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Tariffs Target India’s Oil Ties

President Donald Trump said he will raise the tariff on Indian goods “very substantially” within 24 hours, escalating the 25% levy he imposed just last week and tying the move directly to New Delhi’s continued imports of discounted Russian crude.

In a CNBC interview, Trump insisted India “has not been a good trading partner” and accused it of “fueling the [Russian] war machine.” He rejected a reported Indian offer of zero tariffs on US exports, saying it “is not good enough” while Moscow profits from oil sales.

The confrontation comes against a $45.8 billion US goods-trade deficit with India in 2024, up 6% year-over-year, according to the US Trade Representative.

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What’s going on?

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• Deadly Titan Submersible Implosion Was Preventable Disaster, Coast Guard Concludes (WSJ)

• Cloudflare Accuses AI Startup Perplexity of Using ‘Stealth Crawlers’ to Bypass Website Blocks (theDeepDive)

• Former Israeli officials call for end to war in Gaza as Netanyahu hints at expansion (Globe)

• Trump Brothers Give Blank-Check Another Try In A $300M SPAC IPO (theDeepDive)

• OpenAI releases open models to compete with China’s DeepSeek (FT)

• Tesla Executives Knew Robotaxi Claims Were Overstated, Documents Show (theDeepDive)

• Trump says pharma tariffs could eventually reach up to 250% (CNBC)

• Adobe Faces Class Action Lawsuit Over Alleged Deceptive Subscription Practices (theDeepDive)

• Canadians with an X gender marker will now have to select male or female on Nexus travel cards after Trump order (Globe)

What’s the latest?

• Trade Deficit: The U.S. trade deficit fell 16% in June to $60.2 billion, the lowest since September 2023, due to a sharp drop in imports. Exports dipped slightly to $277.3 billion, while imports dropped to $337.5 billion. The lower deficit boosted Q2 GDP, which rose 3.0% after a 0.5% Q1 contraction. U.S. tariffs now average 18.3%, the highest since 1934, after recent Trump hikes.

• Musk: Tesla and Elon Musk are being sued by shareholders for allegedly hiding the dangers of its self-driving vehicles, including the Robotaxi. The lawsuit follows a June test in Austin where the robotaxis drove erratically, leading to a 6.1% drop in Tesla’s stock—about $68 billion in value lost. Shareholders say Musk and Tesla overstated the technology’s safety and prospects, misleading investors. A recent jury also found Tesla partly liable for a fatal 2019 crash, ordering $243 million in damages.

• Geopolitics: The EU expects trade tensions with the U.S. to continue but feels protected by a deal capping most tariffs at 15%. While final decisions on certain products, like cars and wine, are still pending, officials say the agreement offers the “best available” treatment compared to other nations. Talks on finalizing details and securing exemptions for key exports are ongoing. Investor sentiment and industrial orders in Europe have dipped amid uncertainty over the deal’s full impact.

• Palantir : Palantir shares rose 5% after raising its annual revenue forecast, driven by strong demand for its AI tools from governments and companies. U.S. government sales surged 53% to $426M, making up 42% of its $1B Q2 revenue. The stock has doubled this year and is now the most overvalued on the S&P 500, trading at over 200x forward earnings. Despite analyst caution, investor confidence remains high amid rising defense spending and AI adoption.

• Trade War: Trump announced plans to impose a "small" initial tariff on pharmaceutical imports, increasing it to 150% within 18 months and eventually 250% to boost U.S. production. He also hinted at upcoming tariffs on semiconductors. The pharmaceutical sector is under national security review, and several drugmakers, including AstraZeneca, have pledged major U.S. investments. While a U

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The stock market and stuff

• He Said $300 Silver!? | Peter Krauth (theDeepDive)

• Dollar Will Collapse, Gold and Silver Are the Only Safe Havens | Jim Rogers (theDeepDive)

• Musk Seeks Dismissal of Lawsuit Over His $7.5 Billion Tesla Stock Sale (Bloomberg)

• Orla Mining Cuts Guidance Following Pit Wall Collapse At Camino Rojo (theDeepDive)

In the juniors

• Denison Mines Receives Provincial Approval For Wheeler River ISR Project (theDeepDive)

• $40 Silver Will Be the New Floor | Arturo Elizondo – Santacruz Silver (theDeepDive)

• Sitka Hits 1 g/t Gold Over 152 Metres, Unlocks Third Deposit At RC Gold (theDeepDive)

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