India's Vedanta says Trump's tariffs damaging, seeks import curbs
By Neha Arora
(Reuters) -Indian metals-to-oil conglomerate Vedanta said on Wednesday that U.S. President Donald Trump's doubling of aluminium tariffs to 50% poses a threat to the Indian industry already struggling with surging imports.
Trump's latest round of tariffs on aluminium and steel, which took effect on Wednesday, have unsettled the global markets.
"The 50% tariff announced by Trump is damaging to the Indian aluminium industry, which is already under pressure from surging imports that threaten to create surplus and risk to domestic market access," a Vedanta spokesperson told Reuters.
The miner, which is the country's largest aluminium producer, urged the Indian government to implement tariffs to protect against imports.
"..There should be duty guard-rails for the aluminium industry as well which has so far invested more than $20 billion to set up the current domestic primary aluminium capacity," the spokesperson said.
India's cumulative aluminum exports fell 19% to 2.24 million metric tons in the fiscal year ended March 2025, according to government data.
Separately, the country's federal steel minister said earlier this week that the impact of Trump's steel tariffs would be minor on the local industry, as India, the world's second-largest crude steel producer, does not export to the U.S. in significant quantities.
In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hill
27 minutes ago
- The Hill
Netanyahu praises Trump Iran strikes: ‘Peace through strength'
Israeli Prime Minister Benjamin Netanyahu thanked President Trump on Saturday for directing U.S. strikes on Iranian nuclear sites. 'President Trump and I often say, 'Peace through strength.' First comes strength, then comes peace. And tonight, President Trump and the United States acted with a lot of strength,' Netanyahu said in a video on the social platform X. 'President Trump, I thank you. The people of Israel thank you. The forces of civilization thank you. God bless America. God bless Israel. And may God bless our unshakable Alliance our unbreakable faith,' he continued. Trump announced on Saturday evening that the U.S. had bombed three Iranian nuclear sites and said, 'NOW IS THE TIME FOR PEACE!' Netanyahu congratulated Trump for making the 'bold decision to target Iran's nuclear facilities with the awesome and righteous might of the United States,' saying it 'will change history.' Netanyahu touted the efforts Israel has made in its strikes against Iran, adding, 'but in tonight's action against Iran's nuclear facilities, America has been truly unsurpassed.' 'It has done what no other country on Earth could do. History will record: President Trump acted to deny the world's most dangerous regime, the world's most dangerous weapons,' the Israeli leader said. 'His leadership today has created a pivot of history that can help lead the Middle East and beyond to a future of prosperity and peace,' he continued, referring to Trump. The announcement of U.S. action against Iran came two days after the White House said Trump would decide whether to get involved in the conflict between Iran and Israel 'in the next two weeks' to give a window for negotiations. White House sources indicated the U.S. had given Israel a heads up before it struck the Iranian sites and that Trump and Israeli Prime Minister Benjamin Netanyahu spoke after the strikes. It marked a significant entrance by the U.S. into a conflict that Israel and Iran had been in for more than a week. It also indicated a shift by Trump, who said he was seeking a diplomatic solution with Iran and sent U.S. officials to make a deal with Tehran on its nuclear program.
Yahoo
36 minutes ago
- Yahoo
US strikes escalate Israel-Iran conflict as geopolitics overshadow economics: What to know this week
Stocks drifted lower last week as investors continued to digest the impacts of a growing conflict between Israel and Iran while closely watching how President Trump's tariffs could impact the US economy. In the week ahead, geopolitics look set to dominate the conversation. On Saturday, President Trump said the US military struck three sites in Iran, marking the first entry of the US strike since the conflict escalated on June 13. In a speech at the White House on Saturday night, Trump suggested the US could take further action if "peace does not come quickly." The ripple effects of the US' involvement in this broadening conflict will almost certainly set the tone for markets in the early going this week and likely overshadow the latest economic data and earnings reports set for release. Last week, the S&P 500 (^GSPC) fell 0.15%, while the Nasdaq Composite (^IXIC) gained 0.2%. The Dow Jones Industrial Average (^DJI) finished the holiday-shortened trading week narrowly above the flat line. A reading of the Fed's preferred inflation gauge will highlight economic releases in the upcoming week. Updates on activity in the manufacturing and services sectors, consumer confidence, and the final reading of first quarter economic growth are also expected. A two-day semiannual monetary policy testimony from Federal Reserve Chair Jerome Powell will also be in focus starting on Tuesday. Quarterly results from Carnival Corporation (CCL), FedEx (FDX), Micron (MU), and Nike (NKE) lead the list of expected corporate releases. The conflict between Iran and Israel has been in focus over the past week but hasn't significantly rattled markets yet. This weekend's actions from the US will likely test this dynamic. "The key for equities from here will come from energy commodity pricing," Citi US strategist Scott Chronert wrote in a note to clients on Friday when detailing how the S&P 500 has largely traded flat since the initial missile strike from Israel on June 13. Oil is up roughly 10% since the outbreak of the Israel-Iran conflict, with West Texas Intermediate futures (CL=F) trading hands around $75 per barrel on Friday. As DataTrek Research co-founder Nicholas Colas pointed out in a research note on June 16, the biggest risk for markets would be a large increase in oil prices that would weigh on economic growth. Colas analyzed the time period from 1987 through 2019 and found that WTI crude prices typically double compared to the previous year prior to recessions. Colas argued this puts the key level to watch for WTI crude at $120 a barrel, a far cry from the roughly $75 it sat at on Friday. This much of a jump in oil would require a "protracted bout of military action," per Colas. The Federal Reserve Open Market Committee's June meeting came and went with few surprises. As expected, the central bank didn't move interest rates. And even its forecast for interest rates through the rest of the year didn't move much, with the median forecast projecting 50 basis points of interest rate cuts, or two reductions, coming by the end of 2025. The biggest changes came elsewhere in the Fed's Summary of Economic Projections (SEP) in which the central bank revised up its forecast for inflation while lowering its expectations for economic growth. In sum, strategists and economists agreed the Fed's forecasts showed the potential for"stagflation," where economic growth slows while inflation remains above the Fed's 2% target. But even that outcome had already been heavily discussed amid the tariff whipsaw. With seven officials forecasting no interest rate cuts this year and eight penciling in two cuts, there's clear debate about whether rising inflation or a weakening labor market will drive the Fed's policy decisions over the next few months. "As the data come in, you should see those differences diminish," Powell said. A key data point is set for release in the week ahead, with the May Personal Consumption Expenditures (PCE) report due out for release on Friday. Economists expect annual "core" PCE — which excludes the volatile categories of food and energy — to have clocked in at 2.6%, up from the 2.5% seen in April. Over the prior month, economists project "core" PCE at 0.1%, unchanged from May. "Overall, this would be a good number for the Fed, but it's hard to take too much signal given the uncertainty tariffs pose around the inflation path," Bank of America US economist Stephen Juneau wrote in a note to clients. The S&P 500 has been near a new record high for weeks now but continuously failed to surpass its Feb. 19 close of 6,144.15. Research from Exhibit A co-founder Matt Cerminaro shows that this is often the case as the S&P 500 chases a new record high following a large drawdown. Cerminaro analyzed each time the S&P 500 has come back to new records following a 20% fall and found that on average, the index takes more than three months to hit a new record high once it's back within 5% of its all-time high. In the current instance, the S&P 500 has only been within 5% of its record high since May 12. Economic data: Chicago Fed activity index, February (-0.14 expected, -0.03 prior); S&P Global US Manufacturing PMI, March preliminary (51.5 expected, 52.7 prior); S&P Global US services PMI, March preliminary (51 expected, 51 prior); S&P Global US Composite PMI, March preliminary (51.6 prior) Earnings: FactSet (FDS), KB Home (KBH) Economic data: FHFA house price index, month over month, January (0.3% expected +0.4 prior); S&P CoreLogic CS 20-city year over year, non-seasonally adjusted, January (4.7% expected, 4.48 prior); Conference Board Consumer Confidence, March (94 expected, 98.3 prior); Richmond Fed manufacturing index, March (6 prior); Earnings: Carnival Corporation (CCL), FedEx (FDX), BlackBerry (BB) Economic data: MBA Mortgage Applications, week ending June 20 (-2.6% prior); New home sales month over month, May (-6.9% expected, +10.9% previously); Building permits month-over-month, May final (-2% prior); Earnings: General Mills (GIS), Jefferies (JEF), Micron (MU), Paychex (PAYX), Winnebago Industries (WGO) Thursday Economic data: First quarter GDP, third revision (-0.2% annualized rate expected, -0.2% previously); First quarter personal consumption, third revision (+1.2% previously); Initial jobless claims, week ended June 21 (247,000 expected, 245,00 previously); Pending home sales month over month, May (0% expected, -6.3% previously); Durable goods orders, May preliminary (+7.5% expected, -6.3% prior); Wholesale inventories, May preliminary (+0.2% prior) Earnings: McCormick (MKC), Nike (NKE), Walgreens Boots Alliance (WBA) Economic data: PCE inflation, month over month, May (+0.1% expected, +0.1% previously); PCE inflation, year over year, May (+2.3% expected, +2.1% previously); "Core" PCE, month over month, May (+0.1% expected, +0.1% previously); "Core" PCE, year over year, May (+2.6% expected; +2.5% previously); University of Michigan consumer sentiment, June final (60.5 expected, 60.5 prior); Kansas City Fed services activity, June (11 prior); Personal income, May (+0.3% expected, +0.8% prior); Peresonal spending, May (+0.2% expected, +0.2% prior) Earnings: No notable earnings releases. Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
41 minutes ago
- Yahoo
Debunking the Myth: Is the U.S. Dollar About to Collapse?
The U.S. dollar has been the world's primary reserve currency since the end of World War II. Despite viral stories proclaiming that countries in the BRICS bloc (Brazil, Russia, India, China and South Africa) are ditching the dollar, experts aren't too concerned — at least not in the near term. In fact, talk of a world without the U.S. dollar is largely considered a hype-driven myth. Read More: Find Out: So, what makes the U.S. dollar unlikely to collapse anytime soon? Here's what the experts say. While it's unlikely that the U.S. dollar will implode overnight, there are reasons why so many people are concerned. 'Typically, currencies follow interest rate differentials — when bond yields go up, the local currency gets stronger. But in the case of the U.S. dollar, it's been behaving like an emerging market currency: higher bond yields, weaker equities, and a falling currency,' said Christopher Vecchio, global co-head of macro at Tastylive. 'So it's concerning, particularly in [the] context of this relationship unfolding with the Trump tariffs.' Some sources indicate that President Trump could be undermining the U.S. dollar's position as the global reserve currency. In particular, talk about imposing steep tariffs on the country's international trading partners has had a notable impact on the U.S. and global stock markets. Depending on how things play out, there could be a threat to the dollar's current status. Discover Next: Other experts agree that the U.S. dollar is unlikely to be on the verge of collapse. Much of this is due to its resilience in the world financial system. 'It serves as the world's primary reserve currency, is central to international trade, and is widely held by central banks around the world,' said Joshua Charles, CEO and founder at Frontier Dominion. 'This foundational role provides the dollar with considerable stability, even when domestic fiscal policy is under strain. Many other currencies lack the same level of trust due to issues like limited export diversity, underdeveloped capital markets, or inconsistent fiscal management.' Charles noted that social media, alternative investment advocates, and financial influencers have largely added to the myth that the dollar is about to collapse. It's still important to keep aware of the current issues, like political gridlock and mounting U.S. debt, though. The U.S. dollar could weaken over time, but the idea that it's at the end of its line is still largely based on hype. Right now, the majority of global commerce runs on the U.S. dollar. Last year, nearly half (48%) of all global payments on SWIFT were made in USD. That's up from the 45% it was 10 years ago. 'But here's the rub: the reason why so many other countries use U.S. dollars is because they need to recycle them from America's trade with each country. Trade deficits for the U.S. are surpluses elsewhere, and those surpluses are recycled into USD-denominated assets,' said Vecchio. Things could change, but not right now. 'One can surmise that if the U.S. is reordering the global trade system to, well, trade less with the rest of the world, then the U.S. dollar may no longer be as desirable in time — but that would be a long way off in the future,' said Vecchio. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 10 Cars That Outlast the Average Vehicle Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy This article originally appeared on Debunking the Myth: Is the U.S. Dollar About to Collapse? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
