Describing the India-United States relationship as 'very complicated', US Treasury Secretary Scott Bessent on Wednesday hoped that 'at the end of the day, we will come together.'
"I understood tariffs better than any human being in the world. And now with my tariffs, they were all dropping them. India was the most highly tariffed nation... And you know what, they've offered me no tariffs in India anymore. No tariffs," Trump said.
Markets face risk of a prolonged bear phase as oil shocks and geopolitical tensions test inflation, growth and investor confidence globally, points out Debashis Basu.
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.
US President Donald Trump received a red carpet welcome in Beijing for talks with Chinese President Xi Jinping on trade, the Iran war, and other key issues. The visit underscores the importance both nations place on their relationship amid ongoing tensions.
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.
In trade negotiations, as in chess, sometimes you need to accept a temporary disadvantage to secure a better long-term position, points out Sonal Varma, chief economist (India and Asia ex-Japan) at Nomura.
Communication channels between India and the US are open to resolve the ongoing tariff issues, and the glitch in trade ties is only temporary, given the long-term relationship between the two nations, government sources said on Wednesday. The US' 50 per cent tariffs on Indian exports to America came into effect from August 27, barring a few sectors.
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."
US President Donald Trump's call to Prime Minister Narendra Modi signals a concerted effort to reset strained Washington-New Delhi ties, with a focus on 'big-ticket' energy and trade deals, including increased Indian imports of US LNG and LPG, and potential cooperation on small modular reactors.
The popularity of US President Donald Trump is waning with approval ratings at its lowest, according to former diplomat Mahesh Sachdev, who notes that with two-thirds of Americans not approving of a continuation of the war on Iran, Trump faces the risk of being impeached.
State governments have requested the Centre for export incentives, lifting of import duty in the case of cotton for the textile sector and GST exemptions.
The statement comes even as Tehran links the issue to ongoing efforts to bring a complete end to hostilities in West Asia involving the United States and Israel.
India has expressed serious concerns about the West Asia crisis and its potential impact on energy supplies and maritime stability, urging BRICS nations to find practical solutions to geopolitical challenges and unilateral sanctions.
Industry leaders urge India to pursue diplomatic talks with the US, strengthen manufacturing, and consider China ties to gain leverage against tariff pressures.
Chinese President Xi Jinping warned US President Donald Trump that mishandling the Taiwan issue could trigger conflicts between the two countries during wide-ranging talks on trade, Iran, and energy security.
India and the US have decided to reschedule their meeting to finalize the interim trade pact due to recent developments and implications, including changes in US tariffs.
US President Donald Trump announced a new global levy on imported items, resulting in a lower tariff rate for India, following a Supreme Court verdict against his previous sweeping tariffs.
High US tariffs are expected to affect close to 8 per cent of India's overall auto component production, ratings firm Icra said on Wednesday. Indian auto component exporters are at a relative disadvantage compared to most other Asian exporting nations, highlighting the importance of concluding an India-US bilateral trade agreement, it added.
'Engaged in very fruitful discussions to expand our trade and economic partnership.'
Indian Pharmaceutical Alliance (IPA) on Friday said US President Donald Trump's move to impose 100 per cent import tariffs on pharmaceutical drugs from October 1 will impact only patented and branded products, not generic medicines.
US President Donald Trump warned India about potential tariffs for continuing to purchase oil from Russia, claiming he received assurances from Prime Minister Narendra Modi that India would halt such purchases.
Former White House official John Bolton suggests that tariffs imposed on India by the US for purchasing Russian oil may have unintended consequences, potentially driving New Delhi closer to Beijing and Moscow.
'The biggest point of contention is market access for US agricultural and dairy products.'
From the Sensex firms, HCL Tech, Infosys, Power Grid, Tata Consultancy Services, HDFC Bank, Hindustan Unilever, Bharti Airtel and ICICI Bank were among the major laggards. However, Titan, Larsen & Toubro, Maruti and Axis Bank were among the gainers.
Indian benchmark equity indices, Sensex and Nifty, experienced a decline in early trade, ending a three-day rally, primarily due to heavy selling in IT stocks and concerns over prolonged instability in West Asia.
External Affairs Minister S Jaishankar has called on Brazil, Russia, India, China, South Africa (BRICS) to defend the multilateral trading system amid increasing protectionism and tariff volatility during a meeting of the bloc's foreign ministers in New York on the sidelines of the United Nations General Assembly session.
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.
The United States Trade Representative (USTR) office on Wednesday launched a sweeping investigation into manufacturing and industrial practices in 16 economies, including India, citing concerns over what it calls 'structural excess capacity' that could distort global trade. Announcing the move on a White House press call, Jamieson Greer said the probe would be conducted under Section 301 of the Trade Act of 1974, one of Washington, DC's most powerful trade enforcement tools.
Hotel room rates in Ahmedabad have increased significantly ahead of the India-New Zealand T20 World Cup final, with some tariffs rising by 300-400%. The surge is driven by high demand from cricket fans travelling to the city for the match.
Hotel room rates in Ahmedabad have increased significantly ahead of the India-New Zealand T20 World Cup final, with some tariffs rising by 300-400%. The surge is driven by high demand from cricket fans travelling to the city for the match.
Ahead of trade talks between Indian and United States officials in Delhi, White House trade advisor Peter Navarro said India, which has the 'highest tariffs' of any major country, is 'coming to the table'.
'In all these years of rupee depreciation, of rising oil prices, of inflation caused by import dependence, not one leader had the courage to look the people in the eye and say: Please do this for your country.'
Despite initial pressure from the West Asia conflict, analysts are optimistic about the Indian hospital sector's outlook, citing strong demand drivers and ongoing expansion plans that are expected to fuel significant revenue growth over the next few years.
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.
'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?'
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.
Trump's post on Truth Social comes a day after the US asked G7 countries to impose tariffs on countries purchasing oil from Russia.
Indian benchmark equity indices, Sensex and Nifty, snapped a three-day rally, tumbling nearly 1 per cent due to heavy selling in IT stocks, a jump in crude oil prices, foreign fund outflows, and fears of prolonged instability in West Asia.
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.
