General
Trump signs order for new tariffs on dozen economies; to go into effect in 7 days
The tariffs will take effect on August 7, not on the earlier Friday deadline set by Trump. A senior official, speaking anonymously, said the delay allows time to align tariff rates. The measure covers 68 countries and the 27-member EU, while nations not named in the order will face a standard 10% tariff, AP reported.
Trump Tariff News Live: Trump signs order to impose higher tariffs on dozens of economies
The US announced raising Canada trade tariffs from 25% to 35%
Brazil vows to fight Trump tariff ‘injustice’
Brazil has vowed to fight US President Donald Trump’s new tariffs on its exports, with finance minister Fernando Haddad calling the measures unjust despite some exemptions. If final talks fail, Brazil plans to appeal. The tariffs—now totaling 50%—target key exports like coffee and meat, and come amid Trump’s claims of a “witch hunt” against ally Jair Bolsonaro.
Trump tariff may dampen growing Indo-US business ties
The Trump tariff shock comes at a time when India-US business ties were gaining momentum. According to recent data from the US department of commerce, India ranked second in overseas business visitor numbers to the US this May, with around 43,000 arrivals—just behind the UK’s 50,000.
Going to prioritise our key trading partners for trade, says White House press secretary Karoline Leavitt
“Upwards of 200 countries around the world have reached out to the trade and tariff team…We are going to prioritise our key trading partners…The trade team has been working around the clock to try to be in correspondence with as many countries as possible, but if they haven’t heard from us yet, they will in the form of a letter or an executive order by midnight tonight,” she said.
Trump Tariff News Live: ‘America is BACK. America is HOT,’ says Trump
“Everybody that I speak with—money managers, business managers, CEOs—they all say the same thing: America is BACK. America is HOT, and it has everything to do with President Trump’s policies,” he said in a post on Truth Social.
Irked by India’s dogged refusal to conclude a trade deal on his terms, US President Donald Trump on Wednesday taunted New Delhi by weaponising an oil exploration deal with Pakistan, jibing that Islamabad may be selling oil to India someday. At the same time, frustrated by his inability to force Moscow to end its war on Ukraine, he also petulantly unloaded on India for buying oil from Russia, saying, “they can take their dead economies down together, for all I care.”
At a White House presser, Trump also publicly identified India’s membership of BRICS as another irritant, calling it an anti-American group that was trying to undermine the US dollar even though none of the countries in the covey have suggested as much, and he has concluded opaque or vaguely-defined trade deals with China, Brazil, and South Korea.
US President Donald Trump has warned major pharmaceutical companies to lower drug prices or risk facing serious consequences if he returns to power.
According to the White House, Trump has issued formal letters to 17 pharmaceutical firms, demanding they reduce prices for essential medicines. He also posted the letters on his Truth Social platform, declaring, “Big Pharma’s days of ripping off Americans are coming to an end.”
US President Donald Trump wants to develop ‘massive oil reserves’ with Pakistan, and has even said that India may end up being a potential buyer of this oil. Soon after announcing 25% tariffs on India, Trump revealed a trade deal with Pakistan. Exactly which ‘massive oil reserves’ Trump is referring to is yet unclear.
“We have just concluded a deal with the country of Pakistan, whereby Pakistan and the United States will work together on developing their massive oil reserves,” Trump posted on Truth Social. “We are in the process of choosing the oil company that will lead this partnership. Who knows, maybe they’ll be selling oil to India someday!” Trump said.
Despite Pakistan’s persistent claims about significant coastal petroleum deposits, no substantial progress has been made till date in extracting these resources. Pakistan continues its efforts to attract investment for resource exploitation.
Congress MP Shashi Tharoor on Thursday mocked US President Donald Trump’s claim of a deal with Pakistan to develop “massive oil reserves,” saying the Americans may be under an illusion.
“Let them look,” Tharoor remarked, adding, “I wish them luck.”
Trump had announced on Truth Social that the US had concluded a trade deal with Pakistan and would work with the country to explore its “massive oil reserves”, a claim that raised eyebrows given the lack of known large-scale oil discoveries in the region.
Trump Tariff News Live: India’s purchases of Russian oil ‘point of irritation’ in bilateral ties with US, says secretary of state Rubio
India’s purchases of Russian oil are helping to sustain Moscow’s war efforts in Ukraine and it is “most certainly a point of irritation” in New Delhi’s relationship with Washington, US secretary of state Marco Rubio said on Thursday.
“Look, global trade – India is an ally. It’s a strategic partner. Like anything in foreign policy, you’re not going to align 100 per cent of the time on everything,” Rubio said in an interview with Fox Radio.
Rubio was responding to a question on President Donald Trump’s announcement of the 25 per cent tariff on India and an additional penalty for buying Russian military equipment and energy, and how disappointed Washington is with Delhi because of this.
Rubio acknowledged India has “huge energy needs and that includes the ability to buy oil and coal and gas and things that it needs to power its economy like every country does, and it buys it from Russia, because Russian oil is sanctioned and cheap and – meaning they have to – in many cases, they’re selling it under the global price because of the sanctions.”
He added that “unfortunately, that is helping to sustain the Russian war effort. So it is most certainly a point of irritation in our relationship with India – not the only point of irritation. We also have many other points of cooperation with them.
“But I think what you’re seeing the President express is the very clear frustration that with so many other oil vendors available, India continues to buy so much from Russia, which in essence is helping to fund the war effort” and allowing this war to continue in Ukraine.
His comments came a day after Trump 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.
Trump Tariff News Live: President, trade team ‘frustrated’ with India over trade talks, says US treasury secretary
US treasury secretary Scott Bessent announced today that President Donald Trump and his trade team are “frustrated” with India’s pace in ongoing trade negotiations. His comments follow Trump’s recent declaration of a 25% tariff on all Indian goods, effective August 1st, along with potential penalties for India’s purchases of Russian crude oil and military equipment.
Bessent told CNBC that India has been “slow rolling things” despite early engagement. He also criticized India’s role as a major buyer and re-seller of sanctioned Russian oil, calling them “not a great global actor.”
This move is widely seen as a pressure tactic by the US, which has recently secured favorable trade deals with other key partners. India, meanwhile, is examining the implications and vows to protect its national interests.
US President Donald Trump said Thursday he would hold off a planned tariff hike on Mexican products and instead keep duties at existing levels for 90 days after speaking with his counterpart Claudia Sheinbaum.
“We have agreed to extend, for a 90 Day period, the exact same Deal as we had for the last short period of time,” Trump wrote in a Truth Social post. The country currently faces a 25 percent US tariff for goods not entering under a North American trade pact.
The United States has collected more tariff revenue in the first-half of 2025 than in all of last year, signalling a dramatic rise in income driven by President Donald Trump’s aggressive trade policy.
As per news agency AFP, the US treasury recorded more than $87 billion in tariff revenue through June, surpassing the $79 billion collected in the entirety of 2024.
June alone brought in $26.6 billion in tariffs, nearly four times the amount recorded in January.
Trump Tariff News Live: A dive into bilateral trade between India and the US
From 2021 to 2025, the US has been India’s largest trading partner for goods, making up roughly 18% of India’s total exports and 6.22% of its imports. In the financial year 2024-25, bilateral trade reached $186 billion, with India exporting $86.5 billion and importing $45.3 billion. This resulted in a goods trade surplus of $41 billion for India.
Including services, India’s total trade surplus with the US stood at $44.4 billion.
However, a different perspective from think tank GTRI suggests the US actually holds an overall surplus of $35-40 billion when factoring in revenue from education, digital services, financial activities, royalties, and arms trade.
US President Donald Trump lashed out Thursday at Jerome Powell after the US central bank continued to hold rates steady again, calling him “too stupid” to be Federal Reserve chairman.
“He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair,” Trump said on his Truth Social platform, after the Fed decided a day earlier to hold its key lending rate steady for a fifth straight meeting.
The imposition of a 25 per cent US tariff on Indian goods from August 1, along with an unspecified penalty over India’s continued trade with Russia, could weigh on India’s GDP growth and export prospects, experts have warned. Sectors such as pharmaceuticals, gems and jewellery, textiles, and automobiles are likely to be most affected.
While the tariff blow is expected to lower India’s GDP by up to 30 basis points, analysts believe the impact could be mitigated through an eventual trade agreement between the two countries, helped by India’s domestic demand-driven growth model.
Trump Tariff News Live: ‘PM Modi is not a Prime Minister who makes any decision under pressure’, says Maharashtra deputy CM Shinde
“India is moving towards ‘Aatma-nirbharta'(self-reliance) with confidence”
Commerce minister Piyush Goyal
‘The Government is confident that we will continue our swift journey of inclusive and consistent development towards the goal of Viksit Bharat 2047’: Commerce minister Piyush Goyal
‘In less than a decade, India came out of ‘Fragile Five’ economies and it has now become the fastest-growing economy of the world. On the basis of the hardwork of reforms, farmers, MSMEs and industrialists, we have come in the top 5 economies of the world from the 11th largest economy. It is expected that we would be the third largest economy in a few years. Today, global institutions and economists see India as a bright spot in the global economy’: Commerce minister Piyush Goyal in Lok Sabha
‘Government is examining the impact of the recent events. Ministry of commerce and industry is holding talks with exporters, industries and all stakeholders and gathering information on their assessment of this issue. Government gives utmost priority to the safeguarding of welfare of farmers, labourers, entrepreneurs, industrialists, exporters, MSMEs and stakeholders of the industrial sector. We will take all necessary steps to safeguard our national interest’: Commerce minister Piyush Goyal in Lok Sabha
‘In March 2025, India and the US started talks for a just, balanced and mutually beneficial Bilateral Trade Agreement (BTA). The goal of this was to finish the first stage of the Agreement by October-November 2025’: Commerce minister Piyush Goyal in Lok Sabha
Donald Trump says tariffs ‘Making America great & rich again’
In a recent post on Truth Social, Donald Trump lauded the impact of tariffs, claiming they are “making America GREAT & RICH Again.”
He asserted that these economic tools, previously used against the US, had a “devastating impact” on the nation’s future and survival. Now, according to Trump, the “tide has completely turned,” and America has successfully countered this. He celebrated the nation’s economic rebound, declaring that “ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE “HOTTEST”COUNTRY ANYWHERE IN THE WORLD.” He concluded with “CONGRATULATIONS TO ALL!” on what he views as a major economic success.
‘India to take all steps to protect national interests’: Commerce minister Piyush Goyal in Lok Sabha
‘Government examining implications of just announced 25 per cent US tariffs on Indian goods’ : Commerce minister Piyush Goyal in Lok Sabha
Trump Tariff News Live: Union minister of commerce and industry Piyush Goyal starts speaking in Lok Sabha on the reciprocal tariff imposed by the US
US President Donald Trump on Wednesday announced a fresh round of import tariffs on Indian goods, slapping a 25 per cent additional duties along with an unspecified penalty. The new duties, which come into effect on August 1, are being imposed in response to India’s ongoing high tariffs and purchases of crude oil and military hardware from Russia.
The announcement has come despite ongoing trade talks between the two countries, catching many by surprise and triggering volatility in financial and export markets.
Trump Tariff News Live: Major products in the trade between India and US
In 2024, trade between the US and India saw a diverse exchange of goods. India’s top exports to the US included pharmaceuticals ($8.1 billion), telecom instruments ($6.5 billion), and precious stones ($5.3 billion). Petroleum products and vehicle components also featured prominently.
Conversely, India imported significant amounts of crude oil ($4.5 billion), petroleum products ($3.6 billion), and coal ($3.4 billion) from the US.
Other major imports included cut and polished diamonds, electric machinery, aircraft, and gold.
Munjal Almoula, Head of tax, BDO India talks about US tariffs on India
“During ongoing negotiations for a trade deal between India and USA, the President of the United States has announced a 25% tariff on India (and an unspecified penalty). While the levy of additional tariff initially announced on 2nd April was deferred till 1st August to allow negotiation of trade deals with various countries, with this announcement, it is likely that the additional tariff would be imposed on exports from India, unless there is a last-minute extension of time for further negotiation,” he said.
The trade deal with USA, one of our biggest trading partners, involves navigating negotiations since there are various sensitive issues like GM crops, imports of dairy products etc., which are important for the Indian economy. Unless there is an agreement on safeguarding India’s interest on these issues as well as other similar issues such as bilateral agreement on digital services tax, stand for continuation for moratorium on customs duty on digital transmissions etc, such a deal may impact India’s interests, and we would need to carefully assess the imperative of any such trade deal,” he further added.
Trump Tariff News Live: Pharma downplays 25% tariff impact, US healthcare could feel the blow instead of India- what sector experts say
India’s pharmaceutical industry has responded strongly to Trump’s 25% tariff move, saying it will hurt US healthcare more than India. With India supplying nearly half of US generic drugs, experts warn of rising costs and shortages. They say India can pivot to other markets while the US scrambles for alternatives.
Trump Tariff News Live: Why India’s stock market has not crashed, is resilient even after 25% tariff announcement – explained
Indian stock markets recovered from an initial decline on Thursday after US President Donald Trump announced the imposition of a 25% tariff and additional penalties on India. The Nifty50 and BSE Sensex opened with a gap down but rebounded, gaining over 700 points from the day’s lows.
The tariff measures, set to take effect on August 1, position India as Trump’s primary focus in Asia, with the rates significantly higher than those imposed on Vietnam (20%), Indonesia, and the Philippines (19%) each. Market analysts attributed the swift recovery to investor confidence and expectations that the impact on key sectors would be manageable.
Despite the severe tariff announcement, the Indian stock market did not experience a prolonged downturn, reflecting resilience amid geopolitical tensions. The government’s response and potential negotiations with the US are likely factors contributing to the market’s stabilization.
Tariff News Live: Electronics sector gets 2-weeks reprieve from 25% Trump tariffs effective August 1- Here’s why
The Indian electronics sector received a two-week reprieve from the proposed US tariffs, as a crucial category pertaining to technology products remained under review amidst ongoing bilateral discussions, according to govt and industry officials quoted by news agency PTI. US President Donald Trump announced on Wednesday a 25 per cent tariff on Indian imports effective August 1, alongside an additional, unspecified penalty linked to India’s continued purchases of Russian military equipment and oil.
Trump Tariff News Live: Which sectors are at risk?
Despite India’s early engagement in trade talks with Washington after Prime Minister Narendra Modi’s crucial White House visit in February, hopes for preferential treatment relative to neighbouring nations appear to have diminished. The current scenario shows Vietnam being subject to 20% tariffs, Indonesia at 19%, and Japan at 15%.
Trump Tariff News Live: What’s the way forward?
“It is worth noting that India runs an $38 bn trade surplus with the US (in 2024). 18% of India’s overall export go to the US, valued at 2.1% of GDP ($81 bn in 2024). The main items India sells to the US are electronics, precious stones, pharmaceutical products, textiles, and machinery. The main items it buys from the US are mineral fuel, precious stones, machinery, and electronics.
At these tariff rates, if the burden of higher tariffs is equally split between Indian producers and US consumers, it could directly shave off 0.3ppt from India’s GDP growth. The penalty rate, if levied, would shave off further from growth, and there could be an indirect growth drag as well, led by lower capital inflows, investment.
Another way to interpret today’s announcement is to see it as a starting point for renewed negotiation. The Indian government’s response on staying committed to the negotiations speak to that.
As per news reports, the US-India trade deal had already reached advanced stages, but for some sticking points such as the US demanding access to sectors such as agriculture, dairy and genetically modified feed, which India was reluctant to give, given its large population dependent on agricultural income.
Then there were some other sticking points such as trade in animal-based oils, and India’s non-monetary trade barriers (import bans, licensing requirements, etc), which President Trump referred to as ‘strenuous and obnoxious’
Alongside some give-and-take in the sticking points discussed above, resolving the issue around oil purchases could guide the way forward,” says HSBC Global Investment Research.
Tariff News Live: Trump’s 25% tariff announcement
Here is what Donald Trump posted on Truth Social:
“Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country. Also, they have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!”
Tariff News Live: Trump wants India to buy oil from Pakistan
US President Donald Trump declared on Thursday that the US had reached an agreement with Pakistan for developing “massive oil reserves”, additionally suggesting potential exports to India. This announcement follows Trump’s implementation of 25% tariffs on India and his caution regarding further sanctions due to India’s ongoing trade relations with Russia in defence equipment and crude oil.
“We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves,” he posted on TruthSocial. He even suggested that in future India may buy oil from Pakistan.
“We are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they’ll be selling Oil to India some day!” he added.
Trump Tariff News Live: India’s first reaction
“The Government has taken note of a statement by the US President on bilateral trade. The Government is studying its implications.
India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective.
The Government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs.
The Government will take all steps necessary to secure our national interest, as has been the case with other trade agreements including the latest Comprehensive Economic and Trade Agreement with the UK,” the Ministry of Commerce & Industry read.
Tariff News Live: Negative development was anticipated
“Given the escalating rhetoric around Russia-Ukraine negotiations, some form of adverse development was anticipated. However, the fine print of this announcement remains crucially important—the specifics of the additional ‘penalty’ beyond the 25% tariff may determine the actual economic impact.
Two fundamental aspects merit emphasis. First, in today’s rapidly evolving global scenario, policy positions are rarely final. Second, markets consistently demonstrate remarkable adaptive capacity—even under adverse conditions, economic actors innovate and new equilibria emerge.
Finally, sustaining the growth momentum will ultimately depend on the ability to innovate while deepening economic partnerships across the global landscape. The current situation reinforces the wisdom of our multi-alignment approach in an increasingly multipolar world order,” says Rishi Shah, Partner and Economic Advisory Services Leader, Grant Thornton Bharat.
Donald Trump Tariffs: Rates For Different Countries – Where Does India Stand?
Tariff News Live: Rs 5 lakh crore lost in just 15 minutes! Nifty50, BSE Sensex recover from lows – top reasons for fall
Nifty50 and BSE Sensex, the Indian equity benchmark indices, sharply dropped in trade after US President Trump announced a 25% tariff plus additional penalty on India. While Nifty50 went below 24,700, BSE Sensex was down 600 points intraday. At 11:01 AM, Nifty50 was trading at 24,725.40, down 130 points or 0.52%. BSE Sensex was at 81,034.50, down 447 points or 0.55%.
Trump Tariff News Live: ‘Busy day’ at White House with 25% tariff on India; ‘dead economies’ jibe, trade deal with Pak & more – Key points
It was a “busy day” at the White House on Wednesday as President Donald Trump rolled out a series of key announcements, including a 25% tariff and additional penalties on Indian goods, despite repeatedly calling India and Prime Minister Narendra Modi “friends.” At the same time, he offered to assist India’s hostile neighbour Pakistan in developing its “massive oil reserves,” even suggesting that Pakistan might export oil to India in the future. Later, Trump escalated his tone, remarking that India and Russia could “take their dead economies down together.”
Trump tariff impact on stock market: Sensex down 500 points
Sock market opened at a low with Nifty50 and BSE Sensex, the Indian equity benchmark indices, dropping sharply after US President Trump announced 25% tariff plus additional penalty on India.
Tariff News Live: Feroze Azeez, Joint CEO, Anand Rathi Wealth Limited gives insight on US’ 25% tariffs
“The announcement of a 25% tariff on Indian goods, while higher than anticipated, broadly falls within the 15–20% range that markets had been bracing for. In that sense, it is not entirely unexpected. What requires close monitoring is the structure of the additional penalty linked to arms and energy imports from Russia, which remains undefined at this stage. From a technical standpoint, this move could weigh on near-term export competitiveness and trigger currency volatility if sentiment deteriorates. That said, the overall trade and investment relationship between India and the U.S. still has room for improvement and is not yet in a worrisome zone. The Indian market is currently being driven largely by domestic investors, and FIIs are almost 85% short. Therefore, a major sell-off is not expected. Some volatility is likely, any dips wil be buying opportunities for investors with even 2-3 year time frames as we have already had a 10 month time correction,” he said.
Trump Tariff News Live: Aditi Raman, Associate Economist, Moody’s Analytics speaks on impact of US tariffs
“The US has announced a 25% tariff on Indian exports, down just one percentage point from what was announced in April, plus potential secondary sanctions for importing Russian oil. While the US is India’s largest trade partner, the Indian economy is relatively more domestically oriented than most of the region and relies far less on trade. Pharmaceuticals, gems, and textiles are key sectors that are likely to be hit. A point of contention is market access to the key agricultural and dairy sector, which India has historically been reluctant to grant,” she said.
India caught in US-Iran crossfire: Trump administation orders sanctions against 6 companies over oil trade; $220 million worth of deals under scanner
The US has sanctioned six Indian companies for allegedly engaging in significant petroleum and petrochemical trade with Iran, in violation of American sanctions.
The firms include Alchemical Solutions, Global Industrial Chemicals, Jupiter Dye Chem, Ramniklal S Gosalia and Company, Persistent Petrochem, and Kanchan Polymers.
Alchemical Solutions faces the largest allegation, with imports of Iranian petrochemical goods worth over $84 million in 2024. The sanctions freeze any US-linked assets and prohibit American entities from conducting business with these firms. The action is part of a broader enforcement against 20 global entities under the US’s “maximum pressure” strategy on Iran.
Companies may appeal their designation to the US Treasury’s Office of Foreign Assets Control.
‘India and Russia can drag their dead economies down together’ says Trump; gives warning to Ex-Russian President
US President Donald Trump criticised India and Russia on Thursday, suggesting that the two nations could “take their dead economies down together.” In a post on Truth Social, Trump stated, “I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India — their tariffs are too high, among the highest in the world. Likewise, Russia and the USA do almost no business together.”
Donald Trump Tariffs News Live Updates: The new tariff rate for India is a percentage less than what Trump announced for India on April 2 ‘Liberation Day’. Back then India was facing a 26% tariff rate. Trump has also said India’s BRICS membership is an additional factor for imposing tariffs on it.
Trump has attacked India’s economic relations with Russia. “I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together. Let’s keep it that way, and tell Medvedev, the failed former President of Russia, who thinks he’s still President, to watch his words. He’s entering very dangerous territory!” he posted on Truth social.
Meanwhile Trump is also sealing trade deals with other countries. A 15% tariff has been announced on South Korea. Deals with Japan, EU, Philippines, Indonesia, and Vietnam have already been announced.
Aditi Raman, Associate Economist, Moody’s Analytics
“The US has announced a 25% tariff on Indian exports, down just one percentage point from what was announced in April, plus potential secondary sanctions for importing Russian oil. While the U.S. is India’s largest trade partner, the Indian economy is relatively more domestically oriented than most of the region and relies far less on trade. Pharmaceuticals, gems, and textiles are key sectors that are likely to be hit. A point of contention is market access to the key agricultural and dairy sector, which India has historically been reluctant to grant.”