Customs Demands Bigger Bonds as Tariffs Bite
Stephen Wang is counting the costs of President Donald Trump's trade war. He had to put down 12 times more cash as a guarantee to U.S. customs that he would pay the bill for tariffs on the Chinese-made pumps, valves and motors he imports.The cost of the guarantee - a U.S. customs bond - has shot up, an additional hit to importers already facing steep customs bills adding up to tens of billions of dollars for tariffs imposed by the Trump administration on incoming Chinese goods…
India's Merchandise Exports Down in July
India's merchandise exports contracted 6.84 percent year-on-year to $21.69 billion in July, government data showed on Friday. The value of overseas shipments rose for the first time in June, after falling for 18 consecutive months. Imports in July dropped 19.03 percent year-on-year to $29.45 billion, the data showed. The trade deficit for the month came in at $7.76 billion. (Reporting by Rajesh Kumar Singh)
Indian Govt to Sell Stakes of State Companies
India will sell part of the government's stake in some state-run companies in the next two to three months, Finance Secretary Arvind Mayaram said on Saturday, without naming any company. The government has set a target of $10.5 billion from asset sales during the current fiscal year to March 2015 to help plug its deficit. The finance ministry this week short-listed banks to manage share sales in top energy explorer Oil and Natural Gas Corp and hydroelectric power generator NHPC Ltd, according to sources with direct knowledge. (Reporting by Rajesh Kumar Singh; Writing by Devidutta Tripathy; Editing by Mark Heinrich)
