Page 3 - Import Tariffs

India considering lowering tariffs on some high-end products from US

The potential tariff cuts come just a day after US President Donald Trump criticised India, China, and Brazil for imposing high tariffs

Sri Lanka lifts ban on vehicle import placed in 2020 due to pandemic

Cash-strapped Sri Lanka has officially lifted the ban on the vehicle import which was put in place in 2020 to ease the pressure on foreign exchange reserves due to the COVID-19 pandemic, authorities said on Tuesday. This will be with effect from February 1. President Anura Kumara Dissanayake has issued a gazette dated January 24 which ended the ban on vehicle imports imposed in early 2020 with the COVID outbreak. The ban was continued when Sri Lanka suffered its economic crisis triggered by forex shortage. In April 2022, Sri Lanka declared its first-ever debt default. Commenting on the lifting of the import ban the Cabinet spokesman and minister Nalinda Jayathissa said only trucks, buses and double cabs would be allowed in the first phase. President Dissanayake said last week that the government would allocate USD 1.2 billion for vehicle imports for the first phase. In 2019, before the ban came into force the island had spent USD 1.4 billion for vehicle imports. We will be wary

Tariffs could drive prices higher: Top Ikea retailer warns in Davos

Inflation and high interest rates have had a "damaging" impact on consumers over the past few years, Brodin said, adding that he saw demand improving

Donald Trump 2.0 presidency: What it means for stocks, H1-B visa, bitcoin

Here's how leading brokerages have interpreted Donald Trump's latest statements, and what his presidency could mean for trade tariffs, markets, crypto, H1-B immigration visa and other asset classes

Budget may levy higher import duties to stem rupee slide: EY's Srivastava

The government, in the forthcoming Budget, could consider levying higher tariffs on imports to check the significant decline in rupee value witnessed in the past few months, said EY Chief Policy Advisor DK Srivastava. The noted economist argued that higher import duties would curb the demand for dollars from importers and help arrest the sliding value of the rupee, which touched a historic low of 86.70 to a dollar on January 13. In an interview with PTI, Srivastava said the sudden downward movement of the rupee against the US dollar is going to be a challenge for policymakers -- for Budget makers on the fiscal side and the RBI on the monetary side. The expectation is that the US economy is going to recover, and therefore, a lot of financial resources are moving to the world's largest economy. Srivastava, who is a Member of the Advisory Council to the 15th Finance Commission, also said it is not just the rupee but other European currencies are also experiencing similar pressure. "In

Proposed steel import duty may drive prices higher in 2025: CRISIL

In 2024, domestic steel prices fell, influenced by higher net imports

DGTR for anti-dumping duty on PVC paste resin from China, 5 others

The commerce ministry has recommended imposition of an anti-dumping duty of up to USD 707 per tonne on imports of PVC paste resin, used to make artificial leather and other technical textiles' products, from six countries, including China, for five years, with an aim to guard domestic producers. In its findings, the Directorate General of Trade Remedies (DGTR), a wing of the ministry, has concluded that 'Poly Vinyl Chloride Paste Resin' has been exported to India at a price below the normal value from certain players of the six nations -- China, Korea, Malaysia, Norway, Taiwan, and Thailand. The move has resulted in dumping of the product into Indian markets. The notification of the directorate said imports from these countries have caused material injury to the domestic industry. "The authority recommends imposition of anti-dumping duty on the imports... so as to remove the injurious effects of the dumped imports on the domestic industry," it has said. The recommended duty ranges

Trump's tax and trade plans heighten risks to economy: Irish central bank

Ireland is especially exposed to President-elect Donald Trump's pledges to slash corporate tax and incentivise industries to bring production back to the US

US raises tariffs on Chinese solar wafers, polysilicon, tungsten imports

The Biden administration plans to raise tariffs on solar wafers, polysilicon and some tungsten products from China to protect US clean energy businesses. The notice from the US Trade Representative's office said tariffs on Chinese-made solar wafers and polysilicon will rise to 50% and duties on certain tungsten products will increase to 25%, effective on Jan. 1, following a review of Chinese trade practices. The tariff increases announced today will further blunt the harmful policies and practices by the People's Republic of China," USTR Katharine Tai said in a statement. "These actions will complement the domestic investments made under the Biden-Harris Administration to promote a clean energy economy, while increasing the resilience of critical supply chains. Last week, Washington tightened restrictions on Chinese access to advanced semiconductor technology. Beijing responded by banning exports to the US of certain critical minerals needed to make computer chips, such as gallium,

Import tariffs under Trump's first term hurt US firms: NY Fed analysis

Firms exposed to trade with China in particular, about half of publicly listed companies, saw bigger stock market losses on days when import tariffs were announced during 2018 and 2019

Global cos to be affected by Trump's tariffs on Canada, Mexico, China

Chinese EV maker BYD has been scouting for locations to build a plant in Mexico but has said repeatedly that the factory will serve the domestic market

Rupee recovers from all-time low, rises 3 paise to 84.69 against US dollar

The rupee recovered from its all-time low level and settled for the day with gains of just 3 paise at 84.69 (provisional) against the US dollar in a range-bound trade on Tuesday, amid a positive trend in domestic equities. Forex traders said the rupee has been on a downtrend largely on the back of Donald Trump's rhetoric on BRICS currency, political instability in the Eurozone, weaker domestic macroeconomic indicators and unabated foreign portfolio outflows. US President-elect Trump on Saturday threatened a 100 per cent tariff on BRICS nations if they act to undermine the US dollar. Moreover, market participants are also awaiting cues from the upcoming RBI monetary policy on December 6, which will likely focus on balancing inflation and growth. At the interbank foreign exchange, the rupee opened at 84.75 and moved in a narrow range and touched an intra-day high of 84.64 and an all-time low of 84.76 against the greenback. On Monday, the rupee depreciated 12 paise to close at an ...

US manufacturing improves in Nov as orders rebound, input price gains slow

The Institute for Supply Management (ISM) said on Monday its manufacturing PMI increased to 48.4 last month from 46.5 in October, which was the lowest level since July 2023

Trump's plan of 10% import tariff likely a point for negotiation: S&P

Tariffs are unlikely to be imposed at those levels, but were Trump to follow though, the universal 10 per cent tariff could add as much as 1.8 percentage points to US inflation

EU imposes up to 35% tariffs on Chinese EVs, Beijing takes matter to WTO

Chinese state-owned automotive giant SAIC Motor will pay the top tariff of 35.3 per cent, BYD 17 per cent, and Geely 18.8 per cent, in addition to the standard 10 per cent EU import duty

India key mkt despite import duty hike: Malaysia Palm Oil Council Chief

Malaysia remains optimistic about palm oil exports to India despite recent import duty hike, with the Malaysian Palm Oil Council (MPOC) Chairman Dato Carl Bek Nielsen emphasizing the long-standing trade relationship between the two countries. In an interview to PTI, Nielsen stressed that India, being the world's largest palm oil importer, continues to be an "incredibly important market" for Malaysian palm oil. He pointed out that such tariff adjustments have occurred in the past and are part of the normal trading relationship between the two countries. "This has been done before. Duties have been raised, and duties have been reduced, and we will see that this pattern will repeat itself in the future," Nielsen said. He said that the council's approach would be based on long-term partnership rather than "short-term knee-jerk reactions." He also added that the council is "not worried" about the tariff changes because there are other countries which would want to buy Malaysian palm oi

'India not abuser, Donald Trump's claims about import duties unfair': GTRI

Think tank GTRI has criticised Donald Trump's claim that India is an "abuser" of import tariffs, noting singling out high tariff items do not present the real trade picture

Govt raises import tax on crude, refined edible oils to support farmers

The move could lift edible oil prices and dampen demand and subsequently reduce overseas purchases of palm oil, soyoil and sunflower oil

Canada follows US, Europe, in imposing 100% tariff on Chinese EVs

Prime Minister Justin Trudeau said Ottawa was acting to counter what he called China's intentional, state-directed policy of over-capacity

China's Xpeng aims to manufacture EVs in Europe to blunt import tariffs

Volkswagen AG's Chinese partner is in the initial stages of selecting a site in the European Union as part of its future plan to localise production, Chief Executive Officer He Xiaopeng said