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Trump Tariff Plan
The decision to impose high tariffs on Indian goods by the US presents near-term challenges for the auto component makers, underscoring the importance of enhancing the sector's competitiveness and exploring new and diversified markets, industry body ACMA said on Thursday. On August 6, the US announced an additional 25 per cent tariff on all Indian imports, on top of an existing 25 per cent duty, taking the total to 50 per cent from August 27. "The recent decision by the US to impose higher and additional tariffs on certain imports from India, including auto components, underscores the shifting landscape of global trade," ACMA President Shradha Suri Marwah said in a statement. While this development presents near-term headwinds, for Indian exporters, it also underscores the importance of enhancing our sector's competitiveness, strengthening value addition, and exploring new and diversified markets, she added. The US is a significant trade partner of the Indian auto components ...
Sweeping tariffs set to be imposed by President Donald Trump next month may cast a pall over his top diplomat's first official trip to Asia this week just as the US seeks to boost relations with Indo-Pacific nations to counter China's growing influence in the region. Trump on Monday sent notice to several countries about higher tariffs if they don't make trade deals with the US, including to a number of Asian countries. The move came just a day before Secretary of State Marco Rubio planned to depart for a Southeast Asian regional security conference in Malaysia. Top diplomats and senior officials from at least eight countries that Trump has targeted for the new tariffs, which would go into effect on Aug 1, will be represented at the annual Association of Southeast Asian Nations Regional Forum in Kuala Lumpur that Rubio will attend on Thursday and Friday. State Department officials say tariffs and trade will not be Rubio's focus during the meetings, which the Trump administration ..
China on Thursday said it would resolutely adopt countermeasures after President Donald Trump imposed 34 per cent tariffs on its over USD 438 billion imports to America, but put off any immediate retaliatory action leaving room for a negotiated deal. Trump announced reciprocal tariffs on Chinese imports on Wednesday as part of sweeping measures aimed at reshaping American trade policy. The Chinese Commerce Ministry hit out hard on Trump's tariffs on its exports to the US, third largest after ASEAN and EU, However, its spokesperson skirted questions about an immediate action by China. To questions about the prospect of future trade talks with the US following the latest tariff measures, the ministry said China and the US had been in communications on their trade concerns, and would resolve their concerns through equal dialogues, the Hong Kong's South China Morning Post reported. Separately, the Chinese Foreign Ministry spokesperson Guo Jiakun said the US has imposed tariffs on China
Global consultancy firm PwC has suggested IDEA (Invest, Diversify, Express, stay Aware) Framework for Indian businesses to navigate trade uncertainties following the decision by the US administration to impose reciprocal tariff. Since the United States (US) presidential elections in November 2024, global trade dynamics have shifted significantly. The Donald Trump administration has already implemented several tariff measures impacting major economies. The reciprocal tariff, which will impact India, is scheduled to take effect on April 2. According to PwC report, the evolving US trade policies, including tariff realignments and other measures, require Indian businesses to develop a long-term resilience strategy. The IDEA Framework provides a structured approach to navigate trade uncertainties and leverage emerging opportunities, it said. Under the Invest Framework, PwC suggested that businesses should put in money for technology upgradation and AI-driven supply chain solutions. To
Whatever domestic economic gain comes from US President Donald Trump's new 25 per cent tax on imported cars and experts are skeptical automakers around the world are bracing for a lot of pain. In Japan, South Korea, Mexico, Canada and across Europe, the world's largest automakers employ millions of people whose livelihoods depend on US car buyers, who currently spend more than USD 240 billion annually on imported cars and light trucks. The Trump tariffs aimed at boosting US jobs and tax revenues will also affect imported auto parts, which were valued at USD 197 billion last year. The impact will be really huge and very disruptive, said Sigrid de Vries, director general of the European Automobile Manufacturers' Association. Vries and others critics say American car shoppers will also be worse off, as tariffs push prices higher. Policymakers around the world said on Thursday they were weighing their next moves namely, whether to retaliate, and if so, how. But they also express