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<ul class="summary-list"><li>The first-quarter GDP report surprised investors with disappointing growth, while consumer prices kept rising.</li><li>The provides the backdrop for stagflation, which can't be combated with rate cuts.</li></ul>The latest GDP and inflation readings were what investors were least eager to see, and could hint at serious trouble ahead. "This was a worst of both worlds report – slower than expected growth, higher than expected inflation," wrote David Donabedian, chief investment officer of CIBC Private Wealth US. First-quarter growth fell well behind estimates, rising at an <a href="https://www.businessinsider.com/gdp-gross-domestic-product-first-quarter-economy-growth-2024-4?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1c405xn*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxNDA1Mjk4My4zNDMuMS4xNzE0MDYwODk5LjYwLjAuMA..">annualized rate of 1.6%</a>, according to the <a href="https://www.bea.gov/data/gdp/gross-domestic-product" target="_blank">Bureau of Economic Analysis</a>. Not only is that far under forecasts of 2.5%, but it also fails to live up to the 3.4% increase achieved in the fourth quarter. While such a cooldown would usually bolster calls for interest rates to start easing, the report noted a hotter-than-expected rise in consumer prices as well. That puts serious limits on the Federal Reserve's ability to take action, as the central bank has made clear it needs inflation to climb lower before any rate cuts can happen. Stocks — which have long priced in those cuts — <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-q1-gdp-sp500-earnings-meta-microsoft-alphabet-2024-4" target="_blank">sold off sharply</a>. It's also bad news for the economy, as sputtering growth and higher prices are the key ingredients for stagflation, which is characterized by economic listlessness and stubbornly elevated inflation over a prolonged period. Such a scenario that can be even harder to combat than a <keyword id="6357558" type="General" weightage="20" keywordseo="recession" source="Orion">recession</keyword>, because of the dynamic outlined above: the Fed's hands are largely tied. America's last dalliance with stagflation came in the 1970s. The precedent can offer a glimpse into how the US economic picture could unfold, and makes it clear why economists are desperate to avoid a re-run. Early that decade, geopolitical disagreement prompted the OPEC coalition to restrict crude exports to the US, and energy <a href="https://cepr.org/voxeu/columns/wage-price-spirals-historical-evidence" target="_blank">prices rocketed</a> in response. With additional help from high government spending and the <a href="https://www.businessinsider.com/today-is-the-40th-anniversary-of-nixon-ending-the-gold-standard-2011-8">dollar's de-coupling from gold</a>, inflation surged into double digits, while the economy <a href="https://www.nber.org/research/data/us-business-cycle-expansions-and-contractions" target="_blank">tumbled</a>. The period was so tumultuous that it undid long-standing <a href="https://www.businessinsider.in/investment/news/keynesian-economics-a-depression-era-idea-thats-seen-a-resurgence-in-the-21st-century/articleshow/87594974.cms" target="_blank">macroeconomic theories</a>, and required the Fed to step up its role in the economy. In order to finally reign things in, then-Fed Chairman Paul Volcker was forced to raise interest rates a staggering 20%, calming price highs but throwing the US into a deep recession. It's for this reason current analysts <a href="https://www.businessinsider.com/what-is-stagflation-explained-oil-outlook-low-growth-high-inflation-2021-10">shudder at comparisons</a> to the period 50 years ago, and why stagflationary forecasts bear weight. JPMorgan's Jamie Dimon is among those who have recently made allusions to the stagflationary 1970s, warning that markets have become too cheerful about the state of the economy. "I worry it looks more like the '70s than we've seen before," the prominent bank chief <a href="https://fortune.com/2024/04/24/jpmorgan-jamie-dimon-economy-1970-stagflation-fear/" target="_blank">said at the Economic Club of New York</a> last week. His point — one he's asserted <a href="https://www.businessinsider.com/jamie-dimon-jpmorgan-economy-looking-like-1970s-stagflation-inflation-rates-2024-1?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1v016fo*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxNDA1Mjk4My4zNDMuMS4xNzE0MDY3NDAzLjI2LjAuMA..">on multiple occasions</a> — comes from the fact that fiscal spending has once again exploded, while the economy is poised to bear a number of inflation-drivers: from <a href="https://www.businessinsider.com/jamie-dimon-soft-landing-outlook-recession-inflation-jpmorgan-geopolitics-2024-4">green industrialization to global remilitarization</a>. But stagflation remains a long shot. Despite sticky-high inflation, markets continue to price in at least one rate cut this year. Further, Barclays analysts led by Pooja Sriram pointed out after the GDP report that final sales to domestic purchasers rose by enough to suggest "demand conditions remain strong." Friday's personal consumption expenditures report — viewed as the Fed's main inflation bellwether — will offer investors a clearer picture of where inflation is headed. If it goes higher, the Fed will have little choice but to become more tighten policy, according to Donabedian. "We are not far from all rate cuts being backed out of investor expectations. It forces Chair Powell into a hawkish tone for next week's FOMC meeting," he said.

The US economy may be barrelling towards stagflation, an outcome worse than recession

China on Friday accused the US of trying to sow discord in its close ties with Russia and asserted that the strategic partnership between the two countries is strong enough to withstand the pressure. <div type="Article" hostid="261" msid="78675715" title="Chinese President Xi Jinping tells marine troops to be on ‘high alert’ and ‘prepare for war’ as tensions in the South China Sea continue to grow" mstype="2" mssubtype="0"></div> Chinese Foreign Ministry spokesman Zhao Lijian said this responding to a question on Russian Foreign Minister Sergey Lavrov's reported remarks that "ideas that Russia and China will play by sets of western rules under any circumstances are deeply flawed." Asked for his comments to Lavrov's assertion in an interview with a channel that the US is putting aside diplomatic principles and called on Russia to help it contain China, Zhao said that Washington is trying to drive a wedge between Beijing and Moscow. "In response to a certain country's attempt to sow discord between China and Russia, Lavrov on many occasions has explicitly expressed opposition and serious criticism of such attempts to drive a wedge between China and Russia and it is not a behaviour major countries do," Zhao said. "Some country tries to stir up troubles between China and Russia. China completely agrees with Russia's position. Facts have proven that the under the strategic guidance of the two leaders the China-Russia strategic partnership of coordination for the new era is stable solid and resilient," he said. "It is vibrant and can withstand pressure and the test of various risks and challenges," he said. "China cherishes high-level political mutual trust and strategic coordination with Russia and will continue to work with Moscow for new outcomes in our bilateral ties," he said. China and Russia have forged closer economic and defence ties in recent years and the relations were firmed up further after Chinese President Xi Jinping took over power in 2012. Relations between Washington and Beijing have spiralled downward since the outbreak of the novel coronavirus. US President Donald Trump has questioned the Asian powerhouse's handing of COVID-19. The two countries have also sparred over China imposing a new national security law in Hong Kong, trade war, restrictions on American journalists, treatment of Uyghurs Muslims and security measures in Tibet. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-q2-earnings-impact-by-moratorium-restructuring-and-npa-loans/articleshow/78702092.cms">HDFC Bank likely to remain ahead of peers in second quarter — all eyes on loan restructuring, moratorium, and asset quality</a> <a href="https://www.businessinsider.in/careers/news/hcl-to-hire-more-jobs-and-increase-wages-over-next-three-months-9000-more-freshers-to-be-onboarded-by-march/articleshow/78696285.cms">HCL Tech to hire ‘significantly’ and bring back wage hikes over the next three months — 9,000 new freshers likely to be onboarded by March</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-beats-guidance-clocks-in-4-5-jump-in-revenue-during-second-quarter/articleshow/78693542.cms">HCL Tech beats guidance — clocks-in 4.5% jump in revenue during second quarter</a>

China accuses the US trying to 'stir up trouble' in Russia-China relations

The 2020 Presidential election is turning out to be the most expensive election in history and twice as expensive as the previous presidential election cycle, with the total cost of the election expected to reach an unprecedented USD 14 billion, a research group said. The Center for Responsive Politics said that an "extraordinary influx" of political donations in the final months - driven by a Supreme Court battle and closely watched races for the White House and Senate - pushed total spending in the election past the previously estimated 11 billion dollars figure. The Center said that the 2020 election will cost USD 14 billion, shattering spending records. Democratic presidential nominee Joe Biden will be the first candidate in history to raise USD 1 billion from donors. His campaign brought in a record-breaking USD 938 million through October 14, riding Democrats' enthusiasm to defeat Trump. President Donald Trump raised USD 596 million, which would be a strong fundraising effort if not for Biden's immense haul. "Even amid a pandemic, everyone is giving more in 2020, from ordinary individuals making small donations to billionaires cutting eight-figure checks to super PACs. Women are smashing donation records, and Americans are increasingly donating to candidates who aren't running for office in their state," it said in a statement. The 2020 election is more than twice as expensive as the runner up, the 2016 election. This year's election will see more spending than the previo<keyword id="6354458" type="UNKNOWN" weightage="20" keywordseo="US">us</keyword> two presidential election cycles combined, said the Center for Responsive Politics, a nonpartisan, independent and nonprofit research group that tracks money in US politics and its effect on elections and public policy. "Donors poured record amounts of money into the 2018 midterms, and 2020 appears to be a continuation of that trend - but magnified," said Sheila Krumholz, executive director of the Center for Responsive Politics. "Ten years ago, a billion-dollar presidential candidate would have been difficult to imagine. This cycle, we're likely to see two," Krumholz said. The group said that the massive numbers are headlined by unprecedented spending in the presidential contest, which is expected to see USD 6.6 billion in total spending alone, up from around USD 2.4 billion in the 2016 race. Spending by deep-pocketed national groups is also driving the total cost of election higher. In the month of October alone, outside spending by super PACs and other big-money groups totalled nearly USD 1.2 billion. These groups are spending far more to boost Biden than help Trump, further aiding the Democrats cash-flush campaign. Driven by their supporters' strong opposition to Trump, Democrats are continuing their fundraising prowess that helped them dominate the money race in the 2018 election cycle. "Their money machine is more powerful than ever in 2020," the Center said. Democratic candidates and groups have spent USD 5.5 billion compared to Republicans' USD 3.8 billion, the Center said noting that Democrats have never had a financial advantage this large. Both parties raised more than ever from small donors, but Democrats came out on top, having raised nearly USD 1.7 billion from bite-sized donors, compared to USD 1 billion for Republicans. Overall, small donors account for 22 per cent of the money raised in the 2020 cycle. These individual donors giving USD 200 or less only accounted for 15 per cent of money raised in the 2016 election. The pandemic also forced candidates to forgo in-person fundraisers with wealthy donors. Campaigns have increasingly relied on virtual fundraising using texts and emails, a strategy that works better when Americans are more engaged in politics, it said. Political groups have spent over USD 1 billion this year to advertise on platforms like Facebook and Google, according to OpenSecrets' online ads database. Democrats are also raising more in large part because women are giving more. More than 1.5 million women have donated to federal committees, accounting for 44 per cent of all donors, up from 37 per cent in 2016. In the 2020 election, women have given USD 2.5 billion through mid-October, up from USD 1.3 billion throughout the entire 2016 election. According to the Center's research, women are more likely to be Democratic donors. In the 2020 election, women giving over USD 200 have donated nearly USD 1.3 billion to Democrats and roughly USD 570 million to Republicans. Several industries have flipped over to Democrats' side under Trump's presidency, including the well-funded miscellaneous finance and securities and investment industries. Real estate is one of the few major industries to stay in Republicans' corner during the Trump era, giving slightly more to GOP committees than Democrats, it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/covid-19-vaccine-updates-pfizer-moderna-to-roll-out-covid-19-vaccine-by-december/articleshow/78924143.cms">COVID-19 vaccine updates: Pfizer, Moderna to roll out COVID-19 vaccine by December</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/byjus-backer-lightspeed-india-invests-in-a-live-tutoring-platform-teachmint/articleshow/78924152.cms">BYJU'S backer Lightspeed India invests in a live tutoring platform Teachmint</a>

2020 US Presidential election to be most expensive in history, expected to cost $14 billion

<ul class="summary-list"><li>The US <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> is set to grow at the fastest pace since 1984 this year, the <keyword id="6356984" type="ORGANIZATION" weightage="60" keywordseo="oecd">OECD</keyword> has said.</li><li><a href="https://www.oecd-ilibrary.org/sites/edfbca02-en/index.html?itemId=/content/publication/edfbca02-en&amp;_ga=2.133259598.1981626352.1622460544-168090722.1622460544&amp;_csp_=db1589373f9d2ad2f9935628d9528c9b&amp;itemIGO=oecd&amp;itemContentType=bookContentType=book"></a>US gross domestic product would grow 6.9% in 2021, after contracting 3.5% in 2020, it said.</li><li>The organization said the US' huge <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> and speedy vaccine rollout was boosting growth.</li></ul>The US economy is set to grow at the fastest rate since 1984 this year thanks to government stimulus and the speedy rollout of coronavirus <keyword id="79555" type="TECHNOLOGY" weightage="60" keywordseo="Vaccines">vaccines</keyword>, the Organisation for Economic Co-operation and Development (OECD) has said.In its latest economic outlook, the OECD group of rich countries <a href="https://www.oecd-ilibrary.org/sites/edfbca02-en/index.html?itemId=/content/publication/edfbca02-en&amp;_ga=2.133259598.1981626352.1622460544-168090722.1622460544&amp;_csp_=db1589373f9d2ad2f9935628d9528c9b&amp;itemIGO=oecd&amp;itemContentType=bookContentType=book">said</a> US gross domestic product would grow 6.9% in 2021, after contracting 3.5% in 2020. That would be the biggest increase since 1984, according to <a href="https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=US">World Bank figures</a>.The OECD's new US forecast was an upgrade from March's <a href="https://markets.businessinsider.com/news/stocks/us-gpd-2021-forecast-double-expectations-stimulus-bill-oecd-2021-3-1030162969">prediction of 6.5% growth</a>, which was itself a sharp improvement on a December estimate of 3.2%.The successive upgrades reflect the impact of both President Joe Biden's $1.9 trillion stimulus bill and of vaccines, which are allowing states to reopen their economies. <a href="https://covid.cdc.gov/covid-data-tracker/#vaccinations">More than half</a> of the US population has now had at least one shot."Substantial additional fiscal stimulus and a rapid vaccination campaign have given a boost to the economic recovery," the OECD analysts wrote in their report.The authors said the recovery had picked up speed: "Indicators of consumption activity have risen, with strong household income growth and a gradual relaxation of containment measures boosting spending."They added: "The reopening of the economy due to widespread vaccination of the population will enable activity in more sectors to return to normal."The OECD is a global organization that promotes growth and trade, with 38 member countries. Its economic forecasts are closely watched.It predicted that the global economy would grow 5.8% in 2021, up from its March forecast of 5.6%.Yet the global recovery will be highly uneven, and the pandemic will hit some countries' living standards hard, according to OECD chief economist Laurence Boone."It is with some relief that we can see the economic outlook brightening, but with some discomfort that it is doing so in a very uneven way," she said in an introduction to the report."It is very disturbing that not enough vaccines are reaching emerging and low-income economies. This is exposing these economies to a fundamental threat because they have less policy capacity to support activity than advanced economies."

The US economy is set to grow at the fastest pace since 1984 thanks to stimulus and the rapid vaccine rollout, the OECD said

The US State Department has quietly implemented recommendations of a presidential commission which has suggested steps like opening up American diplomatic missions outside India for visa appointments to reduce the visa backlog in the country. India was one of the very few countries where applications for US visas saw a major upswing after coronavirus-related travel restrictions were lifted. Moved by a commission member, Ajay Jain Bhutoria from Silicon Valley, the presidential commission observed that inordinate visa appointment delays were causing huge problems for the students and visitors who have plans to come to study in the US and visit the country. The State Department should allow virtual interviews where applicable and allow staff from embassies around the world and the US consular staff to help conduct the virtual interviews at embassies with high backlogs and help clear them, the commission recommended. The recommendations included opening up American diplomatic missions outside India for visa appointments, having more counters and deploying additional resources to process visa applications. The <keyword id="50596" type="General" weightage="20" keywordseo="US-embassy" source="Orion">US Embassy</keyword> in India processed over 1 lakh applications just in January 2023, their highest total in a single month and the highest in any month since July 2019. In its December meeting, the President’s Advisory Commission on Asian Americans, Native Hawaiians, and Pacific Islanders recommended several steps to reduce the growing delay in visa appointment times in India and other countries like Pakistan, Nepal and Bangladesh. It recommended the State Department hire new Full-Time officers/consular or Temporary Staff or contractors or bring back retired consular officers to clear the backlog at Embassies in Asia which have wait times of 400 or more days and shrink the wait time to 2-4 weeks be clearing the visa application backlog. The State Department could also use staff from other embassies around the world to help clear the backlog in countries in Asia which have huge backlogs and delays in visa appointments, it had recommended. The advisory committee noted that in 2012 President Barack Obama issued a memo to reduce the wait time from several months to a few days and this memo streamlined the visa process. The Trump administration had rescinded the President Obama memo, and this is also contributing as one of the factors in causing delays for Visa appointments, it said. As such, it recommended that President Joe Biden should consider issuing a memo to the State Department to shrink the visa appointment wait times to 2-4 weeks maximum for countries with significant backlogs including India, Pakistan, Bangladesh, and other countries in a similar situation. There have been growing concerns in India over the long waiting period for first-time visa applicants, especially for those applying under B1 (business) and B2 (tourist) categories. The waiting period for first-time B1/B2 visa applicants in India was close to three years in October last year. In January, the State Department not only implemented remote processing of interview waiver cases for applicants with previous US visas but also launched several initiatives, including scheduling special interviews for first-time applicants and increasing the strength of consular staff. It also conducted "special Saturday interview days" on January 21. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-unleashes-ai-powered-updates-to-revamp-user-experience-on-maps-search-and-translate/articleshow/97761551.cms">Google unleashes AI-powered updates to revamp user experience on Maps, Search and Translate</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/now-find-ev-charging-stations-in-google-maps-near-you/articleshow/97759525.cms">Now find EV charging stations in Google Maps near you</a>

US State Department implements several recommendations of presidential commission to reduce visa backlog in India

After more than a year of intense political tangling, the <keyword id="43633" type="ORGANIZATION" weightage="20" keywordseo="US-senate">US Senate</keyword> has passed a bill that lifts the existing per-country cap on the number of permanent-residency permits issued to legal immigrants, potentially paving the way for Indians waiting in decades-long lines to breathe easier. But there's a catch. Several, actually. It's the Senate vs House lawmakers' versioning problem. Aparna Bhatnagar, an Indian living in Stamford, Connecticut who's been in the "queue forever" places the developments in context. "This version has to reconcile with the previous version that the House passed. It's still a long way to go and by that time the new ruling party will take over. Let's wait and watch," she told IANS. The "previous version" that Bhatnagar refers to is the aFairness for High-Skilled Immigrants Act' which passed the House of Representatives in 2019 - 365 to 65 votes. What passed the Senate late Wednesday night was a similar piece of legislation sponsored by Senator Mike Lee (Republican, Utah), not the exact one passed by the House. Senator Lee's state Utah, incidentally, is the new magnet for the nearshoring business model in the US. The Senate and the House bills will now have to be layered onto each other and a combo version will have to pass both the House and Senate before being sent over to the White House. Current US rules limit any one country to 7 per cent of all employment-based green cards. Indians make up more than 600,000 of those whose paperwork is approved but are waiting. The US State Department awards about 140,000 Green Cards a year but does not have caps on how many applications get approved each year - creating a demand supply asymmetry that puts millions of legal immigrants on a perpetual waitlist. "It is indeed a great decision by the Senate. Fingers crossed because the House has to pass the bill with the added amendments," Rashi Bhatnagar, an Atlanta resident told IANS. Anirban Das, who has been through the grind and began an advocacy group called Skilled Immigrants in America (SIIA), points to the coming challenges, in a tweet. "We need to work to get this passed in the House. I hope everyone can come together knowing this is the right thing to do." The swirling anxiety centers around the carve outs in the Senate version of the bill, coming from various Republican Senators opposed to the legislation in its current avatar. Sen. Rand Paul (Republican, Kentucky) has inserted provisions for nurses from the Philippines and is demanding new restrictions on firms that employ half of their workers on H1B visas. Sen. Rick Scott (Republican, Florida) added two more into the mix: A new limit for the next 10 years on the overall number of immigrants on H1B visas who can receive Green Cards and another which could slash immigration from China. "While I recognize the sincerity of all members and senators struggling to find solutions, unfortunately the provisions sent to the House by the Senate yesterday most likely make matters worse, not better," said Rep. Zoe Lofgren, chairwoman of the House Judiciary subcommittee on immigration, who sponsored the House bill. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms">SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year</a> <a href="https://www.businessinsider.in/business/corporates/news/ultratech-cements-5477-crore-expansion-plan-is-a-sign-that-birla-is-betting-on-a-faster-economic-recovery/articleshow/79549626.cms">UltraTech Cement's ₹5,477 crore expansion plan is a sign that Birla is betting on a faster economic recovery</a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-directs-hdfc-bank-to-suspend-its-digital-business-and-new-credit-cards-amid-rising-incidents-of-outages/articleshow/79542055.cms">RBI tells HDFC Bank to stop new digital launches and selling new credit cards after recent outages of online banking</a>

Indians hopeful as US Senate passes bill to lift cap on the number of Green Cards per country to clear massive backlog

<ul><li>India imposed higher import tariffs on 28 US products over the weekend.</li><li>The development comes ahead of the Mike Pompeo's, the US Secretary of State, plans to visit New Delhi where he is hoping for an 'open dialogue'.</li><li>After numerous delays, the retaliatory tariffs have been imposed after the US removed India from the list of Generalised System of Preferences (GSP).</li></ul>India just <a href="http://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2019/cs-tarr2019/cs17-2019.pdf;jsessionid=05BB93EF9871E631DCA5475F5330BC4E">smacked</a> 28 US products with retaliatory tariffs ahead of US Secretary of State <a href="https://www.businessinsider.in/six-things-india-can-expect-and-hope-for-from-trumps-new-secretary-of-state/articleshow/63293417.cms">Mike Pompeo</a>'s visit to New Delhi on June 24. Among the products that will now cost more to import are consumables like almonds, apples, walnuts and pulses. India was the largest importer of almonds from the US in 2018, accounting for more than half of all US exports of almonds coming up $543 million and the second largest export market for US apples at $156 million. Last week, at the <a href="https://www.state.gov/secretary-of-state-michael-r-pompeo-at-the-india-ideas-summit-and-44th-annual-meeting-of-the-u-s-india-business-council/">India Ideas Summit</a> with the US-India Business Council, Pompeo said that he was hoping for an 'open dialogue' but higher tariffs may only serve to further strain trade relations between the two countries. 
 <div type="ExtQuote" text="I do hope, and remain open – and we remain open to dialogue, and hope that our friends in India will drop their trade barriers and trust in the competitiveness of their own companies, their own businesses, their own people, and private sector companies." auname="Mike Pompeo, the US Secretary of State, at the India Ideas Summit"></div>



 Pompeo's pitch President of the US, Donald Trump, and Pompeo have both repeatedly said that they're only looking for 'equality' between the two nations. 
 <div type="ExtQuote" text="And it's only natural – it's only natural that the world's most populous democracy should partner with the world's oldest democracy to maintain our shared vision throughout the Indo-Pacific." auname="Mike Pompeo, the US Secretary of State, at the India Ideas Summit"></div>



 Unlike Trump, who has repeatedly expressed his disappointment on the high tariffs India imposes on Harley Davidson Motorcycles, Pompeo has other issues on his mind — like India's plans for data localisation. He feels that the free flow of data across borders in just in favour of US firms but also in favour of protecting and securing consumer data. And, during this visit, he also wants to touch upon the development of 5G connectivity in india where he feels the US can help India establish secure communications networks. He added that countries that have allowed US firms to conduct 'fair and reciprocal trade' have seen 'real opportunity'. Trade tensions The administration under US President, Donald Trump, <a href="https://www.businessinsider.in/india-exports-to-be-affected-most-by-us-withdrawal-of-trade-benefits/articleshow/69631996.cms">removed</a> India from the Generalised System of Preferences (GSP) last month. But trade tensions between the two countries were already escalating when, last year, Trump introduced higher aluminium and steel tariffs on imports from India — when the emerging Asian economy initially <a href="https://www.businessinsider.in/india-responds-to-us-tariffs-with-equivalent-duties-of-its-own/articleshow/64631923.cms">announced</a> its plans to introduce higher tariffs. As trade talks between the two countries progressed, the Indian government delayed its plans. After Modi was elected for a second-term, Reuters reported that he would announce the tariffs ahead of his meeting with Trump at the <a href="https://www.businessinsider.in/indias-looking-to-reform-century-old-international-tax-rules-at-the-g20-summit/articleshow/69648334.cms">G20 Summit in Japan</a> that happened on June 28-29. On Saturday, India finally implemented the amendments stating that the tariffs “shall apply to goods originating in the United States of America” which went into effect starting 16 June. India is the first stop on Pompeo's four-nation visit of the Indo-Pacific. He will also be visiting Sri Lanka, Japan and South Korea on his tour that stretches from June 24 to June 30. See also: <a href="https://www.businessinsider.in/india-exports-to-be-affected-most-by-us-withdrawal-of-trade-benefits/articleshow/69631996.cms">These sectors will hurt the most from US withdrawing trade benefits to India</a> <a href="https://www.businessinsider.in/amazon-walmart-seek-us-help-against-indias-new-draft-e-commerce-policy/articleshow/65228547.cms">Amazon, Walmart seek US help against India’s new draft E-commerce Policy</a> <a href="https://www.businessinsider.in/us-h-1b-visa-rejection-rate-may-trigger-tech-ma/articleshow/69721592.cms">Rise in US H-1B visa rejection may force Indian tech companies to look at M&amp;A</a>

India hits back at US with added tariffs on 28 products including almonds, apples and walnuts — just ahead of Pompeo's visit

The US could have enough <keyword id="8624004" type="UNKNOWN" weightage="20" keywordseo="coronavirus-vaccine">coronavirus vaccine</keyword> doses for every American by March 2021, Health and Human Services Secretary Alex Azar said. Azar made the remarks on Thursday while addressing a keynote speech at the Goldman Sachs Healthcare virtual event, reports CNBC News. According to the top official, 'Operation Warp Speed', the administration's <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword> vaccine program, expects to have up to 100 million doses by the end of the year. That's "enough to cover especially vulnerable populations" he said, adding: "We project having enough for every American who wants a vaccine by March to April 2021." Azar said that the country was currently manufacturing doses for all six potential vaccines backed by President Donald Trump's government across more than 23 manufacturing facilities. These includes vaccines from Moderna, Pfizer, AstraZeneca and Johnson &amp; Johnson, which are all in late-stage testing. According to the Health and Human Services Secretary, the US is also obtaining needles, syringes, bottles and other supplies needed for immunizations. US health officials believe authorizing a vaccine for emergency use is appropriate in "only specific circumstances", where there are "sufficient amounts of vaccine already manufactured" , CNBC News quoted Azar as further saying. Azar's remarks follows a sweeping plan unveiled by the Centers for Disease Control and Prevention (CDC) last month to make Covid-19 vaccines available to all Americans for free. Under the plan, the CDC anticipates a coronavirus vaccine will initially be granted an emergency use authorization before a full formal approval. The US continues to lead the world with the highest number of coronavirus cases and deaths. As of Friday, the overall number of cases in the country reached 7,603,746, while the death toll stood at 212,716, according to the Johns Hopkins University. <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/rbis-mpc-keeps-the-policy-rates-unchanged-to-maintain-accommodative-stance-for-inflation/articleshow/78566955.cms">RBI’s MPC keeps the policy rates unchanged — to maintain accommodative stance for inflation</a>

'US could have enough COVID-19 vaccine doses for every American by March'

Speaker of the US House of Representatives <keyword id="128640" type="PERSON" weightage="20" keywordseo="Nancy-Pelosi">Nancy Pelosi</keyword> has said that Congress was prepared to decide the outcome of the presidential election, which will take place on Tuesday, if the results were disputed. According to the US political system, if there isn't a clear winner by electoral vote, the House then chooses the next President, The Hill news website reported. "We understand what the law is and the pre-eminence of the role of Congress and specifically the House of Representatives when it comes to counting the votes. "We're ready. We're prepared. We've been ready for a while because we see this irresponsibility of the President, his disrespect for the Constitution, for our democracy and for the integrity of our elections. So we're ready for him," the veteran Democrat was quoted as saying in an NPR public radio station interview on Monday. Pelosi's remarks came a day after the Axios news outlet published a report on Sunday saying that the President has privately discussed plans to declare victory on Tuesday night even though it might take a few days for all mail-in ballots to be counted in some states, reports Xinhua news agency. As some states do not allow processing mail-in ballots until Election Day, such as key swing state Pennsylvania, analysts have warned that the winner of the presidential election may still be unknown when polling is over, and the final results could be delayed for days. But while speaking to reporters after arriving in Charlotte, North Carolina, on Sunday, Trump claimed the Axios report as was "false", while noting that he thinks "it's a terrible thing when ballots can be collected after an election". On October 29, the Supreme Court ruled that Pennsylvania election officials can accept absentee ballots arriving three days after election day, handing Democrats a victory in a legal fight, and prompting criticism from Trump. The President added he thought it was "terrible when we can't know the results of an election the night of the election in a modern-day age of computers". According to the latest tally from the US Elections Project, voters have already cast more than 98 million ballots in early voting ahead of Election Day. That figure, including more than 35 million in-person votes and nearly 63 million returned mail-in ballots, represents more than 71 per cent of the total votes counted in the 2016 general elections, the data showed. Besides the Trump-Biden race, all 435 seats in the US House of Representatives and 35 of the 100 seats in the Senate will also be in the fray on Tuesday. More than a dozen state and territorial governorships, among many other state and local posts, will also be contested. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/tcs-infosys-hcl-tech-and-others-to-see-more-freshers-than-lateral-hires-in-the-next-six-months/articleshow/79014794.cms">TCS, Infosys, HCL Tech, and others to see more freshers than lateral hires in the next six months</a> <a href="https://www.businessinsider.in/thelife/personalities/news/prajakta-koli-aka-mostlysane-advice-for-content-creators-on-the-fine-line-between-brand-collaborations-and-staying-honest-on-social-media/articleshow/79013162.cms">Prajakta Koli aka MostlySane’s advice for content creators on the fine line between brand collaborations and staying honest on social media</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-acquires-gaming-startup-mech-mocha-as-it-looks-to-tap-the-social-gaming-space-for-more-consumers/articleshow/79014466.cms">Flipkart acquires gaming startup Mech Mocha as it looks to tap the social gaming space for more consumers</a>

US Congress prepared to decide outcome of election if poll results are disputed

<ul><li>The bill seeks to delist Chinese companies who don’t abide by US accounting laws.</li><li>“We can't let foreign threats to Americans' retirement funds take root in our exchanges,” said Senator John Kennedy who introduced the bill in the Senate.</li><li>The bill also comes in the backdrop of the <a href="https://www.businessinsider.in/stock-market/news/luckin-coffee-craters-45-after-month-long-trading-halt-as-traders-sell-ahead-of-stock-delisting/articleshow/75851263.cms">Luckin Coffee incident</a>, wherein the company falsified $310 million in sales and received a delisting notice on May 19.</li><li>The bill comes at a time when the US-China tensions have been rising due to the COVID-19 pandemic, with Trump saying that he’s having </li></ul>The <keyword id="43633" type="ORGANIZATION" weightage="20" keywordseo="US-senate">US Senate</keyword> passed a bill to delist Alibaba, Baidu and other Chinese companies from US stock exchanges, as tensions between US and China flared up once again. The bill seeking to delist Chinese companies was introduced by John Kennedy, a Republican, and Chris Van Hollen, a Democrat. Signalling bipartisan support, the Senate passed the bill unanimously. It would also require companies to certify that they’re not under the control of a foreign government. Shares of Chinese e-commerce giant Alibaba saw its US-listed shares fall more than 2% after the development. Also read: <a href="https://www.businessinsider.in/politics/world/news/trump-is-blaming-china-for-coronavirus-even-as-he-employs-the-same-authoritarian-tactics-as-xi-jinping/articleshow/75747939.cms" data-type="tilCustomLink">Trump is blaming China for coronavirus even as he employs the same authoritarian tactics as Xi Jinping</a> Coincidentally, Luckin Coffee, a Chinese company received a <a href="https://www.businessinsider.in/stock-market/news/luckin-coffee-craters-45-after-month-long-trading-halt-as-traders-sell-ahead-of-stock-delisting/articleshow/75851263.cms">delisting notice</a> from Nasdaq after it was revealed that the company had falsified sales worth $310 million. Although the law can be applied to any foreign company, lawmakers have said that the move to strengthen disclosure requirements was aimed at China. "The Chinese Communist Party cheats, and the Holding Foreign Companies Accountable Act would stop them from cheating on US stock exchanges," Kennedy, a member of the Senate Banking Committee, said on Twitter. "We can't let foreign threats to Americans' retirement funds take root in our exchanges,” he <a href="https://twitter.com/SenJohnKennedy/status/1262779401558798338">added</a>. <div type="twitter" handle="SenJohnKennedy" handlename="John Kennedy" image="http://pbs.twimg.com/profile_images/831592195320840192/GXfc24bb_normal.jpg" favoritecount="447" retweetcount="140" status="The Chinese Communist Party cheats, and the Holding Foreign Companies Accountable Act would stop them from cheating… https://t.co/Ve6cCe7NwS" createdat="1589905045000" id="1262779401558798338"></div><a href="https://twitter.com/SenJohnKennedy/status/1262779401558798338"> </a>The passing of the bill is a reflection of the growing anger among US lawmakers towards China and its handling of the coronavirus pandemic. “We just want Chinese companies to play by the same rules as everybody else. This is an important step forward for transparency,” said Senator Chris Van Hollen to <a href="https://finance.yahoo.com/news/congress-moves-to-delist-chinese-companies-from-us-stock-exchanges-204831805.html">Yahoo Finance</a>. The White House last week directed the federal retirement savings body to halt investments in Chinese companies which is seen as the beginning of a financial war in addition to the trade war already on between the two countries. Labor Secretary Eugene Scalia had warned that plans to invest federal savings would place "billions of dollars in retirement savings in risky companies that pose a threat to US national security". The bill still needs to pass through the Congress Although the US Senate has introduced and passed the bill to delist Chinese companies, it still needs to pass through the Congress and be signed by Trump to become law. However, given the increasing <a href="https://www.businessinsider.in/politics/world/news/trump-says-coronavirus-has-been-worse-than-pearl-harbor-describing-it-as-an-attack-china-shouldve-stopped-at-the-source/articleshow/75587781.cms">anti-China rhetoric</a> from the US administration, and more specifically Trump, there are chances that this bill could sail through the Congress, more so when it received bipartisan support in the Senate. Trump also <a href="https://www.whitehouse.gov/briefings-statements/remarks-president-trump-cabinet-meeting-17/">seems</a> to be having second thoughts about the US-China trade bill signed in January. “I feel differently now about that deal than I did three months ago. We’ll see what all happens,” he said. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/trump-is-trying-to-leverage-control-over-the-who-while-criticizing-china-for-doing-the-same/articleshow/75846101.cms">Trump is trying to leverage control over the WHO while criticizing China for doing the same</a> <a href="https://www.businessinsider.in/politics/world/news/trump-is-blaming-china-for-coronavirus-even-as-he-employs-the-same-authoritarian-tactics-as-xi-jinping/articleshow/75747939.cms">Trump is blaming China for coronavirus even as he employs the same authoritarian tactics as Xi Jinping</a> <a href="https://www.businessinsider.in/politics/world/news/trump-says-coronavirus-has-been-worse-than-pearl-harbor-describing-it-as-an-attack-china-shouldve-stopped-at-the-source/articleshow/75587781.cms">Trump says coronavirus has been 'worse than Pearl Harbor,' describing it as an 'attack' China should've stopped 'at the source'</a>

You Searched For "US" and got 10 results

The US economy may be barrelling towards stagflation, an outcome worse than recession

Filip De Mott

China accuses the US trying to 'stir up trouble' in Russia-China relations

PTI

2020 US Presidential election to be most expensive in history, expected to cost $14 billion

PTI

The US economy is set to grow at the fastest pace since 1984 thanks to stimulus and the rapid vaccine rollout, the OECD said

Harry Robertson

US State Department implements several recommendations of presidential commission to reduce visa backlog in India

PTI

Indians hopeful as US Senate passes bill to lift cap on the number of Green Cards per country to clear massive backlog

IANS

India hits back at US with added tariffs on 28 products including almonds, apples and walnuts — just ahead of Pompeo's visit

Prabhjote Gill

'US could have enough COVID-19 vaccine doses for every American by March'

IANS

US Congress prepared to decide outcome of election if poll results are disputed

IANS

US Senate passes bill to delist Alibaba, Baidu and other Chinese companies from US stock exchanges⁠

Rounak Jain

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