Business
Putin Exposes Trump’s Hypocrisy On Russian Trade, Says US-Russia Trade Rose 20% Under His Administration
New Delhi: In a sharp exchange during their Alaska meeting, Russian President Vladimir Putin reminded Donald Trump that trade between the US and Russia had actually grown 20 percent under the Trump administration, even as the US President threatened new tariffs on India for purchasing Russian oil.
Trump recently warned India of a 25 percent tariff for continuing crude oil imports from Russia. But Putin pointed out that despite tensions, economic ties with the US were expanding.
“Under the new US administration, our bilateral trade has increased—so far, a symbolic figure, but still 20 percent higher. There are many areas where Russia and the US can cooperate,” Putin said, highlighting opportunities in energy, digital technologies, space, and Arctic development. He also emphasized the potential for stronger business ties between the Russian Far East and the US West Coast.
Russian news agency TASS reported that the Alaska summit showed Washington understands the benefits of economic cooperation with Moscow.
Meanwhile, Trump appeared to soften his stance on India. Speaking to Fox News aboard Air Force One, he said the US may not impose secondary tariffs on countries like India that continue buying Russian oil.
“Well, Putin lost a client in India, which was importing about 40 percent of the oil. China is buying a lot… If I apply a secondary tariff, it would be devastating for them. If I have to, I’ll do it. Maybe I won’t have to,” Trump said.
Still, the US has signaled that secondary sanctions on India, including the proposed 25 percent tariff, could take effect as early as August 27.
Earlier this week, US Treasury Secretary Scott Bessent warned that if Trump’s meeting with Putin did not go well, penalties on India could be raised even further.
It is unusual for a senior figure at the Bank to be so forthright on market movements.
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Consumer confidence has fallen for the third consecutive month amid household “jitters” over rapid price rises, figures show.
GfK’s long-running consumer confidence index fell four points to minus 25 in April, following falls of two points and three points in March and February respectively.
The deepening concern was driven by perceptions of the UK economy, with a six-point slide in confidence for the next 12 months to minus 43, its lowest level since February 2023.
Confidence in personal finances over the coming year fell five points to minus four – one point lower than this time last year.
The major purchase index – an indicator of confidence in buying big ticket items – held steady, albeit at minus 18 but one point better than last April.
The only measure to improve was the savings index – often an indication that households are concerned about their finances and looking to build contingency funds – which is up five points to 32.
Neil Bellamy, consumer insights director at GfK, said: “Consumers really do have the jitters now.
“It is a year since we last saw a monthly drop of this size, and we have to go back to October 2023 to find the last time consumer confidence was lower.
“Everyone is grappling with rapid price rises, especially at the fuel pumps, which are taking a dent out of household budgets, and people know further price hikes are coming.
“Consumer confidence is deteriorating sharply, with fuel prices and threats of more energy price increases acting as constant reminders of inflation.
“While the Gulf crisis is intensifying pressures, much of the current strain reflects earlier domestic cost increases.
“How long can all this disruption and pain continue?”
People walk past a Nike store in New York City, on April 2, 2025.
Kylie Cooper | Reuters
Nike announced a new round of layoffs Thursday affecting approximately 1,400 employees across the organization, mostly concentrated in its technology department.
In a note from COO Venkatesh Alagirisamy, the company said the layoffs were part of Nike’s broader “Win Now” turnaround strategy aiming to reshape its technology team, modernize its Air manufacturing, move some of its Converse Footwear operations and integrate its materials supply chain work into its footwear and apparel supply chain teams.
“Collectively, these changes will result in a reduction of approximately 1,400 roles in global operations, with the majority in technology,” Alagirisamy wrote. “These reductions are very hard for the teammates directly affected and for the teams around them, too.”
A Nike spokesperson said the layoffs are about better positioning the organization for the current pace of sports and accelerating its growth. The layoffs affect employees across North America, Asia and Europe and represent less than 2% of the company’s total global head count.
“This is not a new direction,” Alagirisamy wrote. “It is the next phase of the work already underway.”
Affected employees will be notified beginning Thursday, Nike added.
CEO Elliott Hill has been working to turn Nike around after years of slumping sales. While Hill has made some initial progress, it’s come with some bumps in the road.
Nike announced 775 job cuts in January, primarily at its U.S.-based distribution centers, due to the company’s work in accelerating its use of automation. At the time, the company said the cuts are part of Nike’s goal to return to “long-term, profitable growth.”
Those layoffs came on top of a round of cuts last summer that affected less than 1% of Nike’s corporate staff as part of the company’s efforts to realign the business.
In its third fiscal quarter earnings report last month, the retailer warned that sales will continue to fall for the rest of the year, primarily led by an anticipated 20% decline in China during the current quarter.
— CNBC’s Jessica Golden contributed to this report.
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