Page 9 - Trump Tariff

Higher US tariffs may trim India's GDP growth by 30 bps: Barclays

The 25 per cent US tariffs, plus a penalty for Russian imports, could dent India's GDP growth by 30 basis points in the current fiscal, but the higher duty is unlikely to significantly affect India's domestic demand-driven economy, Barclays said on Thursday. If the 25 per cent tariff, announced by US President Donald Trump on Wednesday, is implemented from August 1, the effective average US import tariff on Indian goods will rise to 20.6 per cent in trade-weighted terms, as per Barclays estimates. This is sharply higher than both the pre 'liberation day' tariff rate of 2.7 per cent and the 90-day pause tariff rate of 11.6 per cent. In contrast, India's import tariff on US goods is lower, at 11.6 per cent in trade-weighted terms. Barclays said that given the relatively closed nature of the Indian economy, wherein domestic demand is the mainstay of growth. "We do not see this 25 per cent tariff threat impacting GDP growth meaningfully, pegging the likely impact at 30 bp. We expect ..

US policy towards India has taken 'unfortunate turn', says Kaushik Basu

According to him, the US now takes India for granted as never before

Triumphant in trade talks, Trump, his tariffs still face challenge in court

President Donald Trump has been getting his way on trade, strong-arming the European Union, Japan and other partners to accept once unthinkably high taxes on their exports to the United States. But his radical overhaul of American trade policy, in which he's bypassed Congress to slam big tariffs on most of the world's economies, has not gone unchallenged. He's facing at least seven lawsuits charging that he's overstepped his authority. The plaintiffs want his biggest, boldest tariffs thrown out. And they won Round One. In May, a three-judge panel of the US Court of International Trade, a specialised federal court in New York, ruled that Trump exceeded his powers when he declared a national emergency to plaster taxes tariffs on imports from almost every country in the world. In reaching its decision, the court combined two challenges one by five businesses and one by 12 US states into a single case. Now it goes on to Round Two. On Thursday, the 11 judges on the US Court of Appe

Trump tariff on Indian goods to raise drugs costs in US: Pharmexcil

Pharmaceuticals Export Promotion Council of India (Pharmexcil) on Thursday said President Donald Trump's imposition of a 25 per cent tariff plus unspecified penalty on all goods coming from India starting August 1, will result in increased costs for essential drugs in the US, ultimately harming consumers and healthcare systems in the country in the long term. The US market, heavily reliant on India for Active Pharmaceutical Ingredients (APIs) and low-cost generics, faces a daunting challenge in finding alternative sources that can match the scale, quality, and affordability that India offers, Pharmexcil Chairman Namit Joshi said in a statement. President Donald Trump on Wednesday announced the imposition of a 25 per cent tariff on all goods coming from India starting August 1, plus an unspecified penalty for buying Russian crude oil and military equipment. Reacting to the development, Joshi said India has long been a cornerstone of the global supply chain for affordable, high-qualit

Trump's tariffs threaten to deepen India's $248 bn stock market rout

India's stock benchmark has lagged most major global peers this year amid concerns over a slowdown in its economy and corporate earnings

Trump signs order to impose 50% tariffs on Brazil over Bolsonaro probe

President Donald Trump signed an executive order Wednesday to impose his threatened 50 per cent tariffs on Brazil, setting a legal rationale that Brazil's policies and criminal prosecution of former President Jair Bolsonaro constitute an economic emergency under a 1977 law. Trump had threatened the tariffs on July 9 in a letter to President Luiz Inacio Lula da Silva. But the legal basis of that threat was an earlier executive order premised on trade imbalances being a threat to the US economy. But America ran a $6.8 billion trade surplus last year with Brazil, according to the US Census Bureau. A statement by the White House said Brazil's judiciary had tried to coerce social media companies and block their users, though it did not name the companies involved, X and Rumble. Trump appears to identify with Bolsonaro, who attempted to overturn the results of his 2022 loss to Lula. Similarly, Trump was indicted in 2023 for his efforts to overturn the results of the 2020 US presidential .

Trump hints at 20-25% tariffs on Indian goods, says deal not final yet

As India and the US race to finalise a trade deal by August 1, Trump warned that tariffs on Indian exports could go up to 25%. However, he added that no final decision had been made

Bangladesh offers to buy 25 jets from Boeing to sway Trump on tariffs

Dhaka last week also signed an initial agreement with US wheat growers to import 700,000 tonnes of the grain annually over five years

Trump's meeting with key European official comes as tariff deadline nears

Donald Trump is meeting Sunday with European Commission President Ursula von der Leyen, taking a break from golfing in Scotland to discuss trade as both sides seek an agreement on tariff rates now that the White House's deadline to impose stiff tariff rates is looming. Trump played golf Saturday at his course in Turnberry on the southwest coast of Scotland and is expected to hit the links again frequently during his five-day visit. On Tuesday, he'll be in Aberdeen, in northeast Scotland, where his family has another golf course and is opening a third next month. Trump and his son Eric are planning to help cut the ribbon on the new course, where public tee times starting Aug. 13 are already on offer. The visit with von der Leyen is expected to be behind closed doors and few further details have been released. Leaving the White House on Friday, Trump said we have a 50-50 chance, maybe less than that, but a 50-50 chance of making a deal with the EU. He said the deal would have to buy

China's stealthy solar exports stay one step ahead of US trade tariffs

In recent months, Batam, a duty-free Indonesian enclave a short ferry ride from Singapore, has become a key waypoint in a convoluted global shuffle

India-US trade deal negotiations pushed beyond Donald Trump's deadline

A team of officials from Washington DC will visit India for a sixth round of negotiation, around a month after negotiators from both sides wrapped up the fifth round of talks in Washington last week

US actions pushing countries to seek dollar alternatives for trade: GTRI

US President Donald Trump has proposed a 10 per cent tariff on all BRICS nations for conducting trade in non-dollar currencies, overlooking that such moves were prompted by Washington's own economic and geopolitical actions, economic think tank GTRI said on Friday. BRICS members are India, Brazil, Russia, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia, and Iran. The Global Trade Research Initiative (GTRI) said the US sanctions and SWIFT bans on countries like Russia, Iran, and Venezuela, have blocked dollar-based payments, forcing nations like India and China to trade in local currencies with Russia. SWIFT is a global messaging system that routes payment instructions between banks worldwide. "The shift from dollar wasn't a revolt; it was the only route left," GTRI Founder Ajay Srivastava said, adding "over 90 per cent of Russia-?China trade is now settled in rubles or yuan; India pays for Russian oil in rupees and dirhams; even Saudi Arabia is o

'No change': Trump reaffirms Aug 1 tariff deadline, rules out extensions

US President Donald Trump confirms 25% tariffs on Japan, South Korea from August 1, rejecting delays. Reciprocal duties target 50+ countries as trade talks stall; retaliation warnings issued

Trump's tariff deadline arrives, set to bring clarity to global trade ties

Heading into the final days before the July 9 deadline, negotiators are scrambling to come up with trade pacts

Asian stocks wobble, dollar edges down with July 9 tariff deadline in focus

The dollar retraced some of Thursday's gains with US markets already shut for the week, as traders considered the impact of the sweeping spending bill Trump is about to sign into law

Trump's Vietnam deal signals China tariffs unlikely to ease further

Chinese goods face 55% tariffs, likely through August. Under the Vietnam deal, the US will impose 20% tariffs on Vietnamese exports and 40% on transshipped goods to curb Chinese tariff evasion

Japanese manufacturers slightly more optimistic amid Trump tariff worries

Business sentiment among large Japanese manufacturers has improved slightly, according to a survey by Japan's central bank released Tuesday, although worries persist over US President Donald Trump's tariffs. The Bank of Japan's quarterly tankan survey said an index for large manufacturers rose to plus 13 from plus 12 in March, when it marked the first dip in a year. The survey is an indicator of companies foreseeing good conditions minus those feeling pessimistic. Major manufacturers include auto and electronics sectors, whose exports to the US drive the Japanese economy. US auto tariffs are a worry for major manufacturers like Toyota Motor Corp, but some analysts note global auto sales have held up relatively well in recent months. The US has imposed 25 per cent tariffs on auto imports. Japanese automakers have plants in Mexico, where Trump has announced a separate set of tariffs. The US has also imposed 50 per cent tariffs on steel and aluminum. Japanese officials have been talk

Trump threatens Japan with tariff, aims for trade deals after July 4

Trump's latest round of brinkmanship with Tokyo on Monday comes just over a week before a July 9 deadline for higher tariffs to restart for dozens of trading partners, including Japan

Trump trade deals likely to fall short as tariff deadline approaches

Agreements with as many as a dozen of the US's largest trading partners are expected to be completed by the July 9 deadline, top Trump advisers said this week

Trump's tariffs seen raising US car prices by nearly $2,000 per vehicle

The firm expects auto companies to pass along 80 per cent of the cost of Trump's tariffs, which it calculates as $1,760 more per car