US Trade Gap Hits New Record In January As Tariff Fears Loomed

The US trade deficit surged to a new record in January, government data showed Thursday, as imports spiked while tariff worries flared in the month of President Donald Trump's inauguration.

Trump returned to the White House this year with pledges to ease cost-of-living pressures for voters, but on the campaign trail he also raised the possibility of sweeping levies across US imports.

The overall trade gap of the world's biggest economy ballooned 34 percent to $131.4 billion, on the back of a 10 percent jump in imports for the month, said the Commerce Department.

This was the widest deficit for a month on record, dating back to 1992, and the expansion was more than analysts anticipated.

The latest figures came after the US economy saw its goods deficit hit a fresh record too for the full year of 2024 -- at $1.2 trillion.

In January, imports came in at $401.2 billion, and this was $36.6 billion more than the level in December, Commerce Department data showed.

US exports, meanwhile, rose $3.3 billion between December and January to $269.8 billion.

Among sectors, imports of industrial goods jumped, and imports of consumer goods rose notably by $6.0 billion.

Tariff jitters

Analysts say that the deficit was likely bolstered by gold imports.

But "stripping out this impact, all other imports rose 5.5 percent, indicating front-loading of shipments was in full swing," said Oxford Economics senior economist Matthew Martin.

This refers to a tendency for businesses to try and get ahead of additional costs from potential tariffs, as well as possible supply chain disruptions down the line.

"The impact of new tariff proposals make the outlook uncertain," Martin said.

Economists Samuel Tombs and Oliver Allen of Pantheon Macroeconomics said of the surge in gold imports: "Tariff threats are reportedly prompting a mass repatriation of gold holdings to the US from elsewhere, mostly via Switzerland."

But other analysts like Carl Weinberg and Mary Chen of High Frequency Economics caution that they are looking for a "snapback in imports" in February and March figures to show if importers are truly seeking to get ahead of Trump's levies.

"It is hard to prove that," they said in a note.

US deficits with other economies were a key focus of Trump's first administration from 2017 to 2021, and at the time he waged a bruising tariffs war with China in particular.

This time the Trump administration has referred to tariffs as a means to raise government revenue, remedy imbalances and exert pressure on other governments over American priorities.

In January, US goods deficits with China and the European Union both widened.

On the campaign trail last year ahead of November's election, Trump vowed reciprocal tariffs on nations that taxed US-made products, dubbing this the "Trump Reciprocal Trade Act."

Since returning to office, the Republican has launched plans for "reciprocal tariffs" tailored to each US trading partner, to tackle trade practices deemed unfair by Washington.

He has promised an announcement on these levies on April 2, while also threatening tariffs on other imports ranging from semiconductors to autos.

Trump hiked tariffs on steel and aluminum imports in his first presidential term too -- an action he has revived since returning to office.

A sharp 25 percent levy on the metals is set to take effect this month.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Florida Man Swallows Diamond Earrings Worth Rs 6.7 Crore To Avoid Arrest

A 32-year-old man, Jaythan Lawrence Glider, was arrested for allegedly stealing two pairs of diamond earrings worth over $769,000 from a Tiffany & Co. store at the Mall at Millenia in Orlando on February 26. According to the Orlando Police Department, Glider took the unusual step of swallowing the stolen earrings. According to a police report obtained by WFLA, Glider allegedly gained access to the expensive jewellery at Tiffany & Co on February 26 by posing as a representative for an Orlando Magic player. This ruse reportedly allowed him to access the high-end items, which he then stole.

Here is surveillance footage shared by police:

NEW: Man accused of eating $700K worth of Tiffany jewelry during heist in Orlando

Jaythan Lawrence Gilder, 33, from Texas, claimed to represent an Orlando Magic player

Gilder was eventually taken to a VIP room where he was shown several pieces of jewelry totaling nearly $1.4… pic.twitter.com/Bau8tAI3Om

— Unlimited L's (@unlimited_ls) March 5, 2025

He was taken into custody after his vehicle was stopped on Interstate 10 in Washington County. He was arrested on charges of resisting arrest, in addition to 48 outstanding warrants from Colorado. Things took a surprising turn when Glider asked the jail staff, "Am I going to be charged with what's in my stomach?"

This admission led to a body scan, which revealed foreign objects inside his digestive tract. Authorities suspect that these objects are stolen earrings, worth over $769,000 (Rs 6,68,34,694), which Glider allegedly swallowed. Law enforcement officials are now waiting for the jewellery to pass through Glider's system before officially recovering the stolen items. 

"These foreign objects are suspected to be the Tiffany & Co. earrings taken in the robbery but will need to be collected by WCSO after they are passed through Gilder's system before confirming," reads the arrest report.

As it turns out, swallowing small objects like earrings can be relatively harmless, but it's not without risks. According to medical experts, if the object is less than 1 inch in diameter or less than 2 inches in length, it will likely pass through the intestine without causing any problems. 

Glider has a history of legal troubles, with 48 outstanding warrants issued against him in Colorado. Notably, he was also charged with robbing a Tiffany & Co. store in Texas in 2022. Following his recent arrest, Glider faces charges of first-degree grand theft and robbery with a mask.

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"Time To Make Things Right": Zelensky Regrets Trump Spat After US Aid Pause

Just days after a stunning public clash with US President Donald Trump in the Oval Office, Ukrainian President Volodymyr Zelensky today underscored that he wants to "make things right" with Trump and wanted to work under his "strong leadership" to secure a lasting peace in Ukraine.

"Our meeting in Washington, at the White House on Friday, did not go the way it was supposed to be. It is regrettable that it happened this way. It is time to make things right. We would like future cooperation and communication to be constructive," Mr Zelensky posted on X in his first public comments since Trump halted US military aid to Ukraine.

Russia said the suspension of US-Ukraine aid was the "best contribution" to peace, Kremlin spokesman Dmitry Peskov said, adding that it was a "solution which could really push the Kyiv regime to a peace process".

Any disruption in the flow of US arms to the front line would rapidly weaken Ukraine's chance of beating back Russia's invasion.

"None of us wants an endless war. Ukraine is ready to come to the negotiating table as soon as possible to bring lasting peace closer. Nobody wants peace more than Ukrainians. My team and I stand ready to work under President Trump's strong leadership to get a peace that lasts," said Mr Zelensky.

US and Russian officials have held talks on ending the war, enraging Kyiv and Europe for being sidelined, and prompting fears that any deal could threaten Ukraine's future.

"We are ready to work fast to end the war, and the first stages could be the release of prisoners and truce in the sky - ban on missiles, long-ranged drones, bombs on energy and other civilian infrastructure - and truce in the sea immediately, if Russia will do the same. Then we want to move very fast through all next stages and to work with the US to agree a strong final deal." said Mr Zelensky.

Mr Zelensky again underlined the US' support in maintaining its independence. 

"We do really value how much America has done to help Ukraine maintain its sovereignty and independence. And we remember the moment when things changed when President Trump provided Ukraine with Javelins. We are grateful for this," Mr Zelensky added.

He also said that Kyiv was ready to sign a deal giving the US preferential access to Ukraine's natural resources and minerals at "any time and in any convenient format".

The deal was supposed to be inked in Washington last week before Mr Zelensky was kicked out of the White House after the public row with Mr Trump.

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Russia Permanently Bans Japan's Foreign Minister From Entering Country

Russia has permanently banned nine Japanese citizens from entering the country, according to a list published by the Russian Foreign Ministry on Monday.

The ministry said that the decision was made in response to Japan's sanctions against Russia related to the Russia-Ukraine conflict.

The list includes Japanese Foreign Minister Takeshi Iwai, the president and representative director of carmaker Isuzu Shinsuke Minami, and Shohei Hara, senior vice president of the Japan International Cooperation Agency (JICA).

In late July 2024 Russia took similar measures against another 13 Japanese nationals, including the chairman of another carmaker, Toyota Motor. Tokyo has protested against that decision.

Entry bans for foreigners are a common measure employed by Moscow in retaliation for sanctions or other opposition against Russia's military campaign in Ukraine.

Similar lists exist for several countries, including the US and Canada and include hundreds of people.

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UK, France Working With Ukraine On Plan To End Fighting: Keir Starmer

Britain and France are working with Ukraine on plans to end the fighting with Russia, Prime Minister Keir Starmer said Sunday, as European leaders gathered for crisis talks after a blowout between Kyiv and Washington.

Speaking ahead of a summit in London with more than a dozen European leaders seeking a way forward on the three-year-old conflict, Keir Starmer urged world leaders to "work together", saying "nobody wants to see" scenes like Ukrainian President Volodymyr Zelensky and US counterpart Donald Trump's clash in the Oval Office on Friday.

"We have to find a way that we can all work together. Because, in the end, we've had three years of bloody conflict. Now we need to get to that lasting peace." Keir Starmer told the BBC.

"The United Kingdom, along with France and possibly one or two others, will work with Ukraine on a plan to stop the fighting, and then we'll discuss that plan with the United States."

Italian Prime Minister Girogia Meloni echoed the sentiment, saying as she met Starmer in his Downing Street home that "It is very, very important that we avoid the risk that the West divides."

Ukraine's allies have been underscoring their steadfast commitment to counter growing concerns that Trump is about to sell Kyiv short in negotiations with Russia.

Starmer warmly welcomed Zelensky to the British capital on Saturday, the day after the Ukrainian leader was kicked out of the White House, extending a loan to strengthen Ukraine's depleted defences.

The London meeting brings together leaders from around continental Europe, including France, Germany, Denmark and Italy as well as Turkey, NATO and the European Union.

With fears growing over whether the United States will continue to support NATO, the meeting will also address the need for Europe to increase defence cooperation.

Speaking ahead of the summit, Polish Prime Minister Donald Tusk said Warsaw could use its friendly ties with Washington to "transcend this dilemma" and persuade it to be more supportive of Ukraine.

NATO chief Mark Rutte was positive heading into the summit, saying that Europe would increase its defence spending to keep the alliance strong. "All in Europe will need to give more," he said.

'Very welcome'

In addition to attending the security summit, Zelensky is also due to meet King Charles III during his visit.

As Zelensky's convoy swept into London on Saturday, a crowd of supporters cheered.

"You're very, very welcome here in Downing Street," Starmer told Zelensky before their 75-minute closed-door talks.

Zelensky effusively thanked Britain and its people "for their tremendous support from the very beginning of this war".

The pair discussed Ukraine's position and how to end the war "with a lasting and just peace that will not allow Russia to use the ceasefire to rearm and attack again", according to a statement released by Zelensky's office.

They also unveiled a £2.26-billion ($2.84 billion) loan agreement to support Ukraine's defence capabilities, to be paid back with the profits of immobilised sovereign Russian assets.

Just hours earlier, Zelensky had been shouted down at the White House.

As cameras rolled in the Oval Office, Trump and US Vice President JD Vance angrily accused Zelensky of not being "thankful" and refusing to accept their proposed truce terms.

Trump also accused him of gambling with the potential of World War III.

Zelensky meanwhile insisted there should be "no compromises" with Putin as the parties negotiate to end the war.

'Strategic partners'

Trump has alarmed Kyiv and European allies with his abrupt pivoting of Washington's years-long support for Ukraine.

The recently inaugurated Republican has cast himself as a mediator between Putin and Zelensky, and has sidelined Kyiv and Europe while pursuing rapprochement with Putin.

Though he refused to apologise after the White House clash, Zelensky indicated that he was still open to signing a deal on Ukraine's mineral wealth -- coveted by Trump.

"Despite the tough dialogue", Ukraine and the United States "remain strategic partners", Zelensky said.

"But we need to be honest and direct with each other to truly understand our shared goals," the Ukrainian leader wrote on X.

Germany's Foreign Minister Annalena Baerbock accused Trump of "switching the roles of victim and aggressor" in the conflict.

"Yesterday evening underlined that a new age of infamy has begun," she said.

Moscow meanwhile branded Zelensky's Washington trip a "complete failure".

The Kremlin said in remarks aired on Sunday that the United States's dramatic shift in foreign policy towards Russia largely aligned with its own vision.

"The new administration is rapidly changing all foreign policy configurations. This largely coincides with our vision," Kremlin spokesman Dmitry Peskov said an interview with Russian state television recorded on Wednesday.

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NDTV Sports-Cricket

The Champions Trophy 2025 semi-final line-up is out! It's India vs Australia in the first Champions Trophy 2025 semi-final in Dubai on Tuesday while New Zealand will face South Africa in the second semi-final in Lahore on Wednesday.  Varun Chakravarthy led India's charge with a superb 5-42, the best figures by a bowler in the ongoing tournament, as India beat New Zealand by 44 runs in the final Group A match at the Dubai International Stadium on Sunday. The win means India finish as Group A toppers and will now face Australia in the first semi-final in Dubai on Tuesday, in what is a re-match of the 2023 ODI World Cup final. New Zealand, meanwhile, will take on South Africa in the second semi-final at the Gaddafi Stadium in Lahore on Wednesday.

Both matches will start at 2:30 PM IST, while the toss will be at 2 PM.

Champions Trophy 2025 semi-final line-up

India vs Australia, 1st semi-final, March 3, 2:30 PM IST 

New Zealand vs South Africa, 2nd semi-final, March 4, 2:30 PM IST 

After Shreyas Iyer's 79 helped India reach 249/9 in 50 overs, Chakaravarthy deceived the Blackcaps batters with his pace and variations to finish with 5-42 in his ten overs on Champions Trophy debut and bowl them out for 205 in 45.3 overs.

For New Zealand, Kane Williamson waged a lone battle through his 81 off 120 balls on a tricky pitch, where he relied on nudges, glances and inside-out shots for boundaries. But with the Indian spin quartet applying the squeeze in middle overs, it meant that the Rohit Sharma & Co continued their unbeaten run in the tournament.

India could have got their first wicket in the fourth over if Will Young's catch wasn't dropped by Chakaravarthy at mid-on off Hardik Pandya's bowling, with the fielder kicking the ball off the boot for four. But four balls later, Pandya provided the early breakthrough as Rachin Ravindra upper-cut to deep third, where Axar Patel took a low diving catch.

Though Young and Williamson hit some tight boundaries, India didn't let them go off the hook as New Zealand made 44/1 in the first power-play. Varun Chakaravarthy, who found enough turn in his first over, got him on the wickets board by having Young inside-edge a googly onto his stumps.

With India's spinners getting lots of turn, Williamson, given a life on 32 by Chakaravarthy, and Mitchell were content in playing the waiting game while hitting boundaries occasionally in their 44-run stand for the third wicket. But Kuldeep Yadav broke the partnership as he got a googly to spin past the inside edge and trap Mitchell lbw for 17.

Williamson hanged around to get his fifty off 77 balls by tickling Jadeja through fine leg for four, and keep New Zealand alive in the chase by hitting an inside-out drive against the spinner for another boundary. But Jadeja bounced back by trapping a reverse-sweeping Tom Latham lbw for 14.

Jadeja could have got Williamson out on 68 if KL Rahul had grabbed the chance. But Chakaravarthy struck twice in his two overs to trap Glenn Phillips and Michael Bracewell lbw, though replays showed the latter would have been not out as the ball missed the stumps.

The game's result became a foregone conclusion when Williamson danced down the pitch to hit Axar over mid-on, but missed the delivery and was stumped easily by Rahul for a gritty 81 off 120 balls. Mitchell Santner hit some late boundaries in making 28 off 31 balls, till his off-stump was uprooted by Chakaravarthy, who picked a five-wicket haul and effectively sealed the deal in India's favour.

Brief Scores: India 249/9 in 50 overs (Shreyas Iyer 79, Hardik Pandya 45; Matt Henry 5-42) beat New Zealand 205/10 in 45.3 overs (Kane Williamson 81, Mitchell Santner 28; Varun Chakaravarthy 5-42, Kuldeep Yadav 2-56) by 44 runs

With IANS inputs 

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NDTV Sports-Cricket

Former India cricketer Madan Lal believes the poor drainage system that was on exhibition during the Champions Trophy match between Afghanistan and Australia at Lahore's Gaddafi Stadium is a "bad advertisement" for Pakistan. The underwhelming drainage system of Gaddafi Stadium was on exhibition during the second innings of Afghanistan's and Australia's Group B encounter on Friday. During the Group B encounter between Afghanistan and Australia in the Gaddafi Stadium on Friday,  rain intervened in the on-field action after 12.5 overs. After the rain had halted, there were plenty of water puddles all over the ground.

The ground staff tried their best to remove the water with mop sticks and various other measures. However, the game was eventually called off, and both teams were handed a point each.

Madan Lal wasn't impressed with Gaddafi Stadium's drainage system and told ANI, "This is a bad advertisement for Pakistan. Renovating a stadium is fine, but the drainage system and super sopper should be the number one priority. It isn't good for Pakistan. I saw yesterday's match and their method of getting the water out. There was a lot of criticism."

The 1983 World Cup-winning player went on to address recent criticism from former cricketers about India's advantage of playing at the same venue while the other teams have to travel to different locations in Pakistan.

Former England cricketers Nasser Hussain and Michael Atherton were quite vocal about India playing all its game in Dubai, a factor that hands them an edge over the other teams.

Madan Lal weighed in on the recent criticism and said, "Yes, there is an advantage, but India cleared it quite early. But teams will complain."

After securing two dominant victories over Bangladesh and Pakistan, India is through to the semi-finals. Their final group stage fixture against New Zealand will determine the top two standings of Group A and the semi-finals.

Madan Lal believes it doesn't matter which team lines up against India in the semi-finals; their upcoming contest against the Kiwis on Sunday will be a good rehearsal before the tournament's knockout phase.

"It doesn't matter. Tomorrow's match should be good because it will be a good rehearsal for the semi-final," he added.

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