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’.
Business
Iran war: Oil prices jump above $100 for first time in four years
Major disruption to energy supplies threatens to push up prices for consumers and businesses around the world.
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Business
Aramco scrips surge 4%, most in three years – The Times of India
Saudi Aramco jumped the most since April 2023 on Sunday as the Iran war entered its second week, prompting supply disruptions that may send oil prices higher when global markets reopen. Shares of the state-backed oil giant climbed as much as 4.9% in Riyadh before paring gains to close up 4.1%, on the first day of trading for the stock since Brent crude prices topped $90 a barrel on Friday.Brent may climb further after UAE and Kuwait started reducing oil production amid a near-closure of Strait of Hormuz waterway, adding to interruptions affecting worldwide energy supply and exports. “For Aramco, we believe that the gain in oil prices would offset a decline in exports,” said Junaid Ansari, head of research and strategy at Kamco Investment Co. “We also believe that Aramco should be able to re-route a bulk of its shipments to the Red Sea. It’s just about logistics and handling the excess capacity.” Aramco has been redirecting oil cargoes to Red Sea facilities on Saudi Arabia’s west coast to avoid the Strait of Hormuz.
Business
Gold braces for volatile week as Middle East tensions escalate: Analysts | India Business News – The Times of India
After witnessing sharp swings last week, gold prices are expected to remain volatile in the coming days as investors track escalating tensions in the Middle East and key global economic data releases, analysts said on Sunday.Market participants are likely to track developments in the conflict involving Israel and Iran, as any escalation could support safe-haven demand for bullion, while signs of easing tensions may trigger sharp profit booking in the market.“Focus will again be on developments in the Middle East. Any further escalation could be positive for gold prices, but signs of de-escalation may lead to sharp selling,” Pranav Mer, vice president, Commodity and Currency Research at JM Financial Services, told the news agency PTI.Silver is also witnessing heightened volatility, though it is currently in a consolidation phase, analysts noted.“Silver is trading with high volatility but remains capped due to consolidative movements in gold and industrial metals such as copper and zinc,” Mer added.In the domestic market, bullion futures saw sharp swings during the past week. On the Multi Commodity Exchange (MCX), silver plunged by Rs 14,359, or 5.08 per cent, while gold slipped Rs 470, or 0.3 per cent.According to Prathamesh Mallya, deputy vice president, Research (Non-Agri Commodities and Currencies) at Angel One, gold traded within a broad range of Rs 1.59 lakh to Rs 1.70 lakh per 10 grams last week.Geopolitical tensions, strong demand from Asian markets, continued purchases by central banks, elevated US Treasury yields and a firm US dollar are among the key factors currently shaping bullion prices, he said.Globally, silver futures on Comex dropped by USD 8.98, nearly 10 per cent, during the week, while gold prices declined by USD 89.2, or 1.7 per cent.Analysts noted that gold ended the week in negative territory as investors shifted towards alternative safe-haven assets such as the US dollar, Swiss franc and government bonds, even as ongoing geopolitical tensions helped limit deeper losses.Investors will also monitor key economic indicators in the coming week, including inflation and trade data from China, inflation readings from the US, Germany and India, as well as US consumer sentiment and the Personal Consumption Expenditures (PCE) price index, which could influence global growth expectations and monetary policy outlook.
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