Tariff crisis

US-India relations
Modi's refusal: Didn't want to give Trump the peace prize

A botched phone call between US President Donald Trump and Indian Prime Minister Narendra Modi in June is said to have played a crucial role in the deteriorating relationship between the leaders. The New York Times writes in a report based on information from about a dozen sources in Washington and New Delhi.

According to the information, Modi lost patience with Trump, who during the call insisted that he had "resolved" the military conflict between India and Pakistan - something he had already claimed publicly several times.

Trump mentioned that Pakistan would nominate him for the Nobel Peace Prize and the underlying message, according to the sources, was not to be missed: Modi should do it too. But he didn't. Instead, he is said to have said that Trump had nothing to do with the ceasefire.

Trump is said to have shrugged off the comments, but the call is said to have become a trigger for a deepening rift between the two leaders. Just weeks after the conversation, which took place on June 17, Trump announced 25 percent tariffs on India. This week he added another 25 percentage points to the tariffs, in response to India buying Russian oil.

Trump's tariff policy
Tariff ruling sets the stage for uncertainty: "Trump is prepared to go far"

A new period of uncertainty awaits after a court in Washington rejected most of Trump's global tariffs, warns DNB Carnegie's global strategist Henrik von Sydow.

However, the tariffs will remain in effect until October 14, pending the Supreme Court's decision to take up the case. However, it is unlikely that they will be completely abolished, since they are a central part of Trump's policy, von Sydow tells Dagens Industri:

- Donald Trump is prepared to go far to strengthen the tariff wall around the USA.

The announcement risks prolonging trade negotiations with both the EU and China and weakening trust in US institutions.

Experts: Trump finds a new way - nothing to celebrate

The market shrugged its shoulders in after-hours trading last night after the appeals court invalidated most of Trump's tariffs.

- The last thing the market or US companies need is more uncertainty about trade, B Riley's chief strategist Art Hogan told Reuters.

Atlantic Council's Josh Lipsky says the ruling puts Trump's entire economic agenda on a potential collision course with the Supreme Court. He adds that we have "never seen anything like this before".

Trade expert William Reinsch believes that the White House had expected setbacks and has a plan B to save the tariffs.

SEB's US expert Elisabet Kopelman also believes that Trump will find another solution.

– There is no reason for anyone to celebrate this, she tells DN.