Business
Tariff tantrums: After India, China next to feel US’ secondary tariffs over Russian oil? ‘two or three weeks’ warns Donald Trump – Times of India
After the US imposed a 50% tariff on India for buying Russian oil, many are questioning why China was spared such action despite being one of Russia’s biggest oil buyers.US President Donald Trump said on Friday (local time) that he does not see an immediate need to impose retaliatory tariffs on countries like China for purchasing Russian oil, but cautioned that such action could be taken “in two or three weeks,” Reuters reported.Earlier, Trump had announced a 25% additional tariff on India for buying Russian oil, accusing New Delhi of supporting Moscow’s ‘war machine.’ After Trump’s secondary tariffs, total duties for Indian exports to the US now stand at 50%.Trump has repeatedly threatened sanctions on Moscow and secondary sanctions on countries that continue to buy its oil if no moves are made to end the war in Ukraine. As for China, when asked by Fox News’ Sean Hannity on whether he was considering such action against Beijing after his summit with Russian President Vladimir Putin, Trump replied, “Well, because of what happened today, I think I don’t have to think about that.”“Now, I may have to think about it in two weeks or three weeks or something, but we don’t have to think about that right now. I think, you know, the meeting went very well.”Earlier in the day, Trump had described his meeting with Putin as “very productive,” but admitted that important issues remained unresolved and no formal agreement was reached.Ahead of the summit, Trump suggested that his tariff measures were already hurting Moscow by costing it a key customer. “Well, they lost an oil client so to speak, which is India, which was doing about 40% of the oil, China as you know is doing a lot…and if I did secondary sanctions, it would be devastating from their standpoint. If I have to do it, I’ll do it, maybe I won’t have to do it,” he said during an interview on Air Force One.When asked why India had been targeted first, while China continued buying Russian oil, Trump had replied, “You’re going to see a lot more…You’re going to see so much secondary sanctions.”The US president has warned that Chinese President Xi Jinping’s slowing economy will face further pressure if Washington follows through on ramping up Russia-related sanctions and tariffs. While Xi and Trump are in talks on a trade deal that could ease tensions and reduce import taxes between the world’s two largest economies, Beijing could become the next major target if Trump decides to step up punitive action.
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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