bengaluru l thursday l july 31, 2025 l `9.00 l PAGES 20 l late city EDITION 8.8 quake hits Russia’s far east, Tsunami waves reach U.S. shores Russia Japan 8.8 Magnitude earthquake An 8.8 magnitude earthquake off Russia’s Kamchatka coast on Wednesday sent tsunami waves into Japan, Hawaii and the US West Coast Photo: Sakhalin regional administration No casualties, Several injured in Russia People across pacific nations evacuated The epicentre was at a shallow depth of 19.3 km, sending shock waves at a range of 300 km. The quake damaged buildings and injured several people in the remote Russian region. Russia said there were no casualties, crediting solid building construction and the smooth working of alert systems. Later, Japan, Hawaii and Russia downgraded tsunami warnings ■ ■ ■ Russian scientists said Wednesday’s earthquake in Kamchatka was the most powerful to hit the region since 1952 | P12 Thousands of people in nations across the Pacific were evacuated The Klyuchevskoy volcano on Russia’s Kamchatka Peninsula began erupting hours after the quake, a geological monitoring service said 16 ft Tsunami waves rose nearly 5 metres in Russia’s Severo-Kurilsk region CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOgGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI U.S. share of India’s total exports Current US tariff apart from 10% baseline levy Electrical, smartphone and electronics products 35.8% TRUMP drops THE TARIFF HAMMER Unspecified penalty for doing business with Russia 0.4% Pharmaceuticals 54.5% 0% Diamonds, gold and products 40% 2.1% Machinery and mechanical appliances 21.8% RECIPROCAL LEVIES TO KICK IN FROM AUGUST 1 1.3% Organic chemicals 17.3% 4% Petroleum products 4.3% 6.9% Textiles, made up 51.3% 9% Iron or steel articles 28.1% 1.7% Vehicles and parts 12.7% 1% Apparel; not knitted or crocheted 30.7% 10.3% Apparel; knitted or crocheted 32.1% 13.9% Fish and crustaceans 32.6% D i pak M o n d a l @ New Delhi After failing to clinch an interim trade deal, the US on Wednesday imposed a 25% reciprocal tariff (plus a penalty for doing business with Russia) on India—much to the latter’s chagrin as it was expecting it would be less than 20%. While the 25% levy which will kick in from August 1, is lower , than 26% announced earlier, the ‘Russia penalty’ means a major rise in overall levies on goods exported to the US. India was hoping for a lower tariff of 15-20%, which could have given it an edge over many other Asian economies. But now, the country stands to lose the competitive edge over Vietnam (20% tariff), Indonesia (19%), and Japan (15%). China attracts an additional tariff of 30%. While announcing the tariff, US President Donald Trump made no bones about his displeasure at ‘friend’ India’s high tariff regime and its close business ties with Russia. In his Truth Social post, Trump said India’s tariffs are among the highest in the world, and its non-monetary trade barriers are the most strenuous. He was equally scathing in pointing out that India has ‘always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of energy’ at a time when everyone wants Russia to stop killings in Ukraine. Later, Trump said the talks with India for a trade deal were still on. “We are talking to India now. We will see what happens. It doesn’t matter too much whether we have a deal or we charge them a certain tariff. But you will know at the end of this week,” he told reporters. A White House official said Trump slapped the 25% tariff on India because he was ‘frustrated’ with the lack of progress on trade talks. The Indian government said that it has taken note of Trump’s statement and is studying it. It added that India attaches the utmost importance to protecting the welfare of farmers, entrepreneurs, and MSMEs, and that it will take all steps necessary to secure the national interest. India had differences with the US during trade negotiations that went on for several months, over tariff-free imports of agricultural goods and dairy products. It also had differences with the US over tariff on automobiles, auto components, steel, etc. P9,P13 The government has taken note of a statement by the US President on bilateral trade. The government is studying its implications. India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective - Commerce ministry 0% Furniture; bedding, mattresses 54.8% 2.3% Plastics and articles 16.8% 4.4% Carpets 2.9% Source: GTRI 62.8% President Trump has slapped a tariff of 25 per cent plus penalty on imports from India. All that ‘taarif’ between him and ‘Howdy Modi’ has meant little Congress general secretary Jairam Ramesh The tariff (and penalty) now proposed by the US is higher than what we had anticipated, and is therefore likely to pose a headwind to India’s GDP growth. The extent of the downside will depend on the size of the penalties imposed. Aditi Nayar, chief economist, ICRA The US decision to impose a 25% tariff on Indian exports could create shortterm challenges for the electronics and manufacturing sectors Kunal Chaudhary, tax partner, EY India Sectors brace for big impact, seek clarity on ‘Russia penalty’ R akesh K umar A ND D i pak M o n d a l @ New Delhi the US tariff on Indian exports could impact several key sectors, including agriculture, energy, textiles, electronics, and gems & jewellery Electron. ics, pharmaceuticals, and gems & jewellery are among the top Indian exports to the US. If the pharmaceutical sector, which had so far remained exempt, is brought under the ambit of the tariff, it could deal a severe blow to the industry . The lack of clarity on the ‘Russia penalty’ leaves Indian exporters and US importers unable to calculate landed costs or plan supply chains effectively . India has recently emerged as a major supplier of Apple iPhones to the US, accounting for 44% of all smartphones imported into the country. The tariff could, therefore, be a major setback for India’s fastgrowing mobile manufacturing sector. “This likely means iPhones will become more expensive for Americans. Even if India gains more production volume, the cost gap between China and India is narrowing,” said Tarun Pathak, research director, Counterpoint. Also, the US president’s disapproval of purchase of discounted Russian oil places India’s energy security in a difficult position. “A significant spike in crude prices could increase India’s import bill and lead to under-recoveries for oil marketing companies,” said Prashant Vasisht, senior vicepresident at ICRA. “A $10 per barrel rise in crude oil prices would raise the oil import bill by $13–14 billion,” he added. India had ramped up purchases of Russian crude after the start of the Ukraine war, drawn by steep discounts. Earlier available at $10-16 per barrel below market rates, it is now discounted by just $2.5–4. The tariff shock is expected to weigh on India’s GDP growth in the short to medium term. express read ISRO launches Indo-US NISAR sat into space Dharmasthala case: No human remains in 5 sites D378 crore crypto theft from Bengaluru firm Bengaluru: ISRO on Wednesday successfully launched the NASA-ISRO Synthetic Aperture Radar (NISAR) satellite at 5.40 pm from Satish Dhawan Space Centre, Sriharikota High Altitude Range | P5 MANGALURU: The Special Investigation Team on Wednesday did not find human remains in any of the five sites it has exhumed since Tuesday. These sites were shown by the whistleblower | P5 bengaluru: In a major online heist, cyber fraudsters hacked the digital wallet of Bengaluru-based Neblio Technologies Private Limited, a cryptocurrency exchange firm, and siphoned off Rs 378 crore | P3 tough talk BJP govt will get back PoK: Shah R A J E S H K U M A R T H A K U R @ New Delhi Union Home Minister Amit Shah on Wednesday launched a scathing attack on the Congress for ceding Pakistan-occupied Kashmir (PoK), pandering to votebank politics and letting terrorism flourish, while wrapping up a debate on Operation Sindoor in the Rajya Sabha. “Congress gave away the PoK to Pakistan, but the BJP-led government will get it back. The Congress has no right to question BJP on terror because terrorism flourished during the Congress regime due to its politics of appeasement,” he charged. Amit Shah Shah’s assertion came a day after Defence Minister Rajnath Singh stated that one day the people of PoK would be happy to be part of India’s governI proudly ance system. He said the families of the victims of declare to the world... Hindus the Pahalgam massacre wanted the tercan never be rorists “to be shot in their heads”, a fate terrorists they met in the recent Operation MaAmit Shah, hadev in J&K. Responding to OpposiHome Minister tion queries on the timing of the operation to take out the terrorists, Shah said the CRPF Army and J&K Police, operat, ing in the challenging terrain and receiving food via drones, relentlessly pursued and eliminated the the killers. As Shah began his speech, the Congress-led Opposition walked out of the House demanding Prime Minister Narendra Modi’s presence and response. Continuing his address, Shah accused senior Congress leader P Chidambaram of challenging the justification of Operation Sindoor. UNSC report sees TRF role in Pahalgam attack J aya n th J a c o b @ New Delhi In a boost to India’s case against Pakistan-backed terrorism, a UN Security Council report identified The Resistance Front (TRF), a Lashkar-e-Taiba proxy as responsible , for the April 22 Pahalgam attack that killed 26 civilians. The latest report by the UNSC’s Monitoring Team (MT), under the 1267 Sanctions Committee, cites multiple unnamed member states to assert that the Pahalgam attack “could not have happened without Lashkar-e-Taiba’s support” and confirms that TRF operates in close coordination with the banned Pakistan-based terror group. Despite prior attempts by Pakistan to distance itself from the attack and sanitise references to TRF, its mention in the MT report is a signal of growing global scepticism toward Islamabad’s narrative.