Business
‘Pushed Modi closer to Russia, China’: Ex-Donald Trump aide slams 50% India tariffs; flags setback in ties with US – The Times of India
Former US National Security Advisor John Bolton lashed out at US President Donald Trump on Thursday (local time) for deteriorating US-India relations through a 50% tariff imposition on India, which he claims has driven Prime Minister Narendra Modi towards Russia and China.“The White House has set US-India relations back decades, pushing Modi closer to Russia and China. Beijing has cast itself as an alternative to the US and Donald Trump,” Bolton wrote on X.
He criticised Trump’s tariff decisions, stating they have undermined decades of Western diplomatic efforts to distance India from its Cold War alliance with the former Soviet Union (Russia) and address China’s growing influence.
In multiple other social media posts on Monday (local time), Bolton had claimed Trump’s economic policies have compromised strategic achievements, whilst providing Chinese President Xi Jinping an opportunity to alter East Asian geopolitics.“The West has spent decades trying to wean India away from its Cold War attachment to the Soviet Union/ Russia, and cautioning India on the threat posed by China. Donald Trump has shredded decades of efforts with his disastrous tariff policy,” Bolton posted.“Donald Trump’s unwillingness to consider diplomatic moves in a larger strategic context has given Xi Jinping an opportunity to reset the East,” he added in another post.Bolton, who served as national security adviser (2018-19) under Trump’s first presidency, departed due to disagreements regarding the administration’s foreign policy approach.His observations coincide with New Delhi’s current challenges amid global economic uncertainty, following the US implementation of a 50% tariff on Indian imports, plus an additional 25% due to India’s Russian oil purchases.The statements followed the 25th Shanghai Cooperation Organisation (SCO) Heads of State Council summit in Tianjin, China, where Prime Minister Modi engaged with Russian President Vladimir Putin and Chinese President Xi Jinping in bilateral discussions.According to a Ministry of External Affairs statement on Sunday, Modi and Xi Jinping acknowledged their nations’ roles in maintaining global trade stability during their meeting.In his discussion with Putin, PM Modi highlighted the robust India-Russia relationship, noting their consistent mutual support during challenging periods.The Prime Minister emphasised that collaboration between New Delhi and Moscow remains crucial for international peace, stability and prosperity. Meanwhile, Putin highlighted that this year commemorates the 15th anniversary of the India-Russia ‘Special and Privileged Strategic Partnership’.
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Life sciences lab real estate is clawing back from disaster. Here’s what that means for investors
Business
Trump administration in advanced talks for a rescue package for Spirit Airlines, source says
A Spirit commercial airliner prepares to land at San Diego International Airport in San Diego, California, U.S., January 18, 2024.
Mike Blake | Reuters
The Trump administration is in advanced talks for a financing package for Spirit Airlines as the carrier is facing the risk of a liquidation, according to a person familiar with the matter.
Spirit had been facing a potentially imminent liquidation, people familiar with the matter told CNBC last week, speaking on the condition of anonymity to discuss matters that had not yet been made public. The Dania Beach, Florida-based carrier in August filed for its second Chapter 11 bankruptcy in less than a year, after it struggled to increase revenue to cover rising costs.
President Donald Trump hinted at potential government aid on Tuesday, telling CNBC’s “Squawk Box“, “Spirit’s in trouble, and I’d love somebody to buy Spirit. It’s 14,000 jobs, and maybe the federal government should help that one out.”
The White House didn’t immediately comment.
“We are hopeful that the government will recognize the needs for emergency funds especially in the current economic environment,” a spokesperson for the Associated of Flight Attendants-CWA, which represents Spirit’s cabin crews, said in a statement. “The last thing our economy needs is tens of thousands more people out of work and the last thing the travelling public needs is fewer choices in air travel.”
The terms of the financing deal weren’t immediately known. The Wall Street Journal earlier reported that the talks were in an advanced stage.
The U.S. airline industry accepted more than $50 billion in taxpayer aid to weather the Covid-19 pandemic, which is still its biggest-ever crisis, but those funds weren’t handed to one specific airline. Some of the aid gave the U.S. government stock warrants for airlines.
Airlines also received a government bailout following the Sept. 11, 2001, terrorist attacks, but that money was also for more than one company. The U.S. in 2008-2009 also bailed out the auto industry during the financial crisis and took stakes in manufacturers.
The Trump administration has taken equity stakes in some companies it deemed critical to national security like Intel and USA RareEarth, though Spirit stands out as it is in bankruptcy.
In February, Spirit said it expected to exit bankruptcy in late spring or early summer, telling a U.S. court that it would shrink and focus its planes on high-demand routes and travel periods. Pilot and flight attendant unions had also made concessions, including going on furlough in recent months, in a bid to help Spirit survive.
But jet fuel prices have nearly doubled in some parts of the U.S. since then, further adding to challenges for Spirit and the rest of the airline industry.
As a low-fare airline that also faces competition from larger carriers with their own no-frills, basic economy offerings, it has grown harder for Spirit to cover expenses. Spirit had introduced extra-legroom seats and other premium options to try to cater to higher-spending customers.
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Tesla widens India bet with launch of Model Y L – The Times of India
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