2:18 PMDonald Trump's reciprocal tariffs: Trump tariffs threaten $8.2 bn US dairy exports amid uncertainty
President Donald Trump’s trade war is threatening US dairy exports just as the industry needs new markets for its booming production, according to a Bloomberg report.
America exported about $8.2 billion of dairy products last year, the second-highest on record, according to the US Department of Agriculture. Companies have built and expanded factories with the hope of shipping even more. China and Canada have already imposed retaliatory tariffs on some dairy from the US, raising the risk of crippling the industry’s overseas prospects.
2:03 PMDonald Trump's reciprocal tariffs: List of countries in 'Dirty 15' to be hit hardest by reciprocal tariffs
Here's a list of countries that will be the most impacted by Donald Trump's reciprocal tariffs:
- China
- European Union
- Mexico
- Vietnam
- Ireland
- Germany
- Taiwan
- Japan
- South Korea
- Canada
- India
- Thailand
- Italy
- Switzerland
- Malaysia
- Indonesia
1:49 PMDonald Trump's reciprocal tariffs: Automakers reported stellar sales ahead of Trump's tariffs
The major car companies say sales rose sharply in March, with most reporting double-digit gains. For some companies, the strong performance last month helped make up for a sluggish start to the year.
Automakers sold nearly 1.6 million vehicles in the US in March, up 13.6 per cent. That brought total sales for the first quarter to more than 3.9 million vehicles, Motorintelligence.com said Tuesday. Almost all automakers saw a surge in sales of electric vehicles.
1:14 PMDonald Trump's reciprocal tariffs: Rupee retreats from year-to-date peak as US tariffs looms
The Indian rupee weakened on Wednesday, retreating from a year-to-date peak hit last week, with traders expecting the currency to maintain a downward bias in the run up to sweeping US tariff announcements later in the day, reported Reuters
The rupee was at 85.6025 against the US dollar, down nearly 0.2 per cent on day, kicking off a week truncated by local holidays on Monday and Tuesday.
12:40 PMUS Treasury flags ‘Dirty 15’ nations for new tariffs over unfair trade practices
US Treasury Secretary Scott Bessent recently named a group of nations as the "Dirty 15," referring to countries that, according to the administration, impose high tariffs and trade barriers against US goods. The countries with the largest goods trade deficits with the United States include China, the European Union, Mexico, Vietnam, Ireland, Germany, Taiwan, Japan, South Korea, Canada, India, Thailand, Italy, Switzerland, Malaysia, and Indonesia.
These nations contribute significantly to the US trade imbalance and are likely to face the most substantial tariff increases.
12:08 PMDonald Trump's reciprocal tariffs: Oil steadies as market awaits fresh US tariffs
Oil prices steadied in thin trading on Wednesday after falling in the previous session on concerns that new US tariffs, set to be unveiled at 2000 GMT, may deepen a global trade war that could limit crude demand.
Brent futures were unchanged at $74.49 a barrel by 0622 GMT after slipping 0.4 per cent on Tuesday. US West Texas Intermediate crude futures rose 3 cents to $71.23 after dropping 0.4 per cent. Prices settled at their highest in five weeks on Monday.
11:37 AMDonald Trump's reciprocal tariffs may impact agri, machinery, pharma, electrical, chemical sectors: Experts
Goods from sectors, including agriculture, precious stones, chemicals, pharma, medical devices, electricals, and machinery may get impacted if the US will go ahead with imposing reciprocal tariffs on Indian products, according to experts.
They said that these sectors could face additional customs duties from the Trump administration because of the high tariff differential or gap, which is the difference between the import duties imposed by the US and India on a product.
At the broad sector level, the potential tariff gaps between India and the US vary across the sectors.
11:32 AMDonald Trump tariffs: Senate Democrats vote to reverse Trump's tariffs on Canada, tests Republican support
As President Donald Trump's "Liberation Day" of implementing reciprocal tariffs gets closer, Senate Democrats are now putting Republican support for some of those plans to the test, by forcing a vote to nullify the emergency declaration that underpins tariffs on Canada.
11:08 AMDonald Trump reciprocal tariffs: Dollar firms as Trump's tariff plan keeps traders on edge
The dollar firmed a touch and other currencies held in tight ranges on Wednesday as traders anxiously awaited details of US President Donald Trump's tariff plans later in the day that could set the tone for markets in the near term.
The euro last bought $1.07875 while sterling fetched $1.2914, both easing slightly ahead of a White House Rose Garden announcement scheduled for 2000 GMT that will likely see the imposition of dramatic new duties that could upend the global trade system.
10:57 AMDonald Trump tariffs: 'Time for reciprocity', says White House on India's 100% tariff on agriculture products
'Time for reciprocity,' claims White House press secretary Karoline Leavitt on Tuesday (IST). Her remarks came after she noted that India imposes a 100 per cent tariff on US agricultural products. The remarks are in line with the reciprocal tariffs' deadline which ends today and is likely to impact several countries.
She also noted, "the high levies charged by other countries make it 'virtually impossible' for US products to be exported to those markets. Unfortunately, these countries have been ripping off our nation for far too long, and they’ve made, I think, their disdain for the American workers quite clear.”
10:32 AMDonald Trump reciprocal tariff: New era of uncertainty rolls out for global economy
US President Donald Trump is set to announce the reciprocal tariffs on Wednesday at 4 pm ET (around 1:30 am on April 3, IST). These tariffs will upend the postwar global trading system, while posing difficult-to-predict economic risks for nations. The move has left investors, executives, government officials, and consumers across the globe worried and guessing as to what lies ahead.
10:27 AMTrump tariff impact: Cong's Renuka Chowdhury moves suspension of business notice to discuss tariffs on India
Congress MP Renuka Chowdhury on Wednesday moved suspension of Business Notice in Rajya Sabha to discuss the impact of US Tariffs on India which are slated to come in effect from today.
Expressing concern over the tariff, Renuka Chowdhury moved the notice to discuss India's policy to counter the impact on economy. She added that government policy has been "undefined, directionless and clueless."
9:58 AMDonald Trump reciprocal tariffs: Economic implications
Economists warn that the tariffs could lead to higher prices for consumers and potential disruptions in global supply chains.
According to an S&P analysis, India, South Korea, and Thailand could be among the most vulnerable to these tariffs.
9:35 AMDonald Trump tariffs: Peter Navarro believes tariffs will raise $6 trillion, $100 bn from auto tariffs
Peter Navarro, senior counsellor to President Donald Trump and White House aide estimates that Trump’s tariffs are likely to bring $6 trillion in revenue in the next ten years. Assuring the US consumers, he echoed Trump administration's stance that the tariffs will not be paid by US consumers but by businesses in other countries or the countries themselves.
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