US to Scrap Green Card for Gold Card? | US-Russia Energy Talks | 50% India Tariffs Is On

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. Trump’s 50% Tariffs on India Starting August 27, Indian exports to the US will face a steep 50% tariff. President Trump doubled duties earlier this month, punishing India for buying Russian oil—a move New Delhi calls “unfair and unreasonable.” Pharma, electronics, and key metals are exempt, but most exports will be hit. PM Modi, striking a defiant note, urged Indians to go “swadeshi” while officials brace exporters for a slowdown. US Pushes ‘Gold Card’ Visa Commerce Secretary Howard Lutnick says the Trump administration is set to overhaul the H1-B and green card system. The proposed “Gold Card” would give residency to foreigners investing $5 million. Officials claim 250,000 people are already interested, potentially generating $1.25 trillion. H1-B visas, meanwhile, could shift from a lottery to a wage-based system, prioritising higher-paying jobs—tough news for Indian tech workers. Modi to Attend SCO in China PM Modi will travel to Tianjin next week for the SCO summit—his first China visit in seven years. Alongside Xi Jinping and Vladimir Putin, leaders from across Asia will attend what Beijing hopes is a show of Global South unity. Analysts say Modi may use the moment to reset ties with China after the 2020 border clashes, while Xi will showcase a “post-American-led world.” US-Russia Explore Energy Deals Even as India is punished for trading with Russia, Washington may be cutting its own deals with Moscow. Reports suggest talks are on to let Exxon Mobil re-enter Russia’s Sakhalin-1 project, allow sales of US equipment for LNG projects, and even buy nuclear icebreakers from Russia. The timing raises eyebrows: Trump penalises India for Russian oil but explores energy ties with Putin himself. HAL Orders 113 Jet Engines HAL is set to sign a $1 billion deal with GE Aerospace for 113 GE-404 engines to power nearly 200 LCA Mk-1A fighters. These jets will replace India’s retiring MiG-21s. Delivery delays, however, have raised doubts within the Air Force. HAL is also negotiating joint production of GE-414 engines for the upcoming LCA Mk-2, a deal with 80% tech transfer—crucial to India’s defence self-reliance push. Learn more about your ad choices. Visit megaphone.fm/adchoices