to-month, the PPI showed a slight improvement, declining by just 0.2 per cent, a modest narrowing of the decline seen in previous months. Experts explained that the narrowing was partially due to seasonal factors and improved domestic market competition, while global trade uncertainties continue to weigh on industrial prices. Price increases were recorded in some manufacturing sectors, including aircraft, wearable smart devices, and microwave communication equipment. These gains indicate that downward pressure on industrial prices is easing, as policies to stabilise growth begin to show early signs of success.&nbsp;(With inputs from agencies)

July saw food prices decline by 1.6 per cent, a further widening of the previous month’s decrease. This decline, largely due to a high base of comparison from the previous year, dragged down the CPI by approximately 0.29 percentage points.

China’s consumer prices were unchanged in July, reflecting the continued pressures of weak domestic demand and trade uncertainty. The National Bureau of Statistics (NBS) reported that the Consumer Price Index (CPI) remained at 0.0 per cent year-on-year, following a slight 0.1 per cent rise in June. This performance exceeded the 0.1 per cent decline expected by economists in a Reuters poll. However, on a month-to-month basis, CPI increased by 0.4 per cent, reversing June’s 0.1 per cent drop, driven by higher service and industrial goods prices. July saw food prices decline by 1.6 per cent, a further widening of the previous month’s decrease. This decline, largely due to a high base of comparison from the previous year, dragged down the CPI by approximately 0.29 percentage points. Core CPI signals economic recovery in key sectors Despite the flat overall CPI, core inflation, which excludes volatile food and energy prices, rose by 0.8 per cent year-on-year, reflecting growing momentum in domestic demand, especially in the services sector. Core CPI’s rise is the largest since March 2024 and indicates an ongoing recovery in consumption, though it remains partial. Service prices increased by 0.6 per cent month-on-month, contributing significantly to the CPI rise, especially in areas such as air travel, tourism, and accommodations. With the summer travel season in full swing, prices in sectors like air tickets, tourism, hotel stays, and vehicle rentals jumped by 17.9 per cent, 9.1 per cent, 6.9 per cent, and 4.4 per cent, respectively, all above seasonal averages. These sectors alone contributed around 0.21 percentage points to the overall CPI increase. PPI continues decline, but eases pressure Meanwhile, the Producer Price Index (PPI), which measures factory-gate prices, fell 3.6 per cent year-on-year in July, the same as in June. However, month-to-month, the PPI showed a slight improvement, declining by just 0.2 per cent, a modest narrowing of the decline seen in previous months. Experts explained that the narrowing was partially due to seasonal factors and improved domestic market competition, while global trade uncertainties continue to weigh on industrial prices. Price increases were recorded in some manufacturing sectors, including aircraft, wearable smart devices, and microwave communication equipment. These gains indicate that downward pressure on industrial prices is easing, as policies to stabilise growth begin to show early signs of success. (With inputs from agencies)

July saw food prices decline by 1.6 per cent, a further widening of the previous month’s decrease. This decline, largely due to a high base of comparison from the previous year, dragged down the CPI by approximately 0.29 percentage points.

China’s consumer prices remain flat in July, but core inflation shows signs of recovery

China is on the verge of surpassing the United States as Germany’s largest trading partner, according to preliminary data from the German statistics office for the first half of 2025. Although the US remains the largest trading partner for now, its lead over China has dwindled to a razor-thin margin. In the first half of 2025, total trade between Germany and the US reached approximately €125 billion ($145 billion), while trade with China reached €122.8 billion ($143.06 billion), just €2.2 billion (nearly $2.5 billion) less.Germany’s trade landscape has shifted dramatically over the past year. After the US overtook China in 2024, ending an eight-year streak for China as Germany’s biggest trading partner, German exports to the US have declined, largely due to the impact of renewed US tariffs under former President Donald Trump's administration. Meanwhile, imports from China surged by 10.7 per cent in the first half of 2025, crossing the €80 billion ($93.20 billion) threshold.<h2>US exports to Germany hit by tariffs</h2>Germany’s exports to the US fell by 3.9 per cent to €77.6 billion in the first half of 2025, continuing a trend of decline that began with the reinstatement of tariffs. Economists predict that new tariffs introduced by the US are expected to slow Germany’s exports to the US by 20 per cent to 25 per cent over the next two years. This decline has left Germany with fewer opportunities to strengthen its trade ties with the US, which was once the country’s most important market. With the US imposing a 15 per cent tariff on most products as part of the July EU-US trade agreement, experts warn that the ongoing losses in German exports to the US are likely to intensify as the year progresses.<h2>China seeks to fill the void left by the US</h2>Imports from China, meanwhile, have continued to rise. German companies appear to be increasingly reliant on Chinese goods, as evidenced by the 10.7 per cent increase in Chinese imports. The surge in imports suggests that China is effectively redirecting trade from the US to Europe. Additionally, a significant undervaluation of the yuan against the euro is making Chinese goods more affordable, further fuelling the influx of Chinese products into the German market.However, exports to China have been less favourable. German exports to China fell 14.2 per cent to €41.4 billion ($48.23 billion) in the first half of 2025, as Chinese manufacturers intensified competition. This imbalance has led to a record trade deficit of €40 billion ($46.6 billion) with China, second only to the deficit recorded in 2022. Despite this, analysts predict that the trade deficit could worsen as China continues to capture a larger share of the European market.<h2>The broader global impact</h2>The shifting dynamics between Germany, the US, and China are a reflection of broader global trade realignments. Under Trump, the US introduced tariffs that disrupted international trade and forced countries to adjust. With the World Trade Organization (WTO) forecasting a decline in global merchandise trade in 2025, and North America facing a significant downturn in exports, global markets are feeling the strain. The WTO also warned that further escalation of trade tensions could exacerbate these declines, hurting vulnerable economies around the world.&nbsp;(With inputs from agencies)

After the US overtook China in 2024, ending an eight-year streak for China as Germany’s biggest trading partner, German exports to the US have declined, largely due to the impact of renewed US tariffs under former President Donald Trump's administration.

China is on the verge of surpassing the United States as Germany’s largest trading partner, according to preliminary data from the German statistics office for the first half of 2025. Although the US remains the largest trading partner for now, its lead over China has dwindled to a razor-thin margin. In the first half of 2025, total trade between Germany and the US reached approximately €125 billion ($145 billion), while trade with China reached €122.8 billion ($143.06 billion), just €2.2 billion (nearly $2.5 billion) less. Germany’s trade landscape has shifted dramatically over the past year. After the US overtook China in 2024, ending an eight-year streak for China as Germany’s biggest trading partner, German exports to the US have declined, largely due to the impact of renewed US tariffs under former President Donald Trump's administration. Meanwhile, imports from China surged by 10.7 per cent in the first half of 2025, crossing the €80 billion ($93.20 billion) threshold. US exports to Germany hit by tariffs Germany’s exports to the US fell by 3.9 per cent to €77.6 billion in the first half of 2025, continuing a trend of decline that began with the reinstatement of tariffs. Economists predict that new tariffs introduced by the US are expected to slow Germany’s exports to the US by 20 per cent to 25 per cent over the next two years. This decline has left Germany with fewer opportunities to strengthen its trade ties with the US, which was once the country’s most important market. With the US imposing a 15 per cent tariff on most products as part of the July EU-US trade agreement, experts warn that the ongoing losses in German exports to the US are likely to intensify as the year progresses. China seeks to fill the void left by the US Imports from China, meanwhile, have continued to rise. German companies appear to be increasingly reliant on Chinese goods, as evidenced by the 10.7 per cent increase in Chinese imports. The surge in imports suggests that China is effectively redirecting trade from the US to Europe. Additionally, a significant undervaluation of the yuan against the euro is making Chinese goods more affordable, further fuelling the influx of Chinese products into the German market. However, exports to China have been less favourable. German exports to China fell 14.2 per cent to €41.4 billion ($48.23 billion) in the first half of 2025, as Chinese manufacturers intensified competition. This imbalance has led to a record trade deficit of €40 billion ($46.6 billion) with China, second only to the deficit recorded in 2022. Despite this, analysts predict that the trade deficit could worsen as China continues to capture a larger share of the European market. The broader global impact The shifting dynamics between Germany, the US, and China are a reflection of broader global trade realignments. Under Trump, the US introduced tariffs that disrupted international trade and forced countries to adjust. With the World Trade Organization (WTO) forecasting a decline in global merchandise trade in 2025, and North America facing a significant downturn in exports, global markets are feeling the strain. The WTO also warned that further escalation of trade tensions could exacerbate these declines, hurting vulnerable economies around the world. (With inputs from agencies)

After the US overtook China in 2024, ending an eight-year streak for China as Germany’s biggest trading partner, German exports to the US have declined, largely due to the impact of renewed US tariffs under former President Donald Trump's administration.

China inches closer to overtaking US as Germany’s largest trading partner amid tariff shifts

Imports to the United States fell more than anticipated in June, signalling the growing impact of shifting tariff policies and trade uncertainties. According to the National Retail Federation (NRF), US ports handled 1.96 million 20-foot equivalent units (TEUs) in June, marking an 8.4 per cent decline from the same month last year. While there was a slight increase of 0.7 per cent compared to May, the drop was sharper than expected, with NRF initially forecasting a modest rise for the month.The downturn is attributed to the unpredictable nature of US trade policy, particularly under US President Donald Trump's administration. Several rounds of tariffs went into effect in early August, with duties now ranging from 10 per cent to 50 per cent on products from countries like India, Brazil, and Switzerland. The uncertainty around tariff adjustments has left retailers in a state of flux, with many grappling to predict holiday orders and manage inventory effectively.<h2>Impact on retailers and the supply chain</h2>Jonathan Gold, NRF Vice President for Supply Chain and Customs Policy, highlighted that the tariff uncertainty is not only affecting retailers’ ability to forecast holiday shipments but is also expected to lead to higher prices for US consumers. With duties on a wide range of goods set to increase, consumers could face fewer choices on store shelves as supply chains become strained. Apparel retailers, including major brands like Under Armour and Deckers Outdoor, have already noted the impact of these tariff changes and are working to diversify their supply chains to minimise costs."We need binding trade agreements that open markets by lowering tariffs, not raising them," Gold told&nbsp;Reuters, adding that the tariffs are contributing to a slowdown in economic growth, reduced hiring, and diminished business investment.<h2>Forecast for 2025: A decline in import volumes</h2>Looking ahead, the NRF’s Global Port Tracker projects that US import volumes will end 2025 down 5.6 per cent compared to 2024. While this forecast remains preliminary, it underscores the broader impact that ongoing tariff hikes and the Trump administration’s trade policies are having on the nation’s supply chain. Lower import volumes mean fewer goods will make it to store shelves, exacerbating the challenges faced by small businesses in particular.Ben Hackett, founder of Hackett Associates, pointed out that the volatility in tariff policies is causing widespread confusion among importers, exporters, and consumers. Many businesses have pulled forward imports in anticipation of tariff hikes, potentially leading to a sharp decline in trade volumes by late September. Hackett also noted that US exporters are facing growing challenges, with counter-tariffs from other nations leaving their products unsold.The reduced import volumes are expected to continue through the rest of the year, with September through December forecasted to see significant year-over-year declines, in some months as much as 20 per cent. The overall import volume for 2025 is expected to fall to 24.1 million TEUs, a 5.6 per cent drop from the previous year’s 25.5 million TEUs. As businesses continue to navigate the unpredictable tariff landscape, both US consumers and businesses may face higher prices, fewer product choices, and strained supply chains in the months to come.

The downturn in US imports is attributed to the unpredictable nature of US trade policy, particularly under President Trump. Several rounds of tariffs went into effect in early August, with duties now ranging from 10 to 50 per cent on products from multiple countries. 

Imports to the United States fell more than anticipated in June, signalling the growing impact of shifting tariff policies and trade uncertainties. According to the National Retail Federation (NRF), US ports handled 1.96 million 20-foot equivalent units (TEUs) in June, marking an 8.4 per cent decline from the same month last year. While there was a slight increase of 0.7 per cent compared to May, the drop was sharper than expected, with NRF initially forecasting a modest rise for the month. The downturn is attributed to the unpredictable nature of US trade policy, particularly under US President Donald Trump's administration. Several rounds of tariffs went into effect in early August, with duties now ranging from 10 per cent to 50 per cent on products from countries like India, Brazil, and Switzerland. The uncertainty around tariff adjustments has left retailers in a state of flux, with many grappling to predict holiday orders and manage inventory effectively. Impact on retailers and the supply chain Jonathan Gold, NRF Vice President for Supply Chain and Customs Policy, highlighted that the tariff uncertainty is not only affecting retailers’ ability to forecast holiday shipments but is also expected to lead to higher prices for US consumers. With duties on a wide range of goods set to increase, consumers could face fewer choices on store shelves as supply chains become strained. Apparel retailers, including major brands like Under Armour and Deckers Outdoor, have already noted the impact of these tariff changes and are working to diversify their supply chains to minimise costs. "We need binding trade agreements that open markets by lowering tariffs, not raising them," Gold told Reuters, adding that the tariffs are contributing to a slowdown in economic growth, reduced hiring, and diminished business investment. Forecast for 2025: A decline in import volumes Looking ahead, the NRF’s Global Port Tracker projects that US import volumes will end 2025 down 5.6 per cent compared to 2024. While this forecast remains preliminary, it underscores the broader impact that ongoing tariff hikes and the Trump administration’s trade policies are having on the nation’s supply chain. Lower import volumes mean fewer goods will make it to store shelves, exacerbating the challenges faced by small businesses in particular. Ben Hackett, founder of Hackett Associates, pointed out that the volatility in tariff policies is causing widespread confusion among importers, exporters, and consumers. Many businesses have pulled forward imports in anticipation of tariff hikes, potentially leading to a sharp decline in trade volumes by late September. Hackett also noted that US exporters are facing growing challenges, with counter-tariffs from other nations leaving their products unsold. The reduced import volumes are expected to continue through the rest of the year, with September through December forecasted to see significant year-over-year declines, in some months as much as 20 per cent. The overall import volume for 2025 is expected to fall to 24.1 million TEUs, a 5.6 per cent drop from the previous year’s 25.5 million TEUs. As businesses continue to navigate the unpredictable tariff landscape, both US consumers and businesses may face higher prices, fewer product choices, and strained supply chains in the months to come.

The downturn in US imports is attributed to the unpredictable nature of US trade policy, particularly under President Trump. Several rounds of tariffs went into effect in early August, with duties now ranging from 10 to 50 per cent on products from multiple countries.&nbsp;

US imports drop as tariff uncertainty takes toll on retailers

The world's costliest gem used in jewellery is considered to be the Pink Diamond. Here is the list of the world's top five costliest gems.

Only billioniare's can afford this: Shocking price of world's costliest gems

Apple chief executive Tim Cook has successfully navigated complex political waters by securing a substantial deal with US President Donald Trump to invest $600 billion in United States manufacturing over the next four years. The agreement aims to strengthen the US supply chain, particularly in semiconductor and component manufacturing, although the final assembly of Apple products, such as the iPhone, will remain overseas for the time being.&nbsp;Announced during a meeting at the White House, the commitment includes a new $100 billion investment in US-based suppliers, bringing Apple’s total domestic manufacturing commitment to $600 billion by 2024. This marks an escalation from Apple’s earlier $500 billion pledge made earlier this year. While the announcement of a “Made-in-USA” iPhone remains distant, the investment covers critical components, including chips and glass, that are vital to Apple’s devices.<h2>Apple’s longstanding US partnerships play a key role</h2>As part of the deal, Apple will deepen its partnerships with major American companies such as Corning, which produces glass for Apple’s iPhones and Apple Watches. Apple has pledged to invest $2.5 billion in Corning’s Kentucky facility to support the production of cover glass, a move that will create significant domestic manufacturing jobs. Apple also reaffirmed its longstanding relationship with Texas Instruments, which will ramp up chip production in Texas and Utah as part of this broader initiative.While Cook’s announcement includes spending commitments with firms like Broadcom, GlobalFoundries, and Applied Materials, analysts have expressed scepticism about the tangible impact of this investment on Apple’s bottom line. Apple is not radically altering its global supply chain but rather expanding relationships with its existing US-based suppliers, some of which were already involved in previous investment pledges.The centrepiece of the deal is Apple’s partnership with Taiwan Semiconductor Manufacturing Company (TSMC), which is ramping up its production in Arizona. TSMC will be a key player in the chip supply chain, producing tens of millions of advanced chips for Apple’s products, including future iPhones. Although TSMC’s Arizona facility was already in the works, Apple’s involvement as the largest customer highlights the growing importance of US production in Apple’s strategy.<h2>A diplomatic move to avoid tariffs</h2>For Tim Cook, the new deal serves multiple purposes, not least of which is sidestepping the looming threat of tariffs on Chinese imports. President Trump has made clear his intention to impose 100 per cent tariffs on semiconductor chips, a move that would significantly raise the cost of electronics. However, the tariff exemption granted to Apple for its US manufacturing investments ensures that the company can avoid these punitive tariffs while meeting the president’s demands for more domestic production.Apple’s stock saw a bump following the announcement, rising 5 per cent on Wednesday and another 3 per cent on Thursday, a sign that investors are pleased with Cook’s ability to manage the company’s interests in the face of political and economic pressures. Despite analysts questioning the scale and feasibility of the investment, the deal represents a significant gesture by Apple to reinforce its standing as a critical American manufacturer.<h2>Promises vs Reality: Can Apple Deliver?</h2>While the numbers are eye-popping, analysts remain cautious about the potential impact of this deal on Apple’s overall business model. Apple has long relied on its Asian supply chain to manufacture products cost-effectively. Shifting large portions of that to the US could have significant implications for Apple’s pricing structure and supply chain efficiency, particularly given the complexity of the semiconductor manufacturing process.Some analysts question whether the promised $600 billion is as much about political optics as it is about real transformation. The announcement, while symbolic, may only represent a modest shift in the company’s manufacturing footprint, with Apple continuing to rely on its international partners for large-scale assembly. For now, it seems that Cook’s deft diplomatic manoeuvring with President Trump will continue to give Apple some breathing room on the global stage while securing key domestic manufacturing alliances.Despite the uncertainties, Cook’s ability to negotiate such a high-profile deal demonstrates the CEO’s unique ability to balance corporate interests with political demands, a skill that has earned him the nickname “Trump Whisperer”. As the tech giant continues to adjust its supply chain and navigate an increasingly complex geopolitical landscape, this latest investment deal could serve as both a victory and a starting point for more significant changes in the years to come. (With inputs from agencies)

The commitment includes a new $100 billion investment in US-based suppliers, bringing Apple’s total domestic manufacturing commitment to $600 billion by 2024. This marks an escalation from Apple’s earlier $500 billion pledge made earlier this year.

Apple chief executive Tim Cook has successfully navigated complex political waters by securing a substantial deal with US President Donald Trump to invest $600 billion in United States manufacturing over the next four years. The agreement aims to strengthen the US supply chain, particularly in semiconductor and component manufacturing, although the final assembly of Apple products, such as the iPhone, will remain overseas for the time being. Announced during a meeting at the White House, the commitment includes a new $100 billion investment in US-based suppliers, bringing Apple’s total domestic manufacturing commitment to $600 billion by 2024. This marks an escalation from Apple’s earlier $500 billion pledge made earlier this year. While the announcement of a “Made-in-USA” iPhone remains distant, the investment covers critical components, including chips and glass, that are vital to Apple’s devices. Apple’s longstanding US partnerships play a key role As part of the deal, Apple will deepen its partnerships with major American companies such as Corning, which produces glass for Apple’s iPhones and Apple Watches. Apple has pledged to invest $2.5 billion in Corning’s Kentucky facility to support the production of cover glass, a move that will create significant domestic manufacturing jobs. Apple also reaffirmed its longstanding relationship with Texas Instruments, which will ramp up chip production in Texas and Utah as part of this broader initiative. While Cook’s announcement includes spending commitments with firms like Broadcom, GlobalFoundries, and Applied Materials, analysts have expressed scepticism about the tangible impact of this investment on Apple’s bottom line. Apple is not radically altering its global supply chain but rather expanding relationships with its existing US-based suppliers, some of which were already involved in previous investment pledges. The centrepiece of the deal is Apple’s partnership with Taiwan Semiconductor Manufacturing Company (TSMC), which is ramping up its production in Arizona. TSMC will be a key player in the chip supply chain, producing tens of millions of advanced chips for Apple’s products, including future iPhones. Although TSMC’s Arizona facility was already in the works, Apple’s involvement as the largest customer highlights the growing importance of US production in Apple’s strategy. A diplomatic move to avoid tariffs For Tim Cook, the new deal serves multiple purposes, not least of which is sidestepping the looming threat of tariffs on Chinese imports. President Trump has made clear his intention to impose 100 per cent tariffs on semiconductor chips, a move that would significantly raise the cost of electronics. However, the tariff exemption granted to Apple for its US manufacturing investments ensures that the company can avoid these punitive tariffs while meeting the president’s demands for more domestic production. Apple’s stock saw a bump following the announcement, rising 5 per cent on Wednesday and another 3 per cent on Thursday, a sign that investors are pleased with Cook’s ability to manage the company’s interests in the face of political and economic pressures. Despite analysts questioning the scale and feasibility of the investment, the deal represents a significant gesture by Apple to reinforce its standing as a critical American manufacturer. Promises vs Reality: Can Apple Deliver? While the numbers are eye-popping, analysts remain cautious about the potential impact of this deal on Apple’s overall business model. Apple has long relied on its Asian supply chain to manufacture products cost-effectively. Shifting large portions of that to the US could have significant implications for Apple’s pricing structure and supply chain efficiency, particularly given the complexity of the semiconductor manufacturing process. Some analysts question whether the promised $600 billion is as much about political optics as it is about real transformation. The announcement, while symbolic, may only represent a modest shift in the company’s manufacturing footprint, with Apple continuing to rely on its international partners for large-scale assembly. For now, it seems that Cook’s deft diplomatic manoeuvring with President Trump will continue to give Apple some breathing room on the global stage while securing key domestic manufacturing alliances. Despite the uncertainties, Cook’s ability to negotiate such a high-profile deal demonstrates the CEO’s unique ability to balance corporate interests with political demands, a skill that has earned him the nickname “Trump Whisperer”. As the tech giant continues to adjust its supply chain and navigate an increasingly complex geopolitical landscape, this latest investment deal could serve as both a victory and a starting point for more significant changes in the years to come. (With inputs from agencies)

The commitment includes a new $100 billion investment in US-based suppliers, bringing Apple’s total domestic manufacturing commitment to $600 billion by 2024. This marks an escalation from Apple’s earlier $500 billion pledge made earlier this year.

Apple’s strategy for US manufacturing: Cook’s $600 billion plan to secure tariff exemptions

US President Donald Trump has nominated Stephen Miran, Chairman of the Council of Economic Advisers (CEA), to temporarily fill a vacant seat on the Federal Reserve Board of Governors. This appointment comes in the wake of Governor Adriana Kugler’s sudden resignation and will last until January 31, 2026. Miran, a vocal advocate for Trump’s economic policies, will step into the role as the White House searches for a permanent nominee.<h2>Miran’s economic influence and Fed criticism</h2>Miran, who holds a Ph.D. in Economics from Harvard University, has played a pivotal role in shaping Trump’s economic strategy, particularly the administration’s controversial tariffs and tax cuts. He has long argued that the combination of these measures will stimulate growth while addressing budget deficits. Additionally, Miran has been critical of the Federal Reserve’s actions, especially its stimulus efforts during the Covid-19 pandemic. He believes the central bank should be more responsive to the president’s economic agenda.Trump praised Miran’s expertise in a post on Truth Social, calling him “unparalleled” in the field of economics. “He has been with me from the beginning of my second term, and his expertise in the world of economics is unparalleled. He will do an outstanding job,” Trump stated. While Miran is being appointed to fill Kugler's seat, the president has indicated he may nominate a different candidate for the full 14-year term.<h2>Potential tension over Fed independence</h2>Miran’s nomination is likely to fuel concerns about the politicisation of the Federal Reserve. Traditionally, the Fed has maintained its independence from political influence, but Trump has expressed his desire to appoint officials who will lower interest rates and pursue monetary policies more aligned with his administration’s goals. This includes his aim to reduce the government’s substantial debt burden and boost economic growth.Miran’s appointment could offer Trump more direct control over Fed policies, including interest rate decisions, which are central to the economic recovery. While Miran's term is temporary, the impact of his presence on the Board, especially as a potential critic of current Chair Jerome Powell, could be significant.<h2>Senate approval and future appointments</h2>Miran’s nomination still requires Senate confirmation, a process that will likely begin when Congress reconvenes in early September. Senate Banking Committee Chairman Tim Scott (R-SC) has already expressed support for Miran, calling him an “accomplished economist” who would bring greater “transparency and accountability” to the Fed. However, top Democrats, including Senator Elizabeth Warren, have signalled they will question Miran’s independence, particularly given his close ties to Trump. The confirmation process promises to be a contentious one, with critics concerned about undermining the Fed’s ability to make decisions free from political pressure.&nbsp;(With inputs from agencies)

Stephen Miran has played a pivotal role in shaping Trump’s economic strategy, particularly the administration’s controversial tariffs and tax cuts. He has long argued that the combination of these measures will stimulate growth while addressing budget deficits. 

US President Donald Trump has nominated Stephen Miran, Chairman of the Council of Economic Advisers (CEA), to temporarily fill a vacant seat on the Federal Reserve Board of Governors. This appointment comes in the wake of Governor Adriana Kugler’s sudden resignation and will last until January 31, 2026. Miran, a vocal advocate for Trump’s economic policies, will step into the role as the White House searches for a permanent nominee. Miran’s economic influence and Fed criticism Miran, who holds a Ph.D. in Economics from Harvard University, has played a pivotal role in shaping Trump’s economic strategy, particularly the administration’s controversial tariffs and tax cuts. He has long argued that the combination of these measures will stimulate growth while addressing budget deficits. Additionally, Miran has been critical of the Federal Reserve’s actions, especially its stimulus efforts during the Covid-19 pandemic. He believes the central bank should be more responsive to the president’s economic agenda. Trump praised Miran’s expertise in a post on Truth Social, calling him “unparalleled” in the field of economics. “He has been with me from the beginning of my second term, and his expertise in the world of economics is unparalleled. He will do an outstanding job,” Trump stated. While Miran is being appointed to fill Kugler's seat, the president has indicated he may nominate a different candidate for the full 14-year term. Potential tension over Fed independence Miran’s nomination is likely to fuel concerns about the politicisation of the Federal Reserve. Traditionally, the Fed has maintained its independence from political influence, but Trump has expressed his desire to appoint officials who will lower interest rates and pursue monetary policies more aligned with his administration’s goals. This includes his aim to reduce the government’s substantial debt burden and boost economic growth. Miran’s appointment could offer Trump more direct control over Fed policies, including interest rate decisions, which are central to the economic recovery. While Miran's term is temporary, the impact of his presence on the Board, especially as a potential critic of current Chair Jerome Powell, could be significant. Senate approval and future appointments Miran’s nomination still requires Senate confirmation, a process that will likely begin when Congress reconvenes in early September. Senate Banking Committee Chairman Tim Scott (R-SC) has already expressed support for Miran, calling him an “accomplished economist” who would bring greater “transparency and accountability” to the Fed. However, top Democrats, including Senator Elizabeth Warren, have signalled they will question Miran’s independence, particularly given his close ties to Trump. The confirmation process promises to be a contentious one, with critics concerned about undermining the Fed’s ability to make decisions free from political pressure. (With inputs from agencies)

Stephen Miran has played a pivotal role in shaping Trump’s economic strategy, particularly the administration’s controversial tariffs and tax cuts. He has long argued that the combination of these measures will stimulate growth while addressing budget deficits.&nbsp;

Trump nominates Stephen Miran for Federal Reserve Board of Governors

The US government has pledged to amend its recent executive order on tariffs, following trade talks between Japan and US officials in Washington. This agreement addresses Japan’s concerns over “stacking” tariffs on its goods, which were inadvertently applied despite an agreement between the two countries. Ryosei Akazawa, Japan’s top trade negotiator, confirmed that US officials would revise the July 31 order to remove overlapping levies and also refund any excess duties already collected.The confusion over tariff stacking had caused significant concern in Japan, particularly among exporters, after US President Donald Trump’s executive order imposed a 15 per cent tariff on Japanese imports on top of pre-existing tariffs. Japan had expected that goods with pre-existing tariffs under 15 per cent would only face the new 15 per cent rate, without additional levies being added. However, the original executive order included an exemption for the European Union but did not address Japan’s situation, triggering fears that Japanese companies could face unexpectedly high costs.<h2>US to cut auto tariffs to 15 per cent as part of trade deal</h2>In addition to resolving the stacking issue, Akazawa said that US officials confirmed President Trump would sign a new executive order to reduce auto tariffs on Japanese imports from 27.5 per cent to 15 per cent, in line with the agreement reached between the two nations last month. Japan had negotiated the reduction after agreeing to invest $550 billion in the US economy through government-backed projects and loans.The unclear terms of the original trade agreement had left many Japanese industries, especially the car manufacturing sector, anxious about how the tariff cuts would be implemented. Toyota Motor Corp., Japan’s largest automaker, has already lowered its revenue forecast due to the anticipated $9.5 billion hit from US tariffs. For Japan, the auto sector is a crucial part of the economy, employing millions and driving wage growth. While the revised tariff rules bring some clarity, Akazawa did not provide a timeline for when the new orders would be implemented. He expressed hope that the changes would be made sooner rather than later but stopped short of offering a definitive date.<h2>Japanese stock market reacts to positive trade news</h2>Despite the tariff confusion, Japan’s financial markets responded positively to the latest developments. The Tokyo Stock Exchange’s Topix index broke above the 3,000-point mark for the first time, buoyed by investor optimism over corporate earnings and the relief generated by the trade discussions. Sony, for example, reduced its full-year tariff cost forecast from ¥100 billion ($678.82 million) to ¥70 billion ($475.17 million), while Morgan Stanley analysts reported that 91 per cent of Japanese companies had maintained their full-year forecasts, the highest level in the past decade.However, the ongoing uncertainty around the timing and implementation of the US tariffs has created a backdrop of caution for Japanese businesses, many of whom are still unsure of how the final terms will unfold. Opposition politicians have called on Prime Minister Shigeru Ishiba to issue a joint statement with the US to clarify the details of the deal, but for now, Japan’s government is focused on securing the necessary tariff adjustments through diplomatic channels.The talks in Washington mark another chapter in the ongoing trade negotiations between Japan and the US, as both countries seek to stabilise their economic relationship while balancing the pressure of competing global trade priorities.&nbsp;(With inputs from agencies)

This agreement addresses Japan’s concerns over “stacking” tariffs on its goods, which were inadvertently applied despite an agreement between the two countries. Japan confirmed that US officials would revise the July 31 order to remove overlapping levies and refund any excess duties collected

The US government has pledged to amend its recent executive order on tariffs, following trade talks between Japan and US officials in Washington. This agreement addresses Japan’s concerns over “stacking” tariffs on its goods, which were inadvertently applied despite an agreement between the two countries. Ryosei Akazawa, Japan’s top trade negotiator, confirmed that US officials would revise the July 31 order to remove overlapping levies and also refund any excess duties already collected. The confusion over tariff stacking had caused significant concern in Japan, particularly among exporters, after US President Donald Trump’s executive order imposed a 15 per cent tariff on Japanese imports on top of pre-existing tariffs. Japan had expected that goods with pre-existing tariffs under 15 per cent would only face the new 15 per cent rate, without additional levies being added. However, the original executive order included an exemption for the European Union but did not address Japan’s situation, triggering fears that Japanese companies could face unexpectedly high costs. US to cut auto tariffs to 15 per cent as part of trade deal In addition to resolving the stacking issue, Akazawa said that US officials confirmed President Trump would sign a new executive order to reduce auto tariffs on Japanese imports from 27.5 per cent to 15 per cent, in line with the agreement reached between the two nations last month. Japan had negotiated the reduction after agreeing to invest $550 billion in the US economy through government-backed projects and loans. The unclear terms of the original trade agreement had left many Japanese industries, especially the car manufacturing sector, anxious about how the tariff cuts would be implemented. Toyota Motor Corp., Japan’s largest automaker, has already lowered its revenue forecast due to the anticipated $9.5 billion hit from US tariffs. For Japan, the auto sector is a crucial part of the economy, employing millions and driving wage growth. While the revised tariff rules bring some clarity, Akazawa did not provide a timeline for when the new orders would be implemented. He expressed hope that the changes would be made sooner rather than later but stopped short of offering a definitive date. Japanese stock market reacts to positive trade news Despite the tariff confusion, Japan’s financial markets responded positively to the latest developments. The Tokyo Stock Exchange’s Topix index broke above the 3,000-point mark for the first time, buoyed by investor optimism over corporate earnings and the relief generated by the trade discussions. Sony, for example, reduced its full-year tariff cost forecast from ¥100 billion ($678.82 million) to ¥70 billion ($475.17 million), while Morgan Stanley analysts reported that 91 per cent of Japanese companies had maintained their full-year forecasts, the highest level in the past decade. However, the ongoing uncertainty around the timing and implementation of the US tariffs has created a backdrop of caution for Japanese businesses, many of whom are still unsure of how the final terms will unfold. Opposition politicians have called on Prime Minister Shigeru Ishiba to issue a joint statement with the US to clarify the details of the deal, but for now, Japan’s government is focused on securing the necessary tariff adjustments through diplomatic channels. The talks in Washington mark another chapter in the ongoing trade negotiations between Japan and the US, as both countries seek to stabilise their economic relationship while balancing the pressure of competing global trade priorities. (With inputs from agencies)

This agreement addresses Japan’s concerns over “stacking” tariffs on its goods, which were inadvertently applied despite an agreement between the two countries. Japan confirmed that US officials would revise the July 31 order to remove overlapping levies and refund any excess duties collected

US to amend tariffs on Japan after trade talks, promises refunds

OpenAI has officially launched GPT-5, the latest iteration of its generative AI model, marking a major leap forward in artificial intelligence. The highly anticipated release, which debuted on August 7, promises to deliver significant advancements in coding, writing, health, and multimodal reasoning, setting the stage for even more transformative applications of AI in the real world. Available to 700 million ChatGPT users, GPT-5 is now the default model for signed-in users, replacing GPT-4 and previous versions. For the first time, it’s also accessible to free users, who will gradually gain access with lower usage limits. The model is designed to excel at both basic tasks and highly complex queries, positioning it as a powerful tool for businesses and professionals seeking more advanced capabilities.<h2>GPT-5’s expanded capabilities</h2>The improvements in GPT-5 are vast, making it a versatile solution for a wide range of applications. OpenAI CEO Sam Altman highlighted the model’s ability to serve as a “legitimate PhD-level expert” in nearly any field, particularly in coding, health-related advice, and writing. GPT-5 introduces features like vibe coding, where users can create entire software programs by simply providing written text prompts. This technology allows for rapid generation of complex software, making it a potential game-changer for industries looking to streamline development processes.&nbsp;In healthcare, GPT-5 performs better on medical benchmarks, providing informed support without replacing professionals. In writing, GPT-5 handles more nuanced tasks, such as free verse poetry, and is far more proficient at drafting everyday content. Additionally, its ability to tackle advanced reasoning and solve complex problems in areas like maths and science sets it apart from its predecessors.<h2>Big investments, bigger expectations</h2>The release of GPT-5 comes at a critical moment for the AI industry, with the world’s largest tech companies doubling down on AI development. Microsoft, Meta, Amazon, Alphabet, and others have committed nearly $400 billion in AI investments this fiscal year, betting on the potential for artificial intelligence to redefine industries. OpenAI itself is in talks to increase its valuation to $500 billion, a substantial increase from its current $300 billion.Despite the impressive advances of GPT-5, Altman cautioned that true artificial general intelligence (AGI)—AI that surpasses human intelligence in a broad range of activities—remains a distant goal. He emphasised that GPT-5 is not capable of continuous learning once deployed, a crucial element for AGI. However, Altman noted that the model marks a significant step toward achieving that long-term vision, with “orders of magnitude more gains” expected in the future.Industry experts, including Meta’s Mark Zuckerberg, have expressed optimism that AI is on the brink of ushering in a new era, with some forecasting a near future dominated by superintelligent machines. However, some experts warned that while consumer spending on AI remains robust, enterprise adoption has been slower than expected, raising questions about the return on the substantial investments pouring into the sector.<h2>A leap in AI, but not without criticism</h2>While many have praised GPT-5 for its impressive performance, critics argue that the jump from GPT-4 to GPT-5 isn’t as groundbreaking as previous iterations. AI expert Simon Willison commented that GPT-5 exudes competence but lacks the dramatic improvements that defined earlier versions. Meanwhile, Elon Musk, who has launched his own competing AI model, Grok 4 Heavy, argued that his model outperforms GPT-5. Despite the competition, OpenAI remains confident that GPT-5 is a significant advancement, especially when it comes to safety. The new model has been trained to produce “safe completions”, minimising risks by offering answers that are not only accurate but also responsible and free of harmful content.&nbsp;(With inputs from agencies)

The release of GPT-5 comes at a critical moment for the AI industry, with the world’s largest tech companies doubling down on AI development. Microsoft, Meta, Amazon, Alphabet, and others have committed nearly $400 billion in AI investments this fiscal year.

OpenAI has officially launched GPT-5, the latest iteration of its generative AI model, marking a major leap forward in artificial intelligence. The highly anticipated release, which debuted on August 7, promises to deliver significant advancements in coding, writing, health, and multimodal reasoning, setting the stage for even more transformative applications of AI in the real world. Available to 700 million ChatGPT users, GPT-5 is now the default model for signed-in users, replacing GPT-4 and previous versions. For the first time, it’s also accessible to free users, who will gradually gain access with lower usage limits. The model is designed to excel at both basic tasks and highly complex queries, positioning it as a powerful tool for businesses and professionals seeking more advanced capabilities. GPT-5’s expanded capabilities The improvements in GPT-5 are vast, making it a versatile solution for a wide range of applications. OpenAI CEO Sam Altman highlighted the model’s ability to serve as a “legitimate PhD-level expert” in nearly any field, particularly in coding, health-related advice, and writing. GPT-5 introduces features like vibe coding, where users can create entire software programs by simply providing written text prompts. This technology allows for rapid generation of complex software, making it a potential game-changer for industries looking to streamline development processes. In healthcare, GPT-5 performs better on medical benchmarks, providing informed support without replacing professionals. In writing, GPT-5 handles more nuanced tasks, such as free verse poetry, and is far more proficient at drafting everyday content. Additionally, its ability to tackle advanced reasoning and solve complex problems in areas like maths and science sets it apart from its predecessors. Big investments, bigger expectations The release of GPT-5 comes at a critical moment for the AI industry, with the world’s largest tech companies doubling down on AI development. Microsoft, Meta, Amazon, Alphabet, and others have committed nearly $400 billion in AI investments this fiscal year, betting on the potential for artificial intelligence to redefine industries. OpenAI itself is in talks to increase its valuation to $500 billion, a substantial increase from its current $300 billion. Despite the impressive advances of GPT-5, Altman cautioned that true artificial general intelligence (AGI)—AI that surpasses human intelligence in a broad range of activities—remains a distant goal. He emphasised that GPT-5 is not capable of continuous learning once deployed, a crucial element for AGI. However, Altman noted that the model marks a significant step toward achieving that long-term vision, with “orders of magnitude more gains” expected in the future. Industry experts, including Meta’s Mark Zuckerberg, have expressed optimism that AI is on the brink of ushering in a new era, with some forecasting a near future dominated by superintelligent machines. However, some experts warned that while consumer spending on AI remains robust, enterprise adoption has been slower than expected, raising questions about the return on the substantial investments pouring into the sector. A leap in AI, but not without criticism While many have praised GPT-5 for its impressive performance, critics argue that the jump from GPT-4 to GPT-5 isn’t as groundbreaking as previous iterations. AI expert Simon Willison commented that GPT-5 exudes competence but lacks the dramatic improvements that defined earlier versions. Meanwhile, Elon Musk, who has launched his own competing AI model, Grok 4 Heavy, argued that his model outperforms GPT-5. Despite the competition, OpenAI remains confident that GPT-5 is a significant advancement, especially when it comes to safety. The new model has been trained to produce “safe completions”, minimising risks by offering answers that are not only accurate but also responsible and free of harmful content. (With inputs from agencies)

The release of GPT-5 comes at a critical moment for the AI industry, with the world’s largest tech companies doubling down on AI development. Microsoft, Meta, Amazon, Alphabet, and others have committed nearly $400 billion in AI investments this fiscal year.

OpenAI launches GPT-5, amid intensifying global AI competition

In a surprise move set to disrupt global bullion trade, the United States has imposed tariffs on one-kilogram and 100-ounce gold bars imported from Switzerland, a decision that could reverberate across commodity markets and sharply impact Switzerland’s multibillion-dollar gold export business. The new levies follow a July 31 ruling by US Customs and Border Protection (CBP), which reclassified these popular gold bar formats under customs code 7108.13.5500, a category now subject to tariffs. This marks a departure from prior expectations that such bars would be exempt under code 7108.12.10, the only gold product category still tariff-free under US trade rules.<h2>Major blow to Swiss refiners</h2>The tariff change comes just days after Washington announced a sweeping 39 per cent tariff on all Swiss imports, signalling further deterioration in US-Swiss relations. Switzerland, home to the world’s largest gold refining industry, exported $61.5 billion in gold to the US in the 12 months through June. The new ruling could slap an estimated $24 billion in additional duties on that trade volume alone.The ruling was issued in response to a formal request for clarification by a Swiss refinery. Now, with legal certainty that one-kilo and 100-ounce bars are subject to tariffs, several refineries have paused or reduced shipments to the US, the Financial Times reported. Others are scrambling to consult legal experts to determine whether any bar formats still qualify for exemption.<h2>Futures surge, supply chain squeezed</h2>The fallout was immediate. Gold futures on New York’s Comex exchange, where one-kilo bars are the most common format, spiked as Asian markets opened on August 8. December delivery contracts soared to more than $100 an ounce above London’s spot price, reflecting rising uncertainty and potential supply disruption.The gold trade operates through a finely balanced triangular flow: 400-ounce brick-sized bars move from London to Switzerland, where they’re recast into smaller kilo bars for the US market. That system now faces serious strain. Gold prices have already been on a historic rally, rising 27 per cent since late 2024, briefly hitting $3,500 per troy ounce, driven by inflation fears, fiscal instability, and a weakening US dollar. The new tariffs inject political risk into a market already on edge. For now, Swiss refiners are in limbo, and the broader bullion market may be only beginning to reckon with the consequences of this unexpected shift in US trade policy.

Switzerland, home to the world’s largest gold refining industry, exported $61.5 billion in gold to the US in the 12 months through June. The new ruling could slap an estimated $24 billion in additional duties on that trade volume alone.

In a surprise move set to disrupt global bullion trade, the United States has imposed tariffs on one-kilogram and 100-ounce gold bars imported from Switzerland, a decision that could reverberate across commodity markets and sharply impact Switzerland’s multibillion-dollar gold export business. The new levies follow a July 31 ruling by US Customs and Border Protection (CBP), which reclassified these popular gold bar formats under customs code 7108.13.5500, a category now subject to tariffs. This marks a departure from prior expectations that such bars would be exempt under code 7108.12.10, the only gold product category still tariff-free under US trade rules. Major blow to Swiss refiners The tariff change comes just days after Washington announced a sweeping 39 per cent tariff on all Swiss imports, signalling further deterioration in US-Swiss relations. Switzerland, home to the world’s largest gold refining industry, exported $61.5 billion in gold to the US in the 12 months through June. The new ruling could slap an estimated $24 billion in additional duties on that trade volume alone. The ruling was issued in response to a formal request for clarification by a Swiss refinery. Now, with legal certainty that one-kilo and 100-ounce bars are subject to tariffs, several refineries have paused or reduced shipments to the US, the Financial Times reported. Others are scrambling to consult legal experts to determine whether any bar formats still qualify for exemption. Futures surge, supply chain squeezed The fallout was immediate. Gold futures on New York’s Comex exchange, where one-kilo bars are the most common format, spiked as Asian markets opened on August 8. December delivery contracts soared to more than $100 an ounce above London’s spot price, reflecting rising uncertainty and potential supply disruption. The gold trade operates through a finely balanced triangular flow: 400-ounce brick-sized bars move from London to Switzerland, where they’re recast into smaller kilo bars for the US market. That system now faces serious strain. Gold prices have already been on a historic rally, rising 27 per cent since late 2024, briefly hitting $3,500 per troy ounce, driven by inflation fears, fiscal instability, and a weakening US dollar. The new tariffs inject political risk into a market already on edge. For now, Swiss refiners are in limbo, and the broader bullion market may be only beginning to reckon with the consequences of this unexpected shift in US trade policy.

Switzerland, home to the world’s largest gold refining industry, exported $61.5 billion in gold to the US in the 12 months through June. The new ruling could slap an estimated $24 billion in additional duties on that trade volume alone.

US slaps surprise tariffs on Swiss gold bars, roiling global bullion market

Oil prices showed little movement in early Asian trading on August 8 but remained on track for their steepest weekly losses since late June, driven by concerns over escalating US tariffs and weakening global demand. Brent crude futures were down by three cents to $66.40 a barrel, on course for a decline of more than 4 per cent this week. US West Texas Intermediate (WTI) crude futures also dropped by six cents, or 0.1 per cent, to $63.82 a barrel, poised to fall by over 5 per cent on a weekly basis.The downward pressure on prices intensified after the United States implemented higher tariffs on various trade partners on August 7, which raised fears about a slowdown in global economic activity. Analysts from ANZ Bank noted that reduced economic growth would likely dampen demand for oil, further weakening the market.<h2>OPEC+ cuts and the unwinding of output cuts</h2>The oil market had already been reeling from the decision by OPEC+ to unwind its largest tranche of output cuts in September, months ahead of schedule. This move added additional supply to the market, contributing to the downward pressure on prices. Till August 7, WTI futures had declined for six consecutive sessions, matching a streak not seen since December 2023. If prices settle lower on August 8 as well, this will mark the longest losing streak since August 2021.<h2>Geopolitical developments add uncertainty</h2>Further adding to the uncertainty, the Kremlin confirmed that Russian President Vladimir Putin would soon meet US President Donald Trump, raising hopes of a potential diplomatic resolution to the ongoing war in Ukraine. Meanwhile, new US tariffs against India for purchasing Russian crude oil also kept oil prices from falling further. However, analysts from StoneX warned that this measure is unlikely to significantly reduce the flow of Russian oil to global markets.Kuwait’s Oil Minister, Tareq Al-Roumi, also weighed in on the situation, stating that oil prices are expected to remain below $72 per barrel in the near term. Al-Roumi emphasised that both Kuwait and OPEC are closely monitoring market conditions, particularly the ongoing US tariffs and the geopolitical developments involving Russia. Meanwhile, Kuwait Petroleum Corporation CEO Shaikh Nawaf Al-Sabah revealed that the country is currently producing 2.548 million barrels per day, in line with its OPEC+ commitments, but has the capacity to increase output as needed.&nbsp;(With inputs from agencies)

The downward pressure on prices intensified after the United States implemented higher tariffs on various trade partners on August 7, which raised fears about a slowdown in global economic activity.

Oil prices showed little movement in early Asian trading on August 8 but remained on track for their steepest weekly losses since late June, driven by concerns over escalating US tariffs and weakening global demand. Brent crude futures were down by three cents to $66.40 a barrel, on course for a decline of more than 4 per cent this week. US West Texas Intermediate (WTI) crude futures also dropped by six cents, or 0.1 per cent, to $63.82 a barrel, poised to fall by over 5 per cent on a weekly basis. The downward pressure on prices intensified after the United States implemented higher tariffs on various trade partners on August 7, which raised fears about a slowdown in global economic activity. Analysts from ANZ Bank noted that reduced economic growth would likely dampen demand for oil, further weakening the market. OPEC+ cuts and the unwinding of output cuts The oil market had already been reeling from the decision by OPEC+ to unwind its largest tranche of output cuts in September, months ahead of schedule. This move added additional supply to the market, contributing to the downward pressure on prices. Till August 7, WTI futures had declined for six consecutive sessions, matching a streak not seen since December 2023. If prices settle lower on August 8 as well, this will mark the longest losing streak since August 2021. Geopolitical developments add uncertainty Further adding to the uncertainty, the Kremlin confirmed that Russian President Vladimir Putin would soon meet US President Donald Trump, raising hopes of a potential diplomatic resolution to the ongoing war in Ukraine. Meanwhile, new US tariffs against India for purchasing Russian crude oil also kept oil prices from falling further. However, analysts from StoneX warned that this measure is unlikely to significantly reduce the flow of Russian oil to global markets. Kuwait’s Oil Minister, Tareq Al-Roumi, also weighed in on the situation, stating that oil prices are expected to remain below $72 per barrel in the near term. Al-Roumi emphasised that both Kuwait and OPEC are closely monitoring market conditions, particularly the ongoing US tariffs and the geopolitical developments involving Russia. Meanwhile, Kuwait Petroleum Corporation CEO Shaikh Nawaf Al-Sabah revealed that the country is currently producing 2.548 million barrels per day, in line with its OPEC+ commitments, but has the capacity to increase output as needed. (With inputs from agencies)

The downward pressure on prices intensified after the United States implemented higher tariffs on various trade partners on August 7, which raised fears about a slowdown in global economic activity.

Oil prices set for steepest weekly losses since June amid tariff concerns

US President Donald Trump signed an executive order on August 7 that could significantly alter the landscape of US retirement plans. The order directs federal agencies to revise regulations, allowing higher-risk alternative assets such as private equity, cryptocurrencies, and real estate to be included in 401(k) retirement accounts. This move is expected to open up new investment opportunities for American workers but has also sparked concerns over the potential risks to retirement savings. The executive order comes after years of lobbying from private equity firms and cryptocurrency advocates who have sought broader access to the $12 trillion 401(k) market.&nbsp;Asset management giants like BlackRock and KKR stand to gain substantially from the change, which would allow them to introduce more diversified investment options to millions of workers. BlackRock, in particular, has long advocated for opening up private equity to regular investors, arguing that it could provide market-beating returns. While private equity investments, which typically involve stakes in privately held companies, have historically been reserved for wealthy individuals and institutional investors, Trump’s order could level the playing field. Similarly, cryptocurrencies, known for their extreme volatility, could offer potentially high returns, but critics warn that they could be too risky for retirement accounts, particularly for those looking for stable, long-term growth.<h2>Potential benefits and risks spark debate</h2>“Expanding access to investments long out of reach will help ensure millions of Americans build stronger, more diversified portfolios,” Jaime Magyera, BlackRock’s head of retirement, said in a statement. The company plans to launch its own retirement fund next year that includes private equity and private credit assets. However, not everyone is convinced that these alternatives are suitable for the average American worker’s retirement plan. Some financial experts argue that private equity and cryptocurrencies could expose investors to unnecessary risks.&nbsp;Private equity, for example, often charges hefty fees, typically 2 per cent annually, plus a share of profits, which could eat into the returns of retirement investors. Moreover, these investments are illiquid, meaning they cannot be easily sold if investors need access to cash. In contrast, traditional stock and bond investments in 401(k) plans are much more liquid and accessible.Cryptocurrency, on the other hand, is a newer and far more volatile asset class. While certain cryptocurrencies like Bitcoin have delivered impressive returns in recent years, they lack a proven long-term track record. Critics argue that incorporating such assets into retirement plans could jeopardise workers' financial futures, particularly if the market faces another significant downturn.Supporters of the move, including crypto executives and private equity firms, argue that the current system restricts everyday investors from accessing the same high-return opportunities enjoyed by the wealthy. Cryptocurrency companies like Coinbase, which have heavily supported Trump’s 2024 campaign, are eager to capitalise on this shift, viewing it as a step toward legitimising the sector in the eyes of mainstream investors.While the executive order sets the stage for expanded investment options, it could take months, or even years, for regulations to be rewritten and new funds to be created. In the meantime, retirement plan providers have expressed caution, emphasising the need for proper education on the risks and rewards associated with these new investment vehicles. Trump’s order represents a significant shift in how Americans save for retirement. While the potential rewards are high, the risks associated with private equity and cryptocurrencies may cause some investors to think twice before jumping into these new options.&nbsp;(With inputs from agencies)

The order directs federal agencies to revise regulations, allowing higher-risk alternative assets such as private equity, cryptocurrencies, and real estate to be included in 401(k) retirement accounts. This move is expected to open up new investment opportunities for American workers. 

US President Donald Trump signed an executive order on August 7 that could significantly alter the landscape of US retirement plans. The order directs federal agencies to revise regulations, allowing higher-risk alternative assets such as private equity, cryptocurrencies, and real estate to be included in 401(k) retirement accounts. This move is expected to open up new investment opportunities for American workers but has also sparked concerns over the potential risks to retirement savings. The executive order comes after years of lobbying from private equity firms and cryptocurrency advocates who have sought broader access to the $12 trillion 401(k) market. Asset management giants like BlackRock and KKR stand to gain substantially from the change, which would allow them to introduce more diversified investment options to millions of workers. BlackRock, in particular, has long advocated for opening up private equity to regular investors, arguing that it could provide market-beating returns. While private equity investments, which typically involve stakes in privately held companies, have historically been reserved for wealthy individuals and institutional investors, Trump’s order could level the playing field. Similarly, cryptocurrencies, known for their extreme volatility, could offer potentially high returns, but critics warn that they could be too risky for retirement accounts, particularly for those looking for stable, long-term growth. Potential benefits and risks spark debate “Expanding access to investments long out of reach will help ensure millions of Americans build stronger, more diversified portfolios,” Jaime Magyera, BlackRock’s head of retirement, said in a statement. The company plans to launch its own retirement fund next year that includes private equity and private credit assets. However, not everyone is convinced that these alternatives are suitable for the average American worker’s retirement plan. Some financial experts argue that private equity and cryptocurrencies could expose investors to unnecessary risks. Private equity, for example, often charges hefty fees, typically 2 per cent annually, plus a share of profits, which could eat into the returns of retirement investors. Moreover, these investments are illiquid, meaning they cannot be easily sold if investors need access to cash. In contrast, traditional stock and bond investments in 401(k) plans are much more liquid and accessible. Cryptocurrency, on the other hand, is a newer and far more volatile asset class. While certain cryptocurrencies like Bitcoin have delivered impressive returns in recent years, they lack a proven long-term track record. Critics argue that incorporating such assets into retirement plans could jeopardise workers' financial futures, particularly if the market faces another significant downturn. Supporters of the move, including crypto executives and private equity firms, argue that the current system restricts everyday investors from accessing the same high-return opportunities enjoyed by the wealthy. Cryptocurrency companies like Coinbase, which have heavily supported Trump’s 2024 campaign, are eager to capitalise on this shift, viewing it as a step toward legitimising the sector in the eyes of mainstream investors. While the executive order sets the stage for expanded investment options, it could take months, or even years, for regulations to be rewritten and new funds to be created. In the meantime, retirement plan providers have expressed caution, emphasising the need for proper education on the risks and rewards associated with these new investment vehicles. Trump’s order represents a significant shift in how Americans save for retirement. While the potential rewards are high, the risks associated with private equity and cryptocurrencies may cause some investors to think twice before jumping into these new options. (With inputs from agencies)

The order directs federal agencies to revise regulations, allowing higher-risk alternative assets such as private equity, cryptocurrencies, and real estate to be included in 401(k) retirement accounts. This move is expected to open up new investment opportunities for American workers.&nbsp;

Trump’s executive order opens door for riskier investments in 401(k) plans

AI coding startup Cognition, which bought Windsurf almost a month ago, has issued an ultimatum to the 200 people at the company, telling them either agree to working 80 hours a week, or take a buyout and quit now. The company is in no mood to play ball with the trend of work-life balance, admitting that it doesn't believe in the concept. Cognition had already removed 30 employees from the Windsurf team last week. The Information has gained access to an email sent to the remaining staff members, who must decide between working weekends and long hours or taking a buyout with a nine-month salary. They need to decide by August 10, as per the outlet. Cognition CEO Scott Wu wrote in an email, "We don't believe in work-life balance — building the future of software engineering is a mission we all care so deeply about that we couldn't possibly separate the two." Wu is extremely clear that at Cognition, work is the topmost priority, and everyone who joins the company is delivered the message loud and clear at the outset. Also Read: <a href="https://www.wionews.com/trending/swedish-company-gives-masturbation-break-to-its-staff-1753760328714">'An apple a day...': A Swedish company gives 30-minute masturbation break to its staff. Here's why</a><h2>Wu says everyone at Cognition works late and weekends</h2>Wu also posted a message on X on Tuesday, stating that Cognition “has an extreme performance culture”. Working weekends and late into the night is the norm at the company, something they do not hide. Hiring is also done with all the cards on the table, and applicants are aware of how things work at Cognition. Wu wrote, "We routinely are at the office through the weekend and do some of our best work late into the night." He added that most of the staff literally live at work, and "we understand it's not for everyone." Current market norms suggest that most buyouts start at four weeks, with an additional week for each year the employee has been at the company. Cognition is clear about its demands and is offering a higher buyout because of it. Also Read: <a href="https://www.wionews.com/world/tesla-gives-30bn-of-shares-to-elon-musk-after-he-threatens-to-leave-world-s-wealthiest-man-to-be-even-richer-1754311903423">Tesla gives $30bn of shares to Elon Musk after he threatens to leave</a>&nbsp;

<blockquote class="twitter-tweet">People have asked about our culture and recent employee communications. Cognition has an extreme performance culture, and we’re upfront about this in hiring so there are no surprises later. We routinely are at the office through the weekend and do some of our best work late into…&mdash; Scott Wu (@ScottWu46) <a href="https://twitter.com/ScottWu46/status/1952776198947520659?ref_src=twsrc%5Etfw">August 5, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;Windsurf boasts of an AI code editor that it says is the "most powerful way to code with AI" and is reportedly used by over a million people globally. Cognition also claims a breakthrough in AI, stating that it has built the first AI software engineer that can work independently and use Slack and GitHub to engage with users. The startup became a unicorn following a funding round earlier this year, which increased its valuation to $4 billion. Meanwhile, Windsurf went through turbulent times, as acquisition deals fell apart. First, it was in talks with OpenAI for a $3 billion acquisition. However, the deal didn't reach fruition, after which Google stepped in. It agreed to a $2.4 billion deal for nonexclusive licensing rights to Windsurf's technology. CEO Varun Mohan, co-founder Douglas Chen and a few others joined Google.

Cognition, an AI coding startup, has told 200 employees at Windsurf to choose between a buyout or sacrificing their personal lives at the altar of work. The former took over Windsurf and wants everyone to work weekends and late nights, or quit now.  

AI coding startup Cognition, which bought Windsurf almost a month ago, has issued an ultimatum to the 200 people at the company, telling them either agree to working 80 hours a week, or take a buyout and quit now. The company is in no mood to play ball with the trend of work-life balance, admitting that it doesn't believe in the concept. Cognition had already removed 30 employees from the Windsurf team last week. The Information has gained access to an email sent to the remaining staff members, who must decide between working weekends and long hours or taking a buyout with a nine-month salary. They need to decide by August 10, as per the outlet. Cognition CEO Scott Wu wrote in an email, "We don't believe in work-life balance — building the future of software engineering is a mission we all care so deeply about that we couldn't possibly separate the two." Wu is extremely clear that at Cognition, work is the topmost priority, and everyone who joins the company is delivered the message loud and clear at the outset. Also Read: 'An apple a day...': A Swedish company gives 30-minute masturbation break to its staff. Here's why Wu says everyone at Cognition works late and weekends Wu also posted a message on X on Tuesday, stating that Cognition “has an extreme performance culture”. Working weekends and late into the night is the norm at the company, something they do not hide. Hiring is also done with all the cards on the table, and applicants are aware of how things work at Cognition. Wu wrote, "We routinely are at the office through the weekend and do some of our best work late into the night." He added that most of the staff literally live at work, and "we understand it's not for everyone." Current market norms suggest that most buyouts start at four weeks, with an additional week for each year the employee has been at the company. Cognition is clear about its demands and is offering a higher buyout because of it. Also Read: Tesla gives $30bn of shares to Elon Musk after he threatens to leave

Cognition, an AI coding startup, has told 200 employees at Windsurf to choose between a buyout or sacrificing their personal lives at the altar of work. The former took over Windsurf and wants everyone to work weekends and late nights, or quit now. &nbsp;

AI startup that doesn't believe in work-life balance issues ultimatum: Be ready to work weekends and late nights or quit now

Amid intensifying geopolitical risks and global trade uncertainty, the RBI on Tuesday announced that it will maintain the repo rate steady at 5.5% retaining its neutral monetary policy stance. These are the key highlights of the RBI’s August 2025 Monetary Policy meeting.

What changed and what didn't? Here are key highlights from RBI’s August 2025 Monetary Policy meet

Donald Trump is bashing India daily with tariff threats over energy and defence trade with Russia and the inconclusive trade talks, but did you know that the US president's real estate empire, the Trump Organization, has the largest investments outside his country in India? Even as Trump called India a ‘dead economy’, those projects are minting millions of dollars, that too with practically no direct cash investment from him. Wonder how? read on:

<h2>India is Trump Organization's top global playground</h2>With 13 projects across six cities, India is where Trump’s real estate brand is shining the brightest outside America, with more projects than any other nation. Yet, Trump doesn’t actually invest big bucks in India. His firm is mostly licensing out his name and cashing in on the brand hype: no huge capital risk, just fat royalty checks.&nbsp;<a href="https://www.wionews.com/videos/trump-team-highlights-indias-high-tariffs-8916254/embed">https://www.wionews.com/videos/trump-team-highlights-indias-high-tariffs-8916254/embed</a><h2>Snapshot of Trump Organization’s India projects, its biggest overseas market</h2>There are 13 Trump-branded projects in India in different stages of completion, way more than any other foreign country. Here is how it works: Indian developers build the towers, offices, and golf courses named after Trump. Trump Organization slaps his name on them and gets paid a cut in the form of licensing fees and sales royalties.&nbsp;<h2>Trump Towers and more: Size, value and bling in India</h2>There are four Trump Towers in India: in Mumbai, Pune, Gurgaon and Kolkata, covering about 3 million sqare feet. Some 8 million sq ft are under development in Noida, Hyderabad, Bengaluru, among others, bringing the total to a staggering 11 million sq ft.&nbsp;And the price tag? Existing towers are estimated to be worth around ₹7,500 crore ($900 million). Upcoming projects are valued at around ₹15,000 crore ($1.8 billion). The total, thus, adds up to a whopping ₹22,500 crore ($2.7 billion).<h2>Brand Trump sells at a premium in India&nbsp;</h2>According to reports in Indian and American media, Trump-branded projects in India come with premium price tags, selling at an eye-popping 35 per cent above local rivals.They include a 75-storey luxury tower in Mumbai that boasts of Trump Card exclusives. The Trump commercial project in Pune has office towers and retail space, with investments (by the local partners of course) estimated at ₹1,700 crore. In the northern Gurgaon city, the twin luxury towers and an office tower called Trump Residences sold out on day one, raking in ₹3,250 crore. In Kolkata, which saw Trump’s eastern India debut, a luxury residential project is underway. And coming soon are golf courses, villas, and mega-projects in Noida, Hyderabad, Bengaluru, Gurgaon and Pune.<h2>How Trump real estate makes money in India</h2>If reports in Indian media are to go by, there's zero direct investment from Trump Organization. He just licenses his brand. The licensing and development fees alone was $12 million in 2024, claimed the reports. But it's not all rosy for Trump real estate biz in India. Trump’s deals with politically connected Indian developers have in the past raised conflict-of-interest alarms in the US. The Pune project was hit with a land acquisition probe.<h2>So, who's Trump fooling with ‘dead economy jibe’ at India?</h2>Trump’s attack on India, calling it a “dead economy” rings hollow given the aggressive Indian expansion spree of the real estate firm that bears his name.India’s Trump-branded properties are being lapped up, and growing fast, making the nation Trump’s biggest global playground. Trump Organization’s brand power is selling luxury homes and offices at a premium, raking in billions, without him shelling out any serious dole. So, next time Trump bashes the Indian economy, take it with a pinch of salt.&nbsp;

India’s Trump-branded properties are being lapped up, and growing fast, making the nation Trump’s biggest global playground outside the US. Trump Organization’s brand power is selling luxury homes and offices at a premium, raking in billions

Donald Trump is bashing India daily with tariff threats over energy and defence trade with Russia and the inconclusive trade talks, but did you know that the US president's real estate empire, the Trump Organization, has the largest investments outside his country in India? Even as Trump called India a ‘dead economy’, those projects are minting millions of dollars, that too with practically no direct cash investment from him. Wonder how? read on:

India’s Trump-branded properties are being lapped up, and growing fast, making the nation Trump’s biggest global playground outside the US. Trump Organization’s brand power is selling luxury homes and offices at a premium, raking in billions

Who is he fooling? 13 projects, zero cash investment, Trump’s biggest real estate empire outside US is in India, the country he bashes daily