Yazılar

Modi and Lula Discuss Trade, U.S. Tariffs, and BRICS Strategy Amid Trump’s Economic Offensive

/in /tarafından

Indian Prime Minister Narendra Modi and Brazilian President Luiz Inácio Lula da Silva held a phone call on Thursday, addressing a range of issues including new U.S. tariffs targeting both nations. The discussion came just a day after Lula told Reuters he planned to raise the matter within the BRICS group — comprising Brazil, Russia, India, China, and South Africa — to coordinate a response.

Lula confirmed he would make a state visit to India in early 2026. According to his office, both leaders reviewed the global economic climate and condemned the “unilateral tariffs” recently announced by U.S. President Donald Trump, noting that Brazil and India are currently the hardest hit.

Trump’s latest measures include an additional 25% tariff on Indian goods — raising the total duty to 50% — effective August 28, citing India’s continued purchases of Russian oil. Brazil faces a 50% tariff on most exports, with smaller increases for sectors such as aircraft, energy, and orange juice. Trump linked the move to what he described as a “witch hunt” against former President Jair Bolsonaro, who is on trial for an alleged coup plot after his 2022 election loss.

During their conversation, Modi and Lula reiterated their ambition to boost bilateral trade to over $20 billion annually by 2030, up from roughly $12 billion last year. They agreed to expand the preferential trade agreement between India and the South American trade bloc Mercosur and explored cooperation on digital payment systems.

While Modi’s statement did not explicitly mention Trump or U.S. tariffs, it confirmed that both leaders exchanged views on regional and global issues. India is signaling a possible shift in foreign policy following Washington’s tariff escalation, with Modi preparing for his first visit to China in over seven years — a move that could indicate a strategic rebalancing.

Nvidia to Participate in China Supply-Chain Expo in July for First Time, CCTV Reports

/in /tarafından

U.S. chip giant Nvidia (NVDA.O) will attend the China International Supply Chain Expo in Beijing this July for the first time, according to Chinese state broadcaster CCTV.

The expo, now in its third edition, will take place from July 16 to 20 and feature more than 230 new Chinese and foreign participants, CCTV reported. Nvidia, the market leader in artificial intelligence-related chips, faces challenges in maintaining its share of the Chinese market amid tightening U.S. export controls restricting China’s access to advanced chips.

While the expo is not typically a venue for major deals, it offers foreign companies an important platform to demonstrate their commitment to the Chinese market. The event’s inaugural edition in 2023 saw Premier Li Qiang emphasize the reliability of Chinese supply chains, especially as some Western countries sought to reduce dependence on China.

Despite escalating trade tensions with the U.S., American companies will make up the largest group of foreign participants at this year’s expo, with a reported 15% increase over last year, according to CCTV.

India to Scrap 6% Digital Ad Tax, Easing U.S. Trade Tensions

/in /tarafından

India has decided to remove the 6% digital advertising tax, known as the equalization levy, easing concerns for U.S. tech giants like Google, Meta, and Amazon. The finance minister’s announcement on Tuesday comes in response to trade concerns raised by the U.S., particularly after President Trump threatened reciprocal tariffs from April 2.

The change will take effect from April 1, as part of amendments to the 2025 Finance Bill, which were approved by the Indian parliament. The 6% levy targeted online advertising services provided by foreign companies, requiring them to withhold and remit taxes to the Indian government. The U.S. Trade Representative (USTR) had criticized this tax as discriminatory, noting that domestic companies were exempt from it.

The decision follows a trade agreement made during Prime Minister Narendra Modi’s visit to the U.S. last month, aiming for $500 billion in two-way trade by 2030. India previously abolished a 2% levy on non-resident e-commerce firms for online services in 2024.

This move is seen as an effort by India to ease trade tensions with the U.S., signaling a possible shift in diplomatic relations, although analysts remain cautious about whether it will lead to a softening of the U.S. stance.