Page 2 - Tariff

Secondary tariffs on India 'economic leverage' to end Russia war: Vance

Vice President J D Vance on Sunday said President Donald Trump has applied aggressive economic leverage such as secondary tariffs on India to force Russia to stop bombing Ukraine. Vance was speaking during an exclusive interview on NBC News' Meet the Press when he also said the step would make it harder for the Russians to get rich from their oil economy. The Trump administration has been highly critical of India for its procurement of discounted crude oil from Russia. Interestingly, Washington has not been criticising China, the largest importer of Russian crude oil. India has been maintaining that its energy procurement, including from Russia, is driven by national interest and market dynamics. Vance remained confident the US can broker an end to the war between Russia and Ukraine despite potential hang-ups that have emerged since President Trump's meeting this month with Russian President Vladimir Putin, NBC News said. We believe we've already seen some significant concessions

Indian envoy, US lawmakers discuss trade, energy security amid tariff row

Indian envoy Vinay Mohan Kwatra on Friday discussed mutually beneficial trade engagement and energy security with US lawmakers amid tariff tensions between Washington and New Delhi. The Indian ambassador met Senator Bill Hagerty and thanked him for consistent and strong support to the India-US partnership. Briefed him on continuing bilateral discussions for fair, balanced and mutually beneficial trade engagement, the Indian envoy posted on social media. He also shared perspectives on India's energy security and the growing trade between India and the US in hydrocarbons with Senator Hagerty. Kwatra also held a productive conversation with Congressman Greg Landsman and briefed him on developments in bilateral trade engagement. Briefed him on recent developments in bilateral trade engagement and energy security, and the growing hydrocarbon partnership between our countries, he posted on social media. Earlier, Kwatra met with Rep Josh Gottheimer, Ranking Member of the National Securi

China opposes US plan to impose up to 50% tariffs on India: Amb. Feihong

China fully opposes the US move of imposing tariffs of up to 50 per cent on India and Washington's threat to increase it, Chinese envoy Xu Feihong said here on Thursday. In his address at an event here, Feihong also said that tariff and trade "wars" were disrupting the global economic and trade system. The Chinese envoy's remark assumes significance as it comes amid a thaw in Sino-India ties. India and China on Tuesday unveiled a series of measures for a "stable, cooperative and forward-looking" relationship that included jointly maintaining peace along the frontier, reopening border trade, promoting investment flows, and resuming direct flight connectivity at the earliest. The announcements aimed at realising the "full" development potential of the two Asian giants came amid growing estrangement in ties between India and the US over President Donald Trump's policies on trade and tariffs. India and China listed the measures in a joint document after Chinese Foreign Minister Wang Y

Trump says 'we'll see what happens' on August 12 deadline for China tariffs

US Treasury Secretary Scott Bessent has said that Washington has the makings of a deal with China and he was "optimistic" about the path forward

Trade ties must not compromise policy sovereignty, says Jayant Chaudhary

Union Minister Jayant Chaudhary on Friday said national interest is paramount and trade diplomacy cannot be at the cost of policy sovereignty, days after the US ratcheted up tariffs on Indian goods to 50 per cent. Addressing a skills summit organised by FICCI here, the minister said the government is sensitive and allied to the strong support and solidarity extended by the Indian industry. "Currently the global economy appears to be in a flux. Of course we need full support from the industry. This is the kind of conversation and you could almost call it a battle that the government of India is currently engaged in, but we have decided that trade diplomacy cannot be at the cost of policy sovereignty," the minister for Skill Development and Entrepreneurship said. Last week, US President Donald Trump had announced 25 per cent tariff on India that came into effect from August 7. Later, Trump also signed an executive order slapping an additional 25 per cent levy on India for New Delhi's

Trump's sweeping new tariffs take effect, fuelling global trade tensions

The latest monthly measure of inflation showed that appliances, clothing and furnishings became more expensive in June

Watch | PM Modi on Trump tariffs: Ready to pay heavy price for our farmers, fishermen | Trade war

Prime Minister Narendra Modi has responded to Donald Trump’s reciprocal tariff, saying India will not compromise on the interests of its farmers, fishermen, or dairy farmers

Trump tariff impact: Govt hopeful US will modify tariffs downwards

Despite tensions over tariffs, India continues diplomatic engagement with the US and remains hopeful that the White House will reconsider its 25% tariff on Indian goods

Tariffs drive June inflation rise in US, delaying Fed rate cut hopes

The personal consumption expenditures (PCE) price index rose 0.3 per cent last month after an upwardly revised 0.2 per cent gain in May, the Commerce Department's Bureau of Economic Analysis said

EU plans retaliation strategy as US hardens trade stance before deadline

The overwhelming preference is to keep negotiations with Washington on track in a bid for an outcome to the impasse ahead of next month's deadline

India's goods exports may face pressure in fiscal 2026 amid tariffs: Crisil

Ratings firm CRISIL said that India's goods exports are likely to face some headwinds in fiscal 2026, as reciprocal tariffs imposed by the US are seen to aggravate this. With the tariff hikes expected to come into effect from August, India and the US are negotiating on a bilateral trade agreement and a key monitorable, the report said. The World Trade Organisation forecasts a 0.2 per cent decline in the volume of merchandise trade in 2025 compared to 2.9 per cent in 2024. The report said global growth is expected to slow down to 2.9 per cent in 2025 from 3.3 per cent. Growth in the US, India's largest export destination, is projected to slow to 1.7 per cent from 2.8 per cent. Accordingly, India's merchandise trade is expected to come under pressure this fiscal. However, the current account deficit (CAD) is expected to stay in the safe zone at 1.3 per cent of the GDP in the current financial year. The surplus in services trade, a robust flow of remittances is expected to cushion

Stocks fall, dollar up as Trump plans 25% tariffs on Japan, South Korea

Trump announced in April a 10 per cent base tariff rate on most countries and higher "reciprocal" rates ranging up to 50per cent, with an original deadline of this Wednesday

Tariff deadline extension: US nears trade deals, says Donald Trump

In April Trump unveiled a base tariff rate of 10 per cent on most countries and additional duties ranging up to 50 per cent, although he later delayed the effective date for all but 10 per cent until

EU hopes for Trump tariff deal by July 9 deadline after 'good exchange'

It was not immediately clear, however, whether there had been a meaningful breakthrough in talks to stave off the imposition of sweeping tariff hikes on the United States' largest trading partner

Donald Trump aims to shut trade loopholes China uses to evade tariffs

The agreement slaps a 20 per cent tariff on Vietnamese exports to the US and a 40 per cent levy on goods deemed to be transshipped through the country

Trump warns of July 9 tariff hike as Treasury Chief Bessent hints delay

Asked if the mid-July deadline was set in stone, Trump suggested he could even shorten the timeline for trading partners seeking deals

Amid reciprocal tariff row, NITI Aayog backs 'dual-track' India-US trade

In the aftermath of 'reciprocal tariffs' by the US, India should adopt dual-track approach and selectively reduce high tariffs on non-sensitive agricultural commodities imports from Washington, while also strategically offer concessions where domestic supply gaps exist, a NITI Aayog working paper has said. The Aayog in a working paper, titled 'Promoting India-US Agricultural Trade Under the New US Trade Regime', said that India's agricultural sector needs safeguards, to ensure price stability for both producers and consumers, against excessive volatility in international markets. "A dual-track approach is essential now. In the short term, India should consider to selectively reduce high tariffs on non-sensitive imports and negotiate non-tariff safeguards on vulnerable segments such as poultry," the paper said. It noted that sudden announcement of "reciprocal tariffs" and enhanced market access for US exports following re-election of Donald Trump as President of the United States in

Gold price dips ₹10 to ₹95,170, silver price falls ₹100 to ₹99,700

The price of 22-carat gold declined ₹10, with ten grams of the yellow metal selling at ₹87,190

'Zero-for-zero' tariff under proposed India-US BTA unlikely: Report

A 'zero-for-zero' tariff strategy under the proposed bilateral trade agreement between India and the US is unlikely, as the two countries are at different levels of economic development, official sources said. Certain trade experts have suggested that India can propose a 'zero-for-zero' tariff strategy to the US for addressing America's reciprocal tariff hikes. An official said that zero-for-zero tariffs can be possible between the US and the European Union (EU) as both are developed and advanced nations. The India-US agreement will always be a "package" deal that could include issues such as goods and non-tariff barriers, the official said adding "it does not happen like this that if he will do 'zero' in electronics, we will also do in electronics. Trade agreements do not happen like this. It is a wrong thinking". India and the US have been engaged in negotiating a bilateral trade agreement (BTA) since March. Both sides have targeted to conclude the first phase of the pact by fall

Trump's tariffs take effect: India faces 26% tax on exports, China 104%

With Donald Trump's sweeping tariffs kicking in, India's key exports are now taxed at 26%, while China faces a staggering 104% levy-sparking fears of a global trade war