Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

Trump Hits Brazil With 50% Tariff

In a fiery escalation, U.S. President Donald Trump announced a 50% tariff on all Brazilian imports starting August 1. The move follows a diplomatic spat with Brazil’s President Lula da Silva, who called Trump an “unwanted emperor.” Trump fired back with a sharply worded letter defending ex-President Jair Bolsonaro, calling his trial “a witch hunt” and accusing Brazil of censorship and unfair trade.

“Brazil has treated Bolsonaro disgracefully,” Trump wrote, adding that the tariffs are just the beginning. A Section 301 investigation into Brazil’s digital trade practices is also underway. Trump hinted at possible revisions if Brazil reforms, but warned of further hikes otherwise.

#USBrazilTensions #TrumpTariffs #Geopolitics #JairBolsonaro #TradeWar

Trump Threatens 200% Pharma Tariff, India Alarmed

Trump is now eyeing a 200% tariff on pharmaceutical imports, a move that could hit India’s $30 billion pharma exports hard. The threat follows a Section 232 probe launched in April into whether pharma imports pose a national security risk.

The U.S. accounts for 31% of Indian pharma exports and sources nearly 40% of its generics from India. Indian manufacturers warn this could worsen drug shortages in the U.S. and disrupt patient care.

“Adding tariffs will hurt patients and delay our investments in the U.S.,” said Kathleen Jaeger of the Indian Pharmaceutical Alliance. The final decision is expected soon, and Indian pharma companies are already weighing exit strategies.

#PharmaTariffs #IndianPharma #GenericDrugs #TrumpTrade #DrugShortage

New US Visa Fee Raises Travel Costs

Planning a U.S. trip? Brace for a higher bill. Under Trump’s “One Big Beautiful Bill Act,” a new $250 Visa Integrity Fee is in effect for most non-immigrant visas including B1/B2 (tourist/business), F and M (student), H-1B (work), and J (exchange).

The fee, described as a refundable “good behavior bond”, is meant to enforce compliance with visa terms—no overstaying or unauthorized work. Starting in 2026, the fee will rise annually with inflation.

For Indian travelers, it means the cost of a U.S. tourist visa jumps from $185 to $472 (~₹40,500). Refunds are rare and only apply to those who strictly follow the rules.

#USVisaFee #ImmigrationPolicy #H1B #TravelCosts #VisaNews

Vedanta Under Fire: “Ponzi Scheme” Allegation

Viceroy Research, the short-seller that exposed Wirecard, is now targeting Anil Agarwal’s Vedanta Resources. In a damning report, Viceroy labeled the Indian conglomerate a “Ponzi scheme,” citing mismanagement and unsustainable debt.

Vedanta has denied the charges, calling them “malicious and baseless.” But co-founder Fraser Perring warned more reports are coming. Viceroy, known for its multi-report takedowns, has a track record of triggering steep stock declines—80% of its targets have suffered.

Perring also disclosed that he and his team shorted Vedanta bonds in April. With more revelations likely, investor anxiety is growing.

#Vedanta #ViceroyResearch #ShortSelling #FraserPerring #MarketWatch

India Scrambles After China Cuts Fertiliser Exports

Commerce Minister Piyush Goyal has warned of the risks of overdependence on China for fertiliser supplies, following Beijing’s export curbs on Di-ammonium phosphate (DAP)—India’s second-most used fertiliser.

India imported over 2.5 million tonnes of DAP in FY25, much of it from China. The restrictions have spiked global prices and sparked fears of shortages during the kharif sowing season.

Goyal called for diversified sourcing, domestic production boosts, and long-term mineral partnerships. He also projected India’s agri-exports could grow from ₹4.5 trillion to ₹20 trillion with better processing and branding. But the short-term focus remains: ensuring farmers have what they need to plant.

#FertiliserCrisis #ChinaCurbs #PiyushGoyal #AgriExports #DAPShortage

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