Amidst escalating tensions with Iran, the US has granted India a temporary 30-day waiver to continue purchasing Russian oil, aiming to stabilise global energy markets and encourage future US oil imports by India.
Despite India's electric passenger vehicle market experiencing an 83.6% year-on-year surge in FY26, new foreign entrants VinFast and BYD have significantly outpaced Tesla, which struggles with high import duties, a limited retail footprint, and a lack of local manufacturing commitment.
As one of the federal appeal courts in the United States ruled that most of tariffs imposed by Trump administration are not accordance with the laws, US President Donald Trump on Friday (local time) affirmed that all tariffs imposed on the countries will remain in effect, calling a recent ruling by a 'highly Partisan Appeals Court' incorrect.
Indian companies, however, are now paying a premium of $6-$7 a barrel for Russian oil, compared with discounts of $8-$10 a barrel before the start of the conflict.
Commerce and Industry Minister Piyush Goyal announced that an interim trade agreement between India and the US is likely to be signed in March and operationalised in April, with chief negotiators meeting in Washington to finalize the details.
Commerce and Industry Minister Piyush Goyal on Sunday said Indian goods will have a competitive advantage in US markets compared to products from China and other competitor countries, which face higher levies, following the reduction in reciprocal tariffs to 18 per cent.
Trump made the announcement in response to what he described as China taking "an extraordinarily aggressive position on trade" by sending "an extremely hostile letter to the world."
'Trump says India will buy over $500 billion of US goods.' 'At present, India's annual imports of goods and energy from the US are under $50 billion.' 'Reaching $500 billion would likely require more than 20 years, suggesting the figure refers to a long-term aspiration rather than a near-term commitment.'
Both countries commit to provide each other preferential market access in sectors of respective interest on a sustained basis
The crisis may not be as visible this time, but the stakes are just as high, points out Rajeswari Sengupta.
The White House has revised a fact sheet on the interim trade deal between the United States and India, removing the reference to "pulses" from the list of American products on which India would eliminate or reduce tariffs. The revised sheet also changed "committed" to "intends" regarding India's purchase of American products.
Donald Trump claims his use of tariffs prevented a nuclear war between India and Pakistan, a claim India has repeatedly refuted.
The imposition of a 100 per cent tariff by the US on imports of branded and patented pharmaceutical products starting October 1 may not significantly hurt Indian drug makers, with Sun Pharma being exposed to some headline risk but with limited earnings impact, according to analysts. Among Indian companies, only Sun Pharma has sizeable sales from patented drugs in the US (about 17 per cent of 2024-25 revenue), HSBC Global Investment Research said in a report.
India's merchandise exports to the US contracted 21.77 per cent to $6.6 billion in January due to high tariffs imposed by America, according to the Commerce Ministry data. Exports contracted in September, October and December last year also. However, it rose 22.61 per cent in November.
Senior Congress leader Shashi Tharoor says US tariffs are negatively impacting India, leading to job losses, and criticizes President Trump's diplomatic behavior.
US and India will promptly implement this framework and work towards finalising the interim agreement with a view to concluding a mutually beneficial bilateral trade agreement.
The tariff removal will lower prices of Harley's large-displacement imported motorcycles, which retail between 14.5 lakh and 45.8 lakh but after the duty cut volumes are expected to remain modest.
The turning point came with the appointment of Sergio Gor as the US ambassador to India.
'Traders and exporters will have to explore alternative markets.'
Speaking to reporters aboard Air Force One, Trump stated, "We have a deal," referring to the trade pact which will be routinely extended. "Every year we'll renegotiate the deal, but I think the deal will go on for a long time, long beyond the year. We'll negotiate at the end of the year," he added.
Donald Trump's tariffs, meant as political punishment, have avoided the predicted chaos, lifting US growth, weakening rivals, and letting him claim victory in a resilient global economy, observes T T Ram Mohan.
The delegations from the US and Iran head to Islamabad on Friday, carrying a ceasefire that is already fraying, a Strait that is technically open and practically closed, and a negotiating agenda that would challenge even parties actually negotiating in good faith, which these groups are not. Prem Panicker continues his must read blog on the Iran War.
The deal shifts the US posture towards India from hostile to neutral, and that matters for growth, points out T T Ram Mohan.
Gold imports climbed 349.22 per cent to $12.07 billion in January, while silver imports rose 127 per cent to $2 billion.
Brave statements such as we will continue to be the fastest growing large country are of no consolation, because the direction of trade also determines the flow of investment, points out M Govinda Rao.
'We will be able to anticipate the full picture of the impact after August, which is also the time when demand for a year begins to peak ahead of the December holidays and Valentine's Day.'
India and the US are expected to sign the first phase of a bilateral trade agreement by mid-March, which will result in the US lowering import duties on Indian goods. India will then begin reducing import duties on certain US goods.
India and the US are expected to sign the first phase of a bilateral trade agreement by mid-March, which will result in the US lowering import duties on Indian goods. India will then begin reducing import duties on certain US goods.
New Delhi will substantially reduce tariffs on industrial and agricultural goods while continuing to protect sensitive sectors. Tariffs on some agricultural products that are not traditionally considered sensitive will be brought down to zero, while in the case of relatively sensitive items, duties will be reduced in a graded manner and quotas will be imposed.
The Trump administration has told the US Supreme Court that it imposed tariffs against India for purchasing Russian energy products as part of its strategy to address the war in Ukraine.
The European Union's (EU's) offer to slash tariffs on 97.5 per cent of Indian chemical exports to zero is set to give India's pharmaceutical and medical device firms preferential access to the European markets.
The country's exports rose marginally by 0.61 per cent to $36.56 billion in January, while trade deficit widened to a three-month high of $34.68 billion, government data showed on Monday.
Equity benchmark indices Sensex and Nifty experienced a significant decline, primarily driven by a selloff in IT stocks due to concerns about AI disruption and renewed worries over global trade.
President Trump announces 100% tariffs on movies made outside the US, potentially impacting the Indian film industry. The move follows similar tariffs on pharmaceutical products.
Ratings firm Crisil said on Wednesday that the uncertainties surrounding the US tariffs might be a new hindrance to capital expenditure decisions in the current financial year. The additional 25 per cent tariff imposed by US President Donald Trump on India for its purchases of Russian oil came into effect on Wednesday, bringing the total amount of levies imposed on New Delhi to 50 per cent.
India and the US have entered a new phase in their relationship, marked by greater parity, point out Harsh V Pant and Vivek Mishra.
Trump said California has been particularly "hard hit" because of this, blaming democrat Gavin Newsom, the Governor of California, for this loss, calling him "weak and incompetent."
Customs officials at Delhi's Indira Gandhi International Airport have thwarted two separate gold smuggling attempts, seizing over 3.17 kg of gold worth approximately Rs 4.35 crore and arresting three foreign nationals.
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.
'Just as we cannot surrender the interests of our farmers and dairy industry, Trump is also looking for markets for the produce of the farmers in the Midwest, which are his support base.'
