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US tariffs on Indian goods double to 50% over Russian oil purchases
US tariffs of 50 percent took effect Wednesday on many Indian products, doubling an existing duty as President Donald Trump sought to punish New Delhi for buying Russian oil. While Trump has slapped fresh duties on allies and competitors alike since returning to the presidency in January, this 50-percent level is among the highest that US trading partners face.
Asian markets diverge with eyes on Nvidia earnings
Asian markets diverged Wednesday morning following broad losses the previous day, as attention turns from political pressure on the US central bank to a key earnings report by AI giant Nvidia. California-based AI chip giant Nvidia will report second-quarter financial results on Wednesday evening, closely watched as a bellwether for the industry as worries about a tech bubble rise.
SpaceX set once more for Starship test flight
SpaceX on Tuesday was once again gearing up for the latest launch of its Starship megarocket after two successive postponements. While SpaceX previously wowed observers by catching the booster in the launch tower's "chopstick arms," this flight will instead focus on data collection under less-than-ideal flight profiles.
Who is Lisa Cook, the Fed governor Trump seeks to fire?
Lisa Cook, the first Black woman to serve on the powerful Federal Reserve Board of Governors, has become US President Donald Trump's latest target as he ramped up pressure on the central bank. Cook was one of former president Joe Biden's choices to fill open seats on the Fed board -- a seven-member body guiding US monetary policy -- and she took office as a Fed governor in May 2022.
Trump joins backlash against US restaurant Cracker Barrel
US President Donald Trump on Tuesday urged restaurant chain Cracker Barrel to go back to its old logo, after its rebrand sparked a furious, culture war-fueled backlash. Trump's son Donald Jr. took to X after the rebrand to demand to know "WTF is wrong with Cracker Barrel."
Fed Governor Cook says Trump has no authority to fire her
Federal Reserve Governor Lisa Cook rejected US President Donald Trump's unprecedented bid to oust her on Tuesday, saying he had no legal authority for such an intervention against a member of the independent US central bank.
EU claims 'sovereign right' to regulate tech after Trump threat
The European Commission Tuesday asserted the "sovereign right" to regulate the activities of tech giants within the bloc and rejected claims by President Donald Trump that its rules unfairly harm US firms. "It is the sovereign right of the EU and its member states to regulate economic activities on our territory," European Commission chief spokesperson Paula Pinho told reporters in response.
Germany, Canada to cooperate on key raw materials
Germany and Canada will sign an agreement Tuesday on boosting cooperation in the field of critical raw materials, Chancellor Friedrich Merz said, as they seek to reduce heavy dependence on China. At a press conference in Berlin alongside Canadian Prime Minister Mark Carney, Merz said that Canadian and German ministers would sign a memorandum of understanding on raw materials.
Indian readies for punishing US tariffs
Indian exports to the United States will face some of the highest tariffs in the world this week, barring a last-minute reversal from President Donald Trump. - The United States was India's top export destination in 2024, with shipments worth $87.3 billion.
AFP
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