Page 3 - Latest Updates on Trump tariffs

US imposes tariffs of 10-12.5% on imports from 60 trading partners

Goods from some 10 trading partners deemed to have adopted forced-labor restrictions will be subject to 10% tariffs, including India, Mexico, the UK and Canada

US proposal to impose tariffs on generic medicines could impact India: GTRI

The proposed steep tariffs announced by the US on generic medicines could significantly affect India's largest pharmaceutical export market, economic think tank GTRI said on Wednesday. However, it said that the impact is unlikely to be uniform. "Many Indian generic medicines sell for seven to ten times less than branded alternatives. Even after a 100 per cent tariff, many products could remain cheaper than branded medicines, meaning much of the additional cost would likely be passed on to US healthcare providers, insurers and patients rather than immediately eliminating Indian exports," it said. It added that the greatest pressure is expected to fall on higher-value generic formulations and branded generics, where manufacturing in the United States could become commercially viable. "The proposed tariffs could significantly affect India's largest pharmaceutical export market," Global Trade Research Initiative (GTRI) founder Ajay Srivastava said, adding that India should also reduce

Trump's 200% tariff plan on generic drugs: What it means for India

Donald Trump has proposed phased tariffs of up to 200% on imported generic drugs by 2028 to boost US manufacturing. Here's why the move matters for India's pharma sector and bilateral trade

Trump set to impose fresh tariffs by July 24 with stopgap to expire

The Trump administration last month proposed new tariffs of at least 10 per cent on 60 trading partners, citing what it said were lax forced-labor standards

Trump announces 100% tariff on imported generic drugs from August 2028

Trump has seized on the cost of drugs as a key driver of affordability concerns ahead of the 2026 midterm elections

Trump tariff policy 'wildly successful', more coming, says USTR Greer

The US tariff policy has been "wildly successful," and the Trump administration was planning such measures to replace those overturned by the Supreme Court, US Trade Representative Jamieson Greer said. Greer, in an interview with The New York Times, said the Trump administration had changed the US trade policy of 70 years in the past year and the new measures have resulted in reducing the trade deficit and reshoring of businesses. "They are. Yeah. I think we've been wildly successful," Greer said to a question on whether the tariff regime was delivering results. Greer said the administration acted quickly because it viewed America's widening trade deficit as an economic emergency that required decisive action. "At the end of the day, we are winning in changing the trade policy. We're winning in getting the trade deficit down. We're winning in reshoring. We're winning in wages. We're winning on all these things. So I'm happy with where we are and where we're going," he said. Accord

Trump imposes 50% tariffs on most Canadian goods, cites unfair trade

US President Donald Trump on Monday imposed 50 per cent tariffs on most Canadian goods, declaring that Canada has unfairly discriminated against American autos, alcohol and dairy products. The move could unleash a new wave of economic chaos, with risks of higher inflation and further fraying of relations between two nations that had been closely woven together before Trump's return to the White House. The administration official previewing the action said that Canada was one of the only nations other than China that retaliated against Trump's previous tariffs and must be held accountable. The official insisted on anonymity on a call with reporters to preview the president's actions and said that Trump signed three proclamations to launch the tariffs under Section 338 of the 1930 Trade Act. Several Democratic lawmakers last year proposed repealing the section because they said Trump could use it to destabilize the economy. The 50 per cent tariffs would exclude energy products, potash

US imposes 25% tariff on some Brazilian imports over unfair trade practices

The United States is imposing 25% tariffs on imports from Brazil after finding a range of what it deemed unfair trade practices by the world's 10th-biggest economy. The tariffs, which were first proposed last month, will take effect July 22. The order exempts some goods that are not produced in the US or that officials worry would disrupt supply chains. Exempted products include coffee, beef, oranges and orange juice, some oil and gas energy products and aerospace parts and components. The Office of the US Trade Representative concluded after a yearlong investigation that Brazil had a range of unfair trade practices, including lax anti-corruption enforcement and unfair tariffs of its own, among other practices seen as unreasonable and unfair. The US, however, has had a goods trade surplus with Brazil for years. US Trade Representative Jamieson Greer said in a statement that the action was necessary to ensure American workers and companies compete on a level playing field. "Exten

An unreasonable Bill: Tariffs on Russian oil importers make no sense

A proposed US Bill targeting buyers of Russian oil could disrupt India's energy security and trade, even as West Asia tensions threaten global oil supplies

US cuts India tariff threat from 500% to 100% under Russia sanctions bill

The revised US Senate bill cuts tariffs on buyers of Russian oil-India, China, Slovakia, Hungary and Azerbaijan-from 500% to 100%, while expanding sanctions on Russia

Trump tariff defeat is market tailwind 'no one is talking about'

Analysts say refunds of tariffs struck down by the US Supreme Court could boost corporate earnings, cash flows and shareholder returns, even if the benefit is one-off

India pushing for preferential market access in US trade deal: Piyush Goyal

Commerce Minister Piyush Goyal said negotiations on the US trade deal are taking longer than expected due to a 50% tariff on Indian goods, while India continues to seek preferential market access

Trump rebuilds US tariff wall, reshaping global trade winners and losers

US Trade Representative Jamieson Greer's trip to India this week may provide a preview of what countries with deals should expect

US appeals court allows Trump's 10% global tariff to stay in force for now

The US government can continue collecting the 10% worldwide tariff it imposed in February while legal challenges to the levies continue to work their way through the courts, a federal court ruled Thursday. The Court of Appeals for the Federal Circuit in Washington decision handed a procedural win to the Trump administration, concluding that its case was "likely to succeed on the merits.'' At issue are temporary 10% worldwide tariffs President Donald Trump imposed after the Supreme Court in February struck down even broader double-digit tariffs the president had imposed last year on almost every country on Earth. The new tariffs, invoked under Section 122 of the Trade Act of 1974, are set to expire July 24. Section 122, which had never been used to justify import taxes before, allows the president to impose worldwide tariffs of up to 15% for 150 days, after which congressional approval is needed to extend them. Section 122 is aimed at what it calls "fundamental international payment

US refunds $22 bn in tariffs after court setback to Trump's trade policy

Administration began processing refunds in April after the Supreme Court ruled that President Trump didn't have the authority to impose tariffs using the International Emergency Economic Powers Act

As US refines tariff refund system, who gets to apply is under dispute

A federal judge questioned a US Customs and Border Protection official Tuesday about the government's process for refunding billions of dollars in tariffs that importers paid before the Supreme Court ruled that President Donald Trump illegally imposed higher duties on goods from most other countries. Court of International Trade Judge Richard Eaton said he wanted to hear details that would help him decide whether to order the government to speed up and expand its system for issuing tariff refunds. Eaton praised the online system that CBP developed to process refund claims, saying it was working well and that he believed the government wanted to return all of the import tax money it collected without constitutional authority to do so. But he said a Justice Department appeal of his order requiring the agency to refund all companies that paid tariffs, not just those that filed lawsuits, threatened to derail the process. "Sometimes lawyers push legal positions beyond what is useful for

Best of BS Opinion: Credit, AI risks in BFSI, and Bengal's transition

From challenges in retail credit access and the fallout of Donald Trump's tariff policies to banking cybersecurity, regional connectivity and Indonesia's cultural landscape, today's opinions offer wid

A year of tariffs: Donald Trump's trade policy impoverishes US workers

New evidence from economists at Morgan Stanley sheds light on how US firms that are exposed to tariffs are changing their behaviour

Best of BS Opinion: USTR tariff threats deepen trade uncertainty

From fresh US tariff threats and fiscal policy constraints to the future of television broadcasting and the legacy of Shastri Bhawan, here are today's top Opinion insights

USTR proposes 12.5% extra tariff on India amid trade deal negotiations

The proposed tariff action, linked to a Section 301 investigation into forced labour import prohibitions, comes as Indian and US officials negotiate a bilateral trade agreement in New Delhi