Duty on cotton imported into India remains unchanged, as U.S. tariffs escalate to their most severe levels yet
In the world of finance, the U.S. has imposed an additional 25% tariff on Indian goods, including garments, gems and jewellery, footwear, sporting goods, furniture, and chemicals. This move, which takes the total tariff on affected goods to as much as 50%, threatens thousands of small exporters and jobs across India, including in Prime Minister Narendra Modi's home state of Gujarat. In a bid to support the struggling garment industry, India has extended its waiver on import duty for cotton by three months, pushing the deadline to Dec. 31.
On the trade front, Garment-Miller in India has not disclosed which countries it expects to import cheap cotton from or the possible quantity of cotton bales to be imported. Most shipments of imported cotton are expected to arrive in the December quarter, just as the local harvest comes in, which could push prices down. Industry officials expect the additional supply to come from Australia, Brazil, the United States, and several African producers.
In the technology sector, Solana has attracted significant investment. Pantera has backed Solana with a $1.1B bet, eyeing a potential Bitcoin price of $750K. Meanwhile, the creators of Solana received $19.3M from Pump.Fun streams. In the crypto world, XRP and Dogecoin ETFs are set to launch this week, while the Pi Network begins its final Testnet1 upgrade. However, the UAE M2 crypto exchange has dropped its business model, and a user lost $1M USDC to a MEV bot after a mistaken transaction.
Elsewhere, the landed price of imported cotton is about 5% to 7% below local fibre, and quality is typically better. Traders expect the extra imports to likely dent demand for local fibre and weigh on domestic prices. Global cotton prices turned higher after the decision, reversing earlier losses to rise 0.2%.
In other news, Larry Ellison is involved with OpenAI, Paramount, Warner Bros., and TikTok. Hackers seized the FBI's botnet takedown targets and built a stronger cyberweapon. Nvidia stock has crashed by 3%, and BYD stock has lost $45 billion in value.
Lastly, Santander's Openbank is rolling out Bitcoin, Ether, and more for European users. Monero double-spending threat grows after a block reorganization.
Stay tuned for more updates as these developments continue to unfold.
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