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Trump to put additional 25% import taxes on India, bringing combined tariffs to 50%

Summary:

  • Trump signs order imposing 25% tariff on
  • Combined U.S. on India now total 50%
  • Action targets India’s imports
  • Tariffs take effect in 21 days; talks still possible
  • , also a Russian oil buyer, not included

WASHINGTON (AP) — President signed an  Wednesday to place an additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on its ally to 50%.

The tariffs would go into effect 21 days after the signing of the order, meaning that both India and Russia might have time to negotiate with the administration on the import taxes.

Trump’s moves could scramble the economic trajectory of India, which until recently was seen as an alternative to China by American companies looking to relocate their . China also buys oil from Russia, but it was not included in the order signed by the Republican president.

As part of a negotiating period with Beijing, Trump has placed 30% tariffs on goods from China, a rate that is smaller than the combined import taxes with which he has threatened New Delhi.

Trump had previewed for reporters on Tuesday that the tariffs would be coming, saying the U.S. had a meeting with Russia on Wednesday as the tries to end the war in Ukraine.

“We’re going to see what happens,” Trump said about his tariff plans. “We’ll make that determination at that time.”

The Indian government on Wednesday called the additional tariffs “unfortunate.”

“We reiterate that these actions are unfair, unjustified and unreasonable,” Foreign Ministry spokesman Randhir Jaiswal said in a statement, adding that India would take all actions necessary to protect its interests.

Jaiswal said India has already made its stand clear that the country’s imports were based on market factors and were part of an overall objective of ensuring energy security for its 1.4 billion people.

Ajay Srivastava, a former Indian trade official, said the latest tariff places the country among the most heavily taxed U.S. trading partners and far above rivals such as China, Vietnam and Bangladesh.

“The tariffs are expected to make Indian goods far costlier with the potential to cut exports by around 40%-50% to the U.S.,” he said.

Srivastava said Trump’s decision was “hypocritical” because China bought more Russian oil than India did last year.

“Washington avoids targeting Beijing because of China’s leverage over critical minerals which are vital for U.S. defense and technology,” he said.

In 2024, the U.S. ran a $45.8 billion trade deficit in goods with India, meaning America imported more from India than it exported, according to the U.S. Census Bureau. American consumers and businesses buy pharmaceutical drugs, precious stones and textiles and apparel from India, among other goods.

At the world’s largest country, India represented a way for the U.S. to counter China’s influence in Asia. But India has not supported the Ukraine-related sanctions by the U.S. and its allies on Moscow even as India’s leaders have maintained that they want peace.

The U.S. and China are currently in negotiations on trade, with Washington imposing a 30% tariff on Chinese goods and facing a 10% retaliatory tax from Beijing on American products.

The planned tariffs on India contradict past efforts by the Biden administration and other nations in the Group of Seven leading industrialized nations that encouraged India to buy cheap Russian oil through a price cap imposed in 2022. The nations collectively capped Russian oil a $60 per barrel at a time when prices in the market were meaningfully higher,

The intent was to deprive the Kremlin of revenue to fund its war in Ukraine, forcing the Russian government either to sell its oil at a discount or divert money for a costly alternative shipping network.

The price cap was rolled out to equal parts skepticism and hopefulness that the would stave off Russian President Vladimir Putin’s invasion of Ukraine.

The cap has required shipping and insurance companies to refuse to handle oil shipments above the cap, though Russia has been able to evade the cap by shipping oil on a “shadow fleet” of old vessels using insurers and trading companies located in countries that are not enforcing sanctions.

But oil prices have fallen with a barrel trading on Wednesday morning at $65.84, up 1% on the day.

Trump will highlight Apple’s plans to invest $100 billion more in US, raising total to $600 billion

Summary:

  • increases pledge by $100 billion
  • Total commitment now $600 billion over four years
  • Trump to host celebration at
  • Move seen as win for U.S. manufacturing amid tariff tensions

WASHINGTON (AP) — President Donald Trump on Wednesday is expected to celebrate at the White House a commitment by Apple to increase its U.S. investments by an additional $100 billion over the next four years.

“Today’s announcement with Apple is another win for our manufacturing industry that will simultaneously help reshore the production of critical components to protect America’s economic and national security,” White House spokeswoman Taylor Rogers said.

Apple had previously said it intended to invest $500 billion domestically, a figure it will now increase to $600 billion. Trump in recent months has criticized the tech company and its CEO, , for efforts to shift production to to avoid the  his Republican administration had planned for .

While in Qatar earlier this year, Trump said there was “a little problem” with Apple and recalled a conversation with Cook in which he said he told the CEO, “I don’t want you building in India.”

India has incurred Trump’s wrath, as the president signed an order Wednesday to put an additional 25% tariff on the world’s most populous country for its use of . The new import taxes to be imposed in 21 days could put the combined tariffs on Indian goods at 50%.

As part of the Apple announcement, the investments will be about bringing more of its supply chain and advanced manufacturing to the U.S.

Apple’s new pledge comes just a few weeks after it forged a $500 million deal with MP Materials, which runs the only rare earths producer in the country. That agreement will enable MP Materials to expand a factory in Texas to use recycled materials to produce magnets that make iPhones vibrate.

Speaking on a recent investors call, Cook emphasized that “there’s a load of different things done in the United States.” As examples, he cited some of the iPhone components made in the U.S. such as the device’s glass display and module for identifying people’s faces and then indicated the company was gearing to expand its productions of other components in its home country.

“We’re doing more in this country, and that’s on top of having roughly 19 billion chips coming out of the US now, and we will do more,” Cook told analysts last week, without elaborating.

Apple Inc., which is based in Cupertino, California, didn’t immediately comment Wednesday.

News of Apple’s latest investment in the U.S. caused the company’s stock price to surge by nearly 6% in Wednesday’s midday trading. That gains reflect investors’ relief that Cook “is extending an olive branch” to the , said Nancy Tengler, CEO of money manager Laffer Tengler Investments, which owns Apple stock.

Despite Wednesday’s upturn, Apple’s shares are still down by 14% this year, a reversal of fortune that has also been driven by the company’s botched start in the pivotal field of artificial intelligence.

Bloomberg News first reported the announcement of Apple’s additional investment commitment.

BridgeTower Media acquires Grace Media, leader in window coverings industry

Summary:

BridgeTower Media — parent company of Virginia Business and a leading provider of business intelligence, marketing solutions, and events across more than 40 specialized B2B brands — has acquired Grace Media, the company behind the International Window Coverings Expo (IWCE) and Window Fashion VISION magazine, including its digital platform www.wf-vision.com.

As the premier annual event for the North American window covering industry, IWCE draws thousands of professionals from across the globe. Window Fashion VISION has served as the industry’s most trusted source for trends, business strategy and education for more than 30 years. These two cornerstone brands will now be integrated into BridgeTower’s robust business intelligence and events portfolio.

“Grace Media has built a loyal, engaged audience that relies on its content and connections to stay ahead,” said BridgeTower Media President and CEO Hal Cohen. “We’re excited to bring our digital transformation expertise to help scale that audience further, just as we’ve done across other high-performing verticals. We also see tremendous synergy between Grace Media and our coverage of the home furnishings and construction sectors. This acquisition will strengthen our tradeshow business and provide new growth opportunities across markets.”

Grace McNamara acquired Window Fashion magazine in 1986 from the Industrial Fabrics Association International and later rebranded it as Window Fashion VISION. In 1997 she launched IWCE, which has since grown into a national event welcoming over 8,000 companies to date, including thousands of new attendees annually. During the pandemic, McNamara’s daughter Ania Munzer stepped in to help manage operations and has continued to expand her leadership role. Munzer will remain in her current role post-acquisition.

“Building this business has truly been a of love,” said McNamara. “We’ve always been passionate about supporting the window covering industry and helping professionals grow their businesses. BridgeTower Media is the ideal partner to carry this mission forward. Their track record in digital transformation and B2B growth is exceptional. As Ania leads the next chapter, I feel confident we’ve aligned with a partner that shares our values and vision.”

Grace Media was represented by Franklin Partners Inc. (www.franklinpartnersinc.com) and Winthrop & Weinstine, P.A (www.winthrop.com). Financial terms of the transaction were not disclosed.

The Mailroom: No excuses for illegal immigration

I was disappointed to see that your July column about illegals had a strong liberal slant. The term “undocumented” is liberal speak for illegal entry. It’s crime. We have a legitimate entry vehicle that includes green cards and visa programs in addition to normal .

There is no excuse for endorsing illegal activities in the name of cheap . If there is a crisis in low-cost labor, then expand the visa programs. Don’t make up a legitimate sounding name for these folks and give them benefits the rest of us worked hard for years to obtain. For sure, don’t give them Social Security numbers and other things so they can vote in OUR elections.

Democrats tried this tactic in the 1800s when they touted justification for slavery. Looks like the Republicans are fighting the same battle with cheap labor, only those were forced entry immigrants that by virtue of their work experience were granted freedom.

The current generation doesn’t want to work at the lower end of the skill spectrum. Fortunately, with the exponential growth of AI and robotics, there’s no shortage of cheap labor from onshoring. The floor is now more friendly. There is no justification for just opening the borders and letting people invade of all types and moral ethics. Bad folks now are here. Temporary workers failing to leave when their visas expire are illegal. Even if they’re decent people, back door entry is just as illegal. Just do it right, and as Trump says, “Use the front door.”

R. Noftsinger

To submit a letter to the editor, please send your email of no more than 250 words to Associate Publisher & Editor Richard Foster at [email protected]. Letters chosen for publication may be edited for clarity, AP Style, brevity and grammar.

New Sentara and VWU college to launch in January


SUMMARY:

Sentara Health and Virginia Wesleyan University announced on Wednesday that the new will launch in January 2026.

The health system and the university previously announced in June that they had signed a letter of intent to jointly create the college. The announcement came after Sentara said in April it would end its degree programs at the Sentara College of Health Sciences (SCOHS) in Chesapeake, instead transitioning those programs to state and regional universities.

On Wednesday, Sentara provided additional details. Starting Jan. 1, 2026, SCOHS will be operated as the Sentara College of Health Sciences of Virginia Wesleyan University, a professional college within ‘s academic structure, housing all existing degree and certificate programs.

Sentara says that through summer 2026, all current students will complete their programs and courses of study under the SCOHS name. But starting in fall 2026, students will receive their credentials from the Sentara College of Health Sciences of Virginia Wesleyan University. For current students, there will be no changes to out-of-pocket costs, courses of study or graduation timelines.

Furthermore, Sentara states that students, faculty and staff will continue to use the existing SCOHS campus and facilities, allowing them to maintain continuity while Sentara prepares to transition all programs to the VWU campus.

“Our shared vision is to prepare the workforce of the future while honoring Sentara College’s deep community ties and proud academic legacy,” said Sentara College of Health Sciences President Angela Taylor in a statement. “We look forward to working closely with Virginia Wesleyan University to create new opportunities for students, expand access to in-demand programs and continue meeting the growing health care workforce needs of our communities.”

Sentara says prospective students should contact the VWU enrollment office for the most up-to-date information.

“We are proud to build on our strong relationship with Sentara as we take this important next step forward,” VWU President Scott D. Miller said in a statement. “Integrating Sentara College into Virginia Wesleyan’s academic community will create exciting new opportunities for students and strengthen health sciences education across our region.”

Both institutions are working on the required regulatory and accreditation processes as part of the transition.

A Sentara spokesperson said in June that SCOHS has 238 degree-seeking students enrolled in nursing, cardiovascular technology and surgical technology programs. It also has 20 students enrolled in a patient care technician summer program and has 100 students admitted to certificate programs that begin in the fall.

Based in , Virginia Wesleyan University is a private university with 1,674 undergraduate students and 131 graduate students. A not-for-profit health system, Sentara operates 11 hospitals in Virginia and one in northeastern North Carolina. It has 34,000 employees. The Sentara Health Plans insurance division has more than 1 million members in Virginia and Florida.

Rheinmetall subsidiary relocates U.S. hub to Fairfax

German defense manufacturer and Rheinmetall has relocated the headquarters of two of its U.S. subsidiaries to a new, 10,000-square-foot space in .

The move relocated and American Rheinmetall Munitions, previously based in and Stafford respectively, to a new office at 2600 Park Tower Drive in . Also known as Metro Place II, it is a 250,000-square-foot Class-A office building that offers close proximity to the Dunn Loring-Merrifield Metrorail station.

“This move reinforces our brand presence, brings us even closer to key government stakeholders, improves our access to a wonderful human resource talent pool in the region and strengthens our ability to support U.S. defense strategy with speed, innovation and an enduring commitment to being part of the fabric of the U.S. defense industrial base,” American Rheinmetall Defense CEO Stephen Hedger said in a statement.

Rheinmetall did not disclose the financial terms of the lease, its investment in Fairfax County or the number of employees being relocated to the site. An American Rheinmetall Defense spokesperson said the companies began moving into the new space in July and that the move is an ongoing process.

Rheinmetall builds combat vehicles, ground-based defense systems and advanced military weapons and equipment. Its subsidiary, American Rheinmetall Defense, serves as Rheinmetall’s U.S. hub, bringing the company’s products to the U.S. market and supporting Rheinmetall’s family of U.S. companies, including American Rheinmetall Munitions. American Rheinmetall Munitions specializes in producing large- and medium-caliber ammunition, propellants and protection systems for vehicles.

American Rheinmetall Defense also supports defense subsidiary businesses in Michigan, Ohio, Maine and Arkansas.

“This investment strengthens not only our local economy but also the broader national security alliances, and we look forward to supporting Rheinmetall as they continue to grow and build enduring partnerships in the Washington, D.C., region,” Fairfax County Authority President and CEO Victor Hoskins said.

Based in Düsseldorf, Germany, Rheinmetall generated 2024 sales equivalent to about $11.3 billion. It employs 40,000 people globally at 174 sites, including nearly 2,000 who work within the defense business across the U.S.

Virginia tourism hits $35.1B record spending in 2024

SUMMARY:

  • Virginia saw $35.1 billion in visitor spending in 2024, a 5.4% increase from 2023
  • More than 44.7 million overnight visitors came to Virginia in 2024
  • Tourism supported over 229,000 jobs and $2.5 billion in tax revenue
  • Transportation spending accounted for 30% of all tourism dollars

Virginia’s tourism industry generated $35.1 billion in in 2024, achieving a record, announced Tuesday.

That’s a 5.4% increase over the $33.3 billion visitors spent in 2023, and well over the pre-pandemic visitor spending of $29.1 billion in 2019.

Additionally, the ‘s annual of Travel study for 2024 reported that Virginia had 44.7 million overnight visitors last year, an increase of more than 1 million people from 2023.

“I think is healthy and going in the right direction,” Candace Fitch, the Feiertag Professor of Practice in Hospitality Leadership at Virginia Tech, said after reviewing the study Tuesday.

Virginia is attractive to tourists, according to Fitch, because the commonwealth offers a lot of different types of experiences.

“If you want to go to the beach, you go to the beach,” she said. “If you want to go to the mountains, you go to the mountains. If you want to go to the city, you go to the city.”

Travelers spent $96 million per day in Virginia in 2024. In 2023, they spent $91 million per day.

Fitch pointed out that out of the $35.1 billion in visitor spending in Virginia in 2024, transportation accounted for $10.4 billion or 30%.

“Virginia has so many different options for airports,” she said. “We also have so many interstates. There are so many driving options, [including] scenic routes.”

Visitors to Virginia generated $2.5 billion in state and local tax revenue last year, an increase of $100 million over 2023.

“This unprecedented level of economic activity not only supports hundreds of thousands of good-paying jobs and strengthens local businesses, but it also generates crucial state and local tax revenues that help ease the tax burden for Virginia families,” Youngkin said in a news release.

The tourism industry in Virginia directly supported over 229,000 jobs in 2024, an increase of nearly 5,000 jobs since 2023.

Nearly all lodging employment, 26% of recreation employment and 25% of food and beverage jobs in 2024 were supported by visitor spending, according to the study.

The Tourism Economics group within Oxford Economics, an United Kingdom-based economic advisory firm, provided the economic impact data to VTC. A visitor, for the purpose of the research, is someone who stayed overnight or traveled more than 50 miles.

Thalhimer taps new commercial property services leader

Glen Allen-based firm announced that Jim Roman has joined the company’s office as and new leader of , which manages more than 28 million square feet across Virginia.

Roman, who started his new role Monday, is succeeding David P. Oddo, who retired on Aug 1.

“I’m incredibly humbled and excited to join the Thalhimer family,” Roman said in a statement. “I very much value Thalhimer’s market-leading presence, integrity, expertise and deep commitment to its clients and community. I look forward to making an impact and contributing to the firm’s continued growth and success.”

Roman has more than 25 years of experience working in the commercial real estate industry. He was most recently director of property management for CBRE in Greenville, South Carolina, where he provided leadership over more than 38 million square feet of commercial properties throughout South Carolina and coastal Georgia for the past 16 years.

He graduated from the Virginia Military Institute with a bachelor’s degree in economics and business.

Thalhimer President Eric Robison said the firm selected Roman after a nationwide search of property management leaders.

“Jim stood out above all of them with his even-keeled demeanor, commitment to best-in-class client service and proven track record of growing his business line,” Robison said.

Thalhimer praised the work of outgoing CPS leader Oddo, who joined the company in January 2024, saying that he helped secure more than 3.6 million square feet in new management accounts and fostered a culture of “outstanding client service.”

“It has been my honor to be associated with Thalhimer,” Oddo said. “I have truly enjoyed getting to know everyone and playing a small role in advancing the Thalhimer brand and legacy. I will deeply miss the culture and friendships that this organization has created and sustained for so long. Although I am retiring from the business after nearly 40 years, I couldn’t be prouder to have had my finale at Thalhimer. It will always hold a special place in my heart — both personally and professionally.”

Founded in 1913, Cushman & Wakefield | Thalhimer has offices across the state and has nearly 100 broker professionals and employs about 530 associates. In 2024, Thalhimer completed over 1,800 transactions with a transactional volume of more than $1.96 billion.

V2X wins $4.3B Air Force contract

Reston-headquartered aerospace and defense contractor announced last week that it has been awarded a potential nine-year, $4.3 billion contract by the U.S. for supply services supporting T-6 aircrafts.

The company will provide supply support to ensure the aircraft is safe, flyable and meets the daily flight schedules and depot requirements of the Air Force, and .

“We are honored by this award and for the trust placed in us by the U.S. Air Force,” V2X President and CEO Jeremy C. Wensinger said in a statement. “This contract reflects the dedication of our team and the pride we take in supporting the readiness of our nation’s aircraft. We are excited to begin this new work and look forward to serving the mission for years to come.”

The company will perform the work at various military bases across the United States and expects it to be completed by July 2034.

“This is a proud moment for our entire aerospace team,” said Vinny Caputo, V2X’s of aerospace systems. “The T-6 program is foundational to pilot training across the services, and we are committed to delivering the highest standards of performance, reliability and mission readiness. We’re excited to bring our proven supply chain expertise to this critical effort.”

V2X was formed by the $2.1 billion merger of Vertex and Vectrus in 2022 and has about 16,000 employees. The company reported $4.32 billion in revenue in 2024, up 9% from the previous year.

Solar-powered Flying Squirrels stadium on way


SUMMARY

  • to install over 1,700 solar panels at new stadium
  • Five solar-covered carports will also be installed in an adjacent parking lot
  • Installation will generate about one megawatt of electricity
  • Project will be the largest solar setup in pro baseball, pending approval

The Flying Squirrels will definitely be bringing the heat soon, as the Minor League Baseball team’s new stadium will have professional baseball’s largest solar panel array, subject to local and state approval.

Dominion Energy Virginia announced Tuesday it plans to install a solar array on the roof and parking lot of CarMax Park, the future home of the , the city’s Double-A team. The park is slated to open in spring 2026, but the installation of more than 1,700 solar panels will take place after the season.

The solar array will generate about 1 megawatt of electricity or enough to power 250 Richmond homes at peak output, according to the Richmond-based Fortune 500 utility.

“This project isn’t just about what happens inside the ballpark; it’s about stepping up as a community partner and using our platform to help bring clean energy to the city,” Lou DiBella, managing partner of the Flying Squirrels, said in a statement.

Dominion Energy’s Virginia solar fleet is the third largest in the nation, producing enough electricity to run more than 750,000 homes at peak output.

“We’re thrilled that such an iconic Richmond landmark will help deliver reliable, affordable and increasingly clean power for our customers,” said Ed Baine, Dominion Energy’s executive vice president of utility operations and president of Dominion Energy Virginia.

CarMax Park is under construction next to the city’s 41-year-old Diamond, the Squirrels’ home since 2010. After years of discussion, the city, team and developers finalized plans for the $2.44 billion, 67-acre Diamond District development, which is centered around the $117 million, 8,000-seat baseball stadium. A hotel with at least 180 rooms, 891 residential units and 30,000 square feet of commercial space are also on tap.

Dominion’s plans

Meanwhile, Dominion received baseline approval for its 2024 Integrated Resource Plan on July 15, as the Virginia State Corporation Commission called the document “legally sufficient.” Submitted in October 2024, the plan calls for more offshore wind and solar energy development, as well as small modular nuclear reactors starting in the mid-2030s.

Natural gas is still in play too, representing about 20% of all power generation for the next 15 years, even though the state’s Virginia Clean Economy Act enacted in 2020 requires 100% carbon-free sources for electricity generation by 2045. The current IRP, which is not binding but is supposed to indicate the utility’s direction for the next two years, received criticism from environmentalists.

“Dominion’s 2024 IRP effectively ignored the carbon-neutral requirements of the VCEA,” Peter Anderson, director of state energy for environment nonprofit Appalachian Voices, said in a statement to Virginia Business on Tuesday. “Any planning model that takes into account the VCEA’s 2045 carbon-free deadline — which was only 21 years away when Dominion published its IRP — would make significantly different investment decisions.”

While accepting the document, the SCC instructed Dominion to include at least one model that complies with VCEA regulations for future IRPs. However, under the , solar and wind power is in disfavor, and many state political experts say that the VCEA’s rules may need to be adjusted to allow natural gas to remain part of the mix longer, especially with new data centers and AI use growing exponentially.