Page 6 - Us Tariff Hikes

Rubio, Wang call for dialogue and cooperation amid US-China tensions

US Secretary of State Marco Rubio and Chinese Foreign Minister Wang Yi agreed Friday to explore areas of potential cooperation between Washington and Beijing, and stressed the importance of managing differences, following their first in-person meeting as they wrapped up a two-day regional security forum in Malaysia. Rubio and Wang met Friday on the sidelines of the Association of Southeast Asian Nations, or ASEAN, regional forum in Kuala Lumpur, Malaysia, as tensions between the two global powers continue to rise over trade, security, and China's support for Russia's war in Ukraine. Look, we're two big, powerful countries, and there are always going to be issues that we disagree on, Rubio told reporters after the meeting. "I think there's some areas of potential cooperation. I thought it was very constructive, positive meeting and a lot of work to do. Both sides need to build better communications and trust, he said. Rubio also indicated that a potential visit to China by US Presid

Govt quells fears of US tariff threat on Russian crude oil import

Points to deepening India-US trade; diversified crude flows in as counterbalance

India revises WTO retaliatory duties as US hikes steel, aluminium tariffs

India has revised its proposal to impose retaliatory duties under the WTO (World Trade Organisation) norms against the US over American tariffs on steel and aluminium in view of the further hike in duty by the Trump administration. The US first imposed 25 per cent tariffs on imports of aluminium, steel and derivative articles on March 12. Again, on June 3, the taxes were hiked to 50 per cent. "Without prejudice to its earlier notification to the Council for Trade in Goods and the Committee on Safeguards dated May 12, India reserves its right to adjust the products and tariff rates. This request is made in response to the increase in the tariff rate by the US from 25 per cent ad valorem to 50 per cent," the WTO has said in a communication on Wednesday. This was circulated among WTO members at the request of India. It said that the proposed suspension of concessions or other obligations can take the form of an increase in tariffs on selected products originating in the US. "The ...

Trump's Brics tariff warning puts India-US trade deal on shaky ground

The remarks came just a day after the US leader said he was close to finalizing a trade deal that New Delhi hopes would give it reprieve from 26 per cent reciprocal tariffs

No impact of 50% copper tariffs on Indian companies, says industry

The proposed 50 per cent import tariff on copper announced by US President Donald Trump will not have any impact on Indian companies as the country is copper-deficient, according to an industry official. Also, Coal and Mines Minister G Kishan Reddy on Wednesday said India will discuss the impact of US tariffs on copper. International Copper Association India Managing Director Mayur Karmarkar said, "India is a copper-deficient country, and its export, as such, is not significant. Again, of the total exports, the shipments to the US are just around 10,000 tonnes." The proposed duty, as a result, will not have any impact on the Indian firms, particularly as the domestic demand is extremely buoyant, given India's thrust on renewable energy, EVs, and a host of other copper-intensive sectors, Karmarkar said. US President Donald Trump on Tuesday announced 50 per cent tariffs on copper, after having implemented similar duties on steel and aluminium. A vision document released by G Kishan

Donald Trump's tariff 'blank check' must be curbed: Businesses to US court

A group of small businesses that won an order finding President Donald Trump's sweeping global tariffs illegal urged a federal appeals court to uphold that decision and block the trade levies

Govt may allow GM animal-feed imports from US in proposed trade deal

Indian and US officials have been engaged in intense negotiations over last few days to iron out differences in a bid to secure a deal before a July 9 deadline

India may benefit from lower US tariffs than other APAC economies: Moody's

India may be subject to lower tariffs than many countries in the Asia Pacific, which could help the economy attract further investment and become a global manufacturing base, Moody's Ratings said on Thursday. In its outlook on Asia Pacific sovereigns, Moody's Ratings said many export-reliant APAC economies were hit with very high US tariffs in April. While negotiations will likely lead to some reduction in tariffs and other trade barriers on a bilateral basis, policy uncertainty is challenging investment decisions and disrupting trade. Uncertainty about trade policy and a potential overhaul of global trade have raised cyclical and possibly structural credit risks in APAC, it said, adding that economies like Vietnam and Cambodia, which benefited from a diversification of investment and manufacturing out of China and now face high US tariffs, are particularly at risk. "In contrast to countries like Cambodia and Vietnam, India has the potential to emerge as a beneficiary of a ...

Oil futures, options hit record Q2 volumes amid global market turmoil

Significant volatility in the second quarter had global benchmark Brent crude futures dropping to a four-year low of $60.23 a barrel on May 5 and then surging to $78.85 on June 19

Trump's tariffs may cost US employers $82.3 bn, hit retail hard: Analysis

An analysis finds that a critical group of US employers would face a direct cost of USD 82.3 billion from President Donald Trump's current tariff plans, a sum that could be potentially managed through price hikes, layoffs, hiring freezes or lower profit margins. The analysis by the JPMorganChase Institute is among the first to measure the direct costs created by the import taxes on businesses with USD 10 million to USD 1 billion in annual revenue, a category that includes roughly a third of private-sector US workers. These companies are more dependent than other businesses on imports from China, India and Thailand and the retail and wholesale sectors would be especially vulnerable to the import taxes being levied by the Republican president. The findings show clear trade-offs from Trump's import taxes, contradicting his claims that foreign manufacturers would absorb the costs of the tariffs instead of US companies that rely on imports. While the tariffs launched under Trump have yet

India-US trade deal to be finalised soon: White House Press Secretary

White House says President Trump will soon announce India-US trade deal; talks ongoing in Washington amid concerns over tariffs, GM crops, dairy and data localisation

US tariff revenue hits record high in May, helping cut budget deficit

The Treasury Department recorded $23 billion in customs-duties revenue for May, according the agency's monthly budget statement

US trade deficit narrow downs sharply in April as tariffs cut imports

Mr. Trump has imposed tariffs on a variety of industries and trading partners since coming into office in January, raising the US tariff rate to levels not seen in a century

US delegation in India to discuss trade pact: What will be on agenda?

A high-level US delegation visits New Delhi to advance bilateral trade negotiations, focusing on tariff reductions, market access, and resolving disputes ahead of July 9 deadline

India weighs 3 options as US doubles safeguard duties on steel, aluminium

Retaliation, WTO action, or talks - three options on the table

Jamie Dimon warns of stagflation risk amid US economic uncertainty

Dimon's comments expand on remarks he made in recent , when he warned against complacency and said recession remains a possibility, adding that many of the effects of the tariffs are yet to be seen

India-US trade pact talks moving forward smoothly: Commerce Secretary

India and the US are making steady progress on a bilateral trade deal, with high-level talks scheduled in Washington as both nations explore early wins and deeper economic cooperation

Goyal to lead team of officials to Washington for trade talks from May 16

Commerce and Industry Minister Piyush Goyal will lead a team of senior Indian officials to Washington starting May 16 for discussions with their US counterparts on the proposed bilateral trade agreement (BTA), an official said on Tuesday. Goyal is expected to hold meetings with US Trade Representative (USTR) Jamieson Greer and US Commerce Secretary Howard Lutnick during his visit. The four-day talks come against the backdrop of both countries exploring the possibility of an interim trade arrangement in goods to secure "early mutual wins" ahead of finalising the first phase of the trade agreement by fall (September-October) this year. Through these discussions, officials from New Delhi and Washington aim to take advantage of the 90-day tariff pause window to advance the talks. The US has suspended the additional 26 per cent tariffs on India till July 9. It was announced on April 2 to bridge the widening trade deficit. However, the 10 per cent baseline tariff imposed on the countrie

India offers steep tariff cuts to speed up trade pact talks with Trump

India has offered preferential access to nearly 90% of goods imported from the United States, including the reduced tariffs, one of the two officials said

Bitcoin surpasses $100,000 amid wide-ranging US-UK trade deal optimism

By midday, bitcoin was trading at $101,402.19, a 4.8 per cent gain on the day. The world's biggest cryptocurrency has clawed its way back into positive territory for the year