The India-US trade deal has offered a much-needed breather for the Indian information technology (IT) industry, which has been grappling with global macroeconomic uncertainty and subdued client spending over the past few years.
The Gems and Jewellery Export Promotion Council (GJEPC) has urged the Centre to provide immediate relief measures as the tariffs imposed by the United States have started hitting the industry. US tariffs of 50 per cent on Indian goods came into effect on August 27.
Trump's post on Truth Social comes a day after the US asked G7 countries to impose tariffs on countries purchasing oil from Russia.
US Treasury Secretary Scott Bessent's remarks come ahead of a high-level summit where India and the European Union are expected to formally announce the conclusion of negotiations on a comprehensive free trade agreement.
China's ruling Communist Party is holding its annual leadership conclave to discuss the new five-year plan, the impact of US President Donald Trump's tariff war, and the ongoing anti-corruption crackdown in the military.
Donald Trump's inconsistent statements and actions regarding the conflict with Iran have drawn criticism and confusion, raising questions about American credibility and the direction of US foreign policy.
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Lavrov's comments came two days after Russia accused the US of attempting to prevent India and other countries from buying Russian oil, saying Washington was using a wide range of 'coercive' measures, including tariffs, sanctions and direct prohibitions.
'Based on the joint statement, a formal agreement will be drafted, which may take a month or month-and-a-half to finalise. We aim to sign the formal agreement by mid-March.'
Stock market benchmark indices Sensex and Nifty ended 2.5 per cent higher on Tuesday after India and the US agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent.
The US has granted India permission to buy Russian oil already in transit to ease global supply pressures amidst the West Asia conflict. This decision comes after India agreed to halt sanctioned Russian oil purchases and substitute them with US oil.
'The biggest point of contention is market access for US agricultural and dairy products.'
Trump announced that India and the US agreed to a trade deal under which Washington will charge a reduced reciprocal tariff on Delhi, lowering it from 25 per cent to 18 per cent.
On August 7, the US president announced doubling tariffs on Indian goods to 50 percent for India's purchases of Russian crude oil, but gave a 21-day window to negotiate an agreement.
Indian equities on Dalal Street saw volatility. Track Sensex, Nifty50 movement and key market drivers for Feb 25, 2026.
The India-US ties witnessed a major downturn after President Trump slapped a whopping 50 per cent tariff on Indian goods, including a 25 per cent punitive levy over Russian oil purchases.
'Uncertainty level A in the morning, uncertainty level B in the afternoon. If I answer about tariff rates now, I'll be outdated by the evening.'
The statement did not name any country. But the US has often blamed India and China for purchasing Russian oil even when there are no tariffs on Beijing for it.
India should resist knee-jerk responses to tariff volatility in the US and instead use the current geopolitical churn to build manufacturing scale at home, former G20 Sherpa and former chief executive officer of NITI Aayog Amitabh Kant said on Wednesday.
The proposed trade deal with the 27-nation European Union (EU) is expected to provide zero-duty access to the $95 billion European market for Indian textile and apparel manufacturers. Currently, India's share of the European market is just 6 per cent, or $5.5 billion.
'It's important for India to think about areas where it wants the US to move.' 'We can be far more innovative in what we ask the US.' 'Given that there's a package deal, why not do it?'
Textiles, pharmaceuticals, chemicals, engineering goods, gems and jewellery exports will receive a boost from the free trade agreement between India and the 27-nation European Union, according to exporters.
Among Sensex firms, Tech Mahindra, HCL Tech, Eternal, Axis Bank, Maruti, Tata Steel, HDFC Bank and Asian Paints were the gainers. However, Adani Ports, Trent, Tata Motors, Hindustan Unilever and NTPC were among the laggards.
"India was charging us tremendous tariffs, about the highest in the world," Trump said adding that the US was therefore not doing much business with India.
The United States action of levying 25 per cent additional tariff on Indian goods is 'unfair, unjustified and unreasonable', India said on Wednesday in a firm reaction, signalling increasing tensions between the two strategic partners over New Delhi's energy ties with Moscow.
Uttar Pradesh's leading export hubs are reeling under the impact of a steep 50 per cent tariff imposed by the US on Indian imports, with exporters warning of job losses, stalled orders and shrinking market access. Industry leaders from Noida, Kanpur and Varanasi said the tariff has put years of painstaking market-building at risk, even as protests and demonstrations erupted in several districts last week.
Jaguar Land Rover will begin assembling premium cars at its new Tamil Nadu plant on February 9, marking a step towards full-scale luxury car manufacturing in India.
The textile and apparel sector is India's second-largest employment provider, after agriculture, and it is now caught in a wave of uncertainty following the Donald Trump administration's tariff policy.
The rupee, which was the worst performing Asian currency in 2025 and also in January, was the best performing Asian currency on Tuesday.
United States Treasury Secretary Scott Bessent has warned that the secondary tariffs on India could go up if 'things don't go well' during talks between President Donald Trump and Russian President Vladimir Putin in Alaska on Friday.
Meeks, a ranking member of the House Foreign Affairs Committee Democrats, on Wednesday (local time) underscored "Congress' support for the US-India partnership," following his meeting with Indian Ambassador to the US Vinay Mohan Kwatra.
Piyush Goyal on Friday rejected reports suggesting that India is planning to hold off trade deal with the United States for several months.
The United States announced a 25 per cent tariff on India as the White House released an expansive list of duties that Washington, DC will impose on exports from countries around the world.
There are hopes of a turnaround in overall corporate earnings after six quarters of single digit growth.
Tata Steel is strategically positioned for growth, leveraging India's robust steel demand, significant cost transformation programmes, and favourable protectionist policies in the EU and UK. The company is expanding its India capacity and optimising operations in its European units to enhance profitability and reduce debt.
Foreign Portfolio Investors (FPIs) remained in a selling mode in January, withdrawing nearly Rs 36,000 crore (about $3.97 billion) as global uncertainties persisted. Meanwhile, a higher securities transaction tax (STT) proposed in the Union Budget may weigh on overseas investor participation in the near future.
Ukrainian President Volodymyr Zelenskyy has backed the imposition of tariffs on countries maintaining economic ties with Russia, saying it is the 'right idea' in the face of continued aggression by Moscow.
Chief Economic Advisor V Anantha Nageswaran on Thursday said he expects that a solution to the tariff issues with the US is likely to be arrived in the next eight to ten weeks.
Greer said that India has taken down some digital services taxes and is moving tariffs down.
The US has temporarily permitted India to accept Russian oil already on ships to ensure energy supplies amid the conflict with Iran. This short-term measure is not expected to significantly benefit Russia financially.
