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The impact of mobile phone service tariff hike was evident in July with <keyword id="19896911" type="General" weightage="20" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="261" meta.entityid="Reliance Jio">Reliance Jio</keyword>, Bharti <keyword id="19896909" type="General" weightage="20" keywordseo="Airtel" source="keywords">Airtel</keyword>, <keyword id="19899016" type="General" weightage="20" keywordseo="Vodafone-Idea" source="keywords" meta.keywordsubtype="org" meta.entityname="Vodafone Idea" meta.hostid="261" meta.entityid="Vodafone Idea">Vodafone Idea</keyword> reporting loss of customer base, which resulted in an overall decline in <keyword id="20781077" type="General" weightage="20" keywordseo="telecom-subscribers" source="keywords">telecom subscribers</keyword> in the country. Reliance <keyword id="19906886" type="General" weightage="100" keywordseo="Jio" source="keywords">Jio</keyword>, Bharti Airtel and Vodafone Idea increased their mobile service plan rates in the range of 10-27 % in the first week of July. Airtel and Vodafone Idea have more than doubled their entry-level mobile rates in the last 2-3 years to Rs 199 that comes with 28 days validity. State-run <keyword id="19970536" type="General" weightage="20" keywordseo="BSNL" source="keywords" meta.keywordsubtype="org" meta.entityname="BSNL" meta.hostid="261" meta.entityid="BSNL">BSNL</keyword> was the only player that added new subscribers and led the market in terms of new net customer addition, according to a monthly subscribers report released by the Telecom Regulatory Authority of India on Friday. According to the report, BSNL added over 2.94 million mobile subscribers in July. Bharti Airtel lost 1.69 million mobile subscribers which was highest among its peers. Vodafone Idea and Reliance Jio lost 1.41 million and 758,000 mobile subscribers, respectively. Overall, the telecom subscriber base in the country declined marginally to 1,205.17 million in July from 1,205.64 million in June. North East, Maharashtra, Rajasthan, Mumbai, Kolkata, Tamil Nadu, Punjab, Bihar, West Bengal, UP East, Haryana, Andhra Pradesh telecom circles recorded decline in mobile customer base post the hike in mobile services rates. The wireline or the fixed line connections segment increased by about 1% to 35.56 million in July from 35.11 million in June. Reliance Jio led the fixed-line segment with addition of over 480,000 new subscribers. It was followed by Bharti Airtel which added over 136,000 new subscribers, VMIPL 12,413, Vi 11,375, Tata Teleservices 3,971 and Quadrant added 12 new fixed line customers. BSNL was the biggest loser in the segment. The state-run firm lost 134,000 fixed line customers and its sister concern lost 56,454 customers. The broadband customer base in the country increased to 946.19 million at the end of July from 940.75 million in June. Top five players accounted for 98.42% of total broadband connection in the country. Reliance Jio led the chart with 488.63 million <keyword id="23252277" type="General" weightage="20" keywordseo="broadband-customers" source="keywords">broadband customers</keyword>, Airtel with 284.03 million, Vodafone Idea with 126.72 million, BSNL with 29.61 million and Atria Convergence with 2.26 million. Bharti Airtel led the machine-to-machine cellular mobile connections with 28.46 million subscribers accounting for 53.02 % market share.It was followed by <keyword id="21892784" type="General" weightage="20" keywordseo="vodafone-idea-limited" source="keywords">Vodafone Idea Limited</keyword>, Reliance Jio Infocomm Limited and BSNL with market share of 27.71 %, 13.68 % and 5.58 % share respectively.

Jio, Airtel, Vi record customer loss post tariff hike, BSNL becomes only gainer in July

<ul class="summary-list"><li>Trump's idea to replace the US income tax with tariffs notched criticism from two Treasury secretaries.</li><li>"This is a prescription for the mother of all stagflations," Larry Summers told Bloomberg TV.</li></ul>Janet Yellen and Larry Summers haven't always agreed on everything, but a new tax proposal from the Trump campaign earned a strong rebuttal from both the current secretary of the Treasury and the former one.The idea, floated by former President Donald Trump to Republicans last week, would slash income taxes by <a target="_blank" href="https://www.businessinsider.com/donald-trump-tariffs-trade-war-inflation-income-tax-cuts-debt-2024-6">raising tariffs on imports</a>. While the proposal is said to have gained quick support from those present at the meeting, it has since been blasted as a surefire way to worsen inflation and dent US competitiveness."This is a prescription for the mother of all stagflations," Summers told <a target="_blank" href="https://www.bloomberg.com/news/newsletters/2024-06-15/larry-summers-says-trump-s-economic-ideas-are-most-inflationary-he-s-ever-seen">Bloomberg TV</a> on Friday, calling it the worst policy proposed in US history.The chief concern is that tariff revenue provides nowhere near as much income to the government as taxes do, with income tax responsible for close to half of US revenue last year. To eliminate individual taxes, tariffs would need to climb well over 100%, Yellen, the current Treasury secretary, told <a target="_blank" href="https://www.youtube.com/watch?v=GiRJwaC8Uf4">ABC News</a>.When import levies rise, that typically causes foreign traders to raise prices or pull their products. When that happens, supply falls, and <a target="_blank" href="https://www.businessinsider.com/trump-tariff-plan-inflation-policy-impact-trade-war-china-rates-2024-5">domestic products appreciate</a>, according to the nonpartisan think tank Tax Foundation."The impact would be to make life unaffordable for working-class Americans," Yellen said. "That would harm American businesses."But to Summers, that's the least of it. He compared the moment to the Smoot-Hawley Tariff Act, an infamous 1930s bill that's blamed for worsening the <a target="_blank" href="https://www.businessinsider.com/trump-tariff-trade-war-risk-china-exports-great-depression-economy-2024-5">Great Depression</a>."If you replaced half of income-tax revenues with tariffs, those would be tariffs six times Smoot-Hawley levels," he said, adding that Trump had proposed replacing the entire system.This could cause enormous damage to US exporters and consumers and send the world spiraling into "economic warfare" as countries responded, Summers added.But to the <a target="_blank" href="https://www.bloomberg.com/news/newsletters/2024-01-18/big-gop-donors-dreading-trump-biden-rematch-stay-on-sidelines">GOP donor</a> and billionaire investor Kyle Bass, Trump's idea is probably hyperbole, as it's just not feasible. Talking on CNBC, he pointed out that last year's import volume amounted to $3.8 trillion, while tax revenue is estimated to reach $5.4 trillion this year."There is just no way to run an import-tariff scheme to get you to $5.4 trillion," the Hayman Capital chief investment officer said.Still, chances are high that a Trump White House would unleash tariffs in one form or another. The former president has made import duties a fundamental component of his trade policy, and not only to relieve income tax.He's additionally discussed applying a universal <a target="_blank" href="https://www.businessinsider.com/trump-trade-war-china-tariffs-taxes-us-economy-deficit-impact-2024-5">10% tariff rate on all US imports</a> and raising it up to 60% for Chinese goods. Trump has argued that this will end the exploitation of US trade and give domestic producers an edge.

Trump's plan to hike tariffs instead of raising taxes could cause the 'mother of all stagflations,' policymakers warn

<ul class="summary-list"><li>Donald Trump floated a proposal to hike tariffs in order to cut income taxes, sources told Bloomberg.</li><li>The Republican candidate has touted tariffs as a key part of his trade policy.</li></ul>Donald Trump suggested tariffs could be increased as a way to lower US income tax, sources told <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-13/trump-floats-tariffs-hikes-to-offset-some-income-tax-cuts">Bloomberg</a>.The idea — floated during a Thursday meeting with House Republicans — is to cut taxes paid by individuals by raising rates on US imports. Trump also discussed tariffs as a negotiating tool over foreign actors, sources separately told <a target="_blank" href="https://www.cnbc.com/2024/06/13/trump-all-tariff-policy-to-replace-income-tax.html">CNBC</a>.The proposal expands on ideas about tariffs and trade wars voiced previously by the former president, who has made aggressive trade policy a cornerstone of his campaign. If elected again, Trump has pledged a universal 10% tariff rate on all US imports, though this might vary by country — China can expect rates as much as 60%, he has said.But his earlier ideas were touted as a way to address trade imbalances with other economies, not as a way to boost revenue. While Thursday's "all-tariff policy" proposal was reportedly well received by Republican legislators, replacing even some income tax revenue through tariffs would be a monumental feat.That's because tariffs make up just 2% of government receipts, according to the Office of Management and Budget. Individual taxes, meanwhile, were responsible for close to half of US revenue in 2023.Criticism of the idea has already emerged, with NYU's School of Law professor David Kamin <a target="_blank" href="https://x.com/davidckamin">warning on X</a> that it would hit low- and middle-income Americans the hardest.Other analysts have broadly pushed against the embrace of tariffs and protectionist policy, voicing warnings about inflation and an <a target="_blank" href="https://www.businessinsider.com/trump-tariff-trade-war-risk-china-exports-great-depression-economy-2024-5">explosion of trade wars</a>, especially with China. By one estimate, such a conflict could <a target="_blank" href="https://www.businessinsider.com/china-economy-trade-war-exports-manufacturing-growth-property-crisis-solar-2024-3">emerge as soon as next year</a>.Trump has disputed that the duties would increase costs for US consumers. Meanwhile, lowering income taxes comes as key parts of his 2017 tax cuts are set to expire. If Trump takes office in 2025, he's promised to extend the cuts. But fiscal policy experts have warned that this would be a costly move, given the worsening outlook on federal debt. Extending the tax cuts would add $4 trillion to the US deficit, said Maya MacGuineas, President of the Committee for a Responsible Federal Budget.If other tax cuts are extended, that number could reach $5 trillion, she told <a target="_blank" href="https://www.youtube.com/watch?v=wwnn-HCzBnY">Bloomberg TV</a> on Thursday.

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Jio, Airtel, Vi record customer loss post tariff hike, BSNL becomes only gainer in July

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Trump's plan to hike tariffs instead of raising taxes could cause the 'mother of all stagflations,' policymakers warn

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Donald Trump reportedly wants to raise tariffs to pay for tax cuts

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