Page 59 - Latest Updates on Trump tariffs

'India needs to dodge trade diversion risk due to steel tariff challenges'

India needs to be watchful of any increased risk of trade diversion into the country due to changing global tariffs, top steel industry executives said reacting to the tariff-related announcement by the US. Major steel players JSW Steel and AMNS India said there is a need to implement necessary trade measures proactively as every country is protecting their industry. US President Donald Trump on Friday told Pennsylvania steelworkers that he would double the tariff on steel imports to 50 per cent to protect their industry, a dramatic hike that could further increase prices for a metal used to make housing, autos and other goods. In a post later on his Truth Social platform, he said aluminum tariffs would also be doubled to 50 per cent, and both tariff hikes would go into effect Wednesday. "We need to implement necessary trade measures proactively and in time," JSW Steel Joint MD and CEO Jayant Acharya told PTI. Sharing his views, the industry leader said there is likely to be incre

EU threatens countermeasures over Trump's steel, aluminium tariffs hike

The European Commission said it "strongly" regrets Trump's plan to increase tariffs, adding it undermines ongoing efforts to reach a negotiated solution

Doubling tariff on steel, aluminium by US to impact Indian exporters: GTRI

US President Donald Trump's announcement to double tariffs on imported steel and aluminium will impact Indian exporters, as it would hurt their profitability, think tank GTRI said on Saturday. On May 30, Trump announced that he would double the existing 25 per cent tariffs on steel and aluminium imports from June 4. This hike comes under Section 232 of the US Trade Expansion Act of 1962, a law that allows the president to impose tariffs or other trade restrictions if imports are deemed a threat to national security. Trump originally invoked this provision in 2018 to set the 25 per cent tariff on steel and 10 per cent on aluminium. He raised tariffs on aluminium to 25 per cent in February 2025. For India, the consequences are direct, the Global Trade Research Initiative (GTRI) said. In 2024-25, India exported USD 4.56 billion worth of iron, steel, and aluminium products to the US, with key categories, including USD 587.5 million in iron and steel, USD 3.1 billion in articles of iro

China's factory activity contracts in May amid trade tensions, PMI at 49.5

While the manufacturing index indicated sector growth, the new orders index remained below 50, signalling ongoing weakness despite some improvement

Will double tariffs on foreign steel from 25% to 50%, says Trump

Trump had gone to the plant near Pittsburgh to champion an expected deal between US Steel and Japan's Nippon Steel Corp.

India's GDP expands 7.4% in Q4 to meet annual growth estimates of 6.5%

Nominal GDP for FY25 grew at single digit at 9.8 per cent to Rs 330.7 trillion, slightly higher than Rs 324.1 trillion factored in the Budget

No indications of US market slowing due to tariff, says TVS SCS MD

The tally of our Fortune 500 customers increased from 78 to 91 in the last one year, Ravi Viswanathan said

US consumer spending rises slightly in April amid tariff uncertainty

The report from the Commerce Department on Friday suggested the economy struggled to rebound early in the second quarter

Rupee snaps two-month rally; reverses early gains to end lower at 85.36/$

Indian Rupee today: The domestic currency ended 6 paise lower at 85.36 against the US dollar, after closing at 85.52 on Thursday

Shrimp export volume growth to stay flat in FY26 due to US tariffs: Crisil

Indian exporters are expected to face stronger competition in low-value-added segments like raw, frozen, and peeled frozen shrimp, according to the Crisil report

Asian shares mostly decline as uncertainty grows about Trump tariffs

Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a US court blocked many of President Donald Trump's sweeping tariffs. Japan's benchmark Nikkei 225 lost 1.4 per cent in morning trading to 37,892.39. Government data showed Tokyo core inflation, excluding fresh food, accelerating to a higher-than-expected 3.6 per cent in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates. Australia's S&P/ASX 200 was little changed, inching down less than 0.1 per cent to 8,404.50. South Korea's Kospi declined 0.6 per cent to 2,703.64, ahead of a presidential election set for next week. Hong Kong's Hang Seng slipped 1.4 per cent to 23,235.94, while the Shanghai Composite shed 0.3 per cent to 3,353.07. On Wall Street, the S&P 500 rose 0.4 per cent on Thursday after giving up more than half of an early gain. The Dow Jones Industrial Average added 117 points, or 0.3 per cent, and the Nasdaq composite rose 0.4 per ...

15% tariff for 150 days: Trump admin prepares 'Plan B' after court ruling

Provisions under the rarely used US Trade Act of 1974 allow the Trump administration to impose short-term tariffs of up to 15% for 150 days to address trade imbalances

Rupee snaps three-day fall; opens at 85.36/$ as dollar revival fizzles out

Indian Rupee today: The domestic currency opened 16 paise stronger at 85.36 against the US dollar, after ending at 85.52 on Thursday

Trump's tariffs to remain in effect after appeals court grants stay

Wednesday's surprise ruling by the US Court of International Trade had threatened to kill or at least delay the imposition of Trump's so-called Liberation Day tariffs on imports

US court terms Trump tariffs illegal; India says trade deal on track

Speaking at the CII Annual Business Summit here on Thursday, Union Commerce Minister Piyush Goyal stressed that the deal with Washington remains "well on track"

On India Inc's radar: Operation Sindoor, US tariffs and AI impact

Beyond defence issues, Rajnath Singh also touched upon broader issues clouding the economic landscape, linking the increasingly fractious global order marked with rising conflicts

Trump admin tightens China chip curbs by targeting design software

The Trump administration this year banned Nvidia from selling its H20 chips to Chinese customers, the third round of such restrictions since 2022

LeT militants apprehended, RBI report, Trump tariffs blocked, Elon Musk quits DOGE & more

Speaking at an event today, Air Chief Marshal Amar Preet Singh expressed concern over persistent delays in India’s defence projects.

Rupee slips for third straight day on Trump tariff ruling; ends at 85.52/$

Indian Rupee today: The domestic currency closed 16 paise weaker at 85.52 against the US dollar, after ending at 85.36 on Wednesday

Stock Market close highlights: Sensex up 320 pts, Nifty at 24,833; Metal, Realty indices gain 1%

Sensex Today | Stock Market close highlights, Thursday, May 29, 2025: On the sectoral front, barring FMCG and PSU Banks, all other sectoral indices settled in green