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The damage was heaviest in companies whose supply chains are most dependent on overseas manufacturing. Apple Inc., which makes the majority of its US-sold devices in China, fell as much as 9.5%. Lululemon Athletica Inc. and Nike Inc., among companies with manufacturing ties to Vietnam, were both down more than 12%. Target Corp. and Dollar Tree Inc., retailers whose stores are filled with products sourced outside of the US, were trading lower by more than 10%.

dispute settlement system, say experts. US President Donald Trump on April 2 announced reciprocal tariffs ranging from 10-49 per cent on about 60 countries, including India and China. It will come into effect from April 9. International trade expert Abhijit Das said that these duties clearly violate the World Trade Organisation (WTO) rules. He said it breaches both MFN (most favoured nation) obligations and the bound rate commitments and a WTO member country has all the right to approach the WTO's dispute settlement mechanism. A government official said that the US has stated in its executive order for these tariffs that America has imposed import levies on national security grounds. The WTO appellate body, the highest platform for dispute resolution, is not functional at present.

U.S. President Donald Trump imposed a series of sweeping tariffs on countries around the world that could drastically alter the landscape of global trade, and consumer goods like iPhones could be among the hardest hit, analysts said on Thursday. Most iPhones are still made in China, which was hit with a 54% tariff. If those levies persist, Apple has a tough choice: absorb the extra expense or pass it on to customers. Shares of the company were down more than 8% in the wake of the tariff announcements, putting them on track for their worst day since September 2020. Apple sells more than 220 million iPhones a year; its biggest markets include the United States, China and Europe.

Kanye West is making headlines once again, but this time over a surprise business move. Struggling financially and rumored to have marriage issues with Bianca Censori, the rapper is allegedly turning to an adult toy line to revive his wealth. The gesture has got people talking, and the issue of its viability along with that of Censori's motivation has raised concerns, as per a report.

Donald Trump's close ally Elon Musk stint with the government may probably end soon. The world’s richest person’s government service hitting its legal limit in the coming weeks, meaning Musk will reportedly step down as Department of Government Efficiency (DOGE) chief by the end of May. “He’s got a big company to run … at some point he’s going to be going back,” Donald Trump told reporters on Monday. “I’d keep him as long as I could keep him,” the president added. Amid this, US Vice President JD Vance said Musk will continue to be a «friend and adviser» to the Trump administration- even after his stint at DOGE is up. ALSO READ: Real reason why Trump's 'first buddy' Elon Musk is quitting DOGE in four months

Grand National Festival, one of Britain’s biggest horse racing events, is scheduled to begin on Thursday, April 3 and will run until Saturday, April 5. The event will feature high-stake races and top-tier competitors. The festival promises a thrilling spectacle for racing enthusiasts. Apart from the action on the track, ITV7 is offering a massive jackpot prize pool of £200,000 across the three days. As per reports, racing fans can enter the Jackpot contest for free via the ITV7 app or website. All the people must do is pick seven horses each day for a chance to win the prize.

import duties by the US on the global trade and not take any action in a hurry as America may itself face problems from its domestic industry, government sources said. US President Donald Trump on April 2 announced reciprocal tariffs ranging 11-49 per cent on about 60 countries, including India and China. It will come into effect from April 9. The official said there are both challenges and opportunities for India as many of its competitor countries in exports, such as China Vietnam, Bangladesh, Cambodia and Thailand, face higher duties. «As a country we need to watch the situation and need not be in a hurry. This is something new that has happened. It is unprecedented. The US industry too would be angry from this move and challenges will also be there. We need to wait, observe, and and see because we should not rush to conclusion that this is it for the future. We need to see what is there in store on their side,» one of the sources said. The duties announced by the US are aimed at cutting down its trade deficit and boost manufacturing. On the 27 per cent duty on India, they added that only 6-7 sectors like shrimp and carpet could face challenges from the steep taxes, but majority of other sectors like pharma and electronics would get opportunities to increase shipments as competitor nations would face higher duties than India.

Ford has launched a discount campaign in an attempt to attract more buyers and cruise through the competition, as other vehicle manufacturers hike prices in order to cover the increased tariffs on imported cars and auto parts. The initiative was rolled out on Thursday as President Donald Trump's 25 per cent tariffs on imported cars and auto parts came into force.

global trade war. The 10-year Treasury yield fell by 11 points to 4.085 per cent. This is the lowest level in six months while the two-year yield dropped by 9.5 basis points to 3.809 per cent. The broader bond market, as per reports, echoed this trend, with the 30-year Treasury yield slipped to 4.44 per cent. The 1-year Treasury yield declined to 3.957 per cent. The fall in yields is an indicator of the shift in investor sentiment towards safer assets amid looming economic uncertainty.

FIFA president Gianni Infantino on Thursday said the US was the sole bidder for the 2031 Women's World Cup, while the 2035 tournament will be hosted by the UK. The announcement by Infantino was made during the 49th UEFA Congress in Belgrade, Serbia, The Athletic reported.

Donald Trump on Thursday said that the US economy would emerge «far stronger» even as markets went down globally after the reciprocal tariffs. Taking to social media platform Truth, Trump said, «The operation is over! The patient lived and is healing. The prognosis is that the patient will be far stronger, bigger, better and more resilient than ever before.» White House Press Secretary Karoline Leavitt also reassured US markets. «To anyone on Wall Street this morning, I would say, 'Trust in President Trump.' This is a president who is doubling down on his proven economic formula,» she said while speaking with CNN. She said the tariffs, which include 10 percent across the board levies on imports and steeper barriers on several countries including India, meant «the United States is no longer going to be cheated by foreign nations.»

Subscribe to enjoy similar stories. New Delhi: As the US has announced about 27% tariff on imports from India, petroleum products exports to the country are set to witness a major impact going ahead, said sector experts. A bulk of the petroleum exports to the US from India comprises of petrol or gasoline.

Subscribe to enjoy similar stories. Mumbai: Indian equities, bonds and currency showed some resilience even as US president Donald Trump’s reciprocal tariffs sent global markets into a tailspin. Trump fired up global trade tensions by announcing a baseline 10% tariff on all imports starting 5 April, with additional reciprocal tariffs on specific countries from 9 April.

Subscribe to enjoy similar stories. For opponents of free trade, Donald Trump’s ‘Liberation Day’ may seem like ‘vindication day.’ The world’s top power, the US, which generates a quarter of the globe’s output, took an inward turn that ‘nuked’ the aim of open borders for commerce. Globalization, which had long wobbled along, suddenly looks skeletal.

Donald Trump’s sweeping new tariffs, the White House said on Wednesday. The exemption will come as a relief to the U.S. oil industry, which had expressed concerns that new levies could disrupt flows and raise costs on everything from Canadian crude oil serving Midwest refineries to European cargoes of gasoline and diesel to the eastern seaboard, as per a report. Trump on Wednesday announced he would impose a 10 per cent baseline tariff on all imports to the United States and higher duties on dozens of the country's biggest trading partners, deepening a trade war that he kicked off on his return to the White House, Reuters reported. The trade protections, however, do not apply to energy imports from Canada or Mexico – which are already exempted under the United States-Mexico-Canada Agreement free trade deal – nor do they apply to energy imports from any other country, a White House official said, as per the report. Canada and Mexico are the two largest sources of imported crude oil to the United States, while Europe is a significant source of imported fuel to the U.S. East Coast, which has a dearth of oil refineries, Reuters reported.

Donald Trump's most recent wave of tariffs is all set to rattle the economy. His trade war has just gotten personal for one of his closest allies. With new tariffs going into effect on "Liberation Day," Amazon founder Jeff Bezos might be among the most affected, and his retail empire could face a heavy financial blow. As economists warn about rising costs and economic downturns, the Amazon founder faces significant challenges.

Nasdaq and S&P 500 futures were down 3.3% and 3%, respectively, at the time of reporting today (3 April), hours after Trump's 'Liberation Day' sent shockwaves across the ocean, according to data from MarketWatch. Markets plunge as Trump pushes ahead with global 'reciprocal' tariffs Meanwhile in Europe, Germany's DAX was down 2.1%, while the Stoxx Europe 600 index opened with an immediate 2% drop. It was a similar reaction in Japan, as the Nikkei 225 lost 2.8%, while Tokyo's Topix dropped 3.1%. «The effects of ‘Liberation Day' are being felt far and wide, with Asian markets down ...

On Tuesday (2 April), Circle lodged its application with the Securities and Exchange Commission (SEC). Investors pull out of European crypto funds in 2024 amid market and political buzz Circle has attempted to float on US public markets before, put pulled the plug on its IPO, an event that CEO Jeremy Allaire, said was «disappointing» in an X, at the time Twitter, post in 2022, after it did not complete the SEC qualification in time.  The US has adopted a more crypto-friendly tilt from the incumbent White House administration, and the SEC has also moved to loosen its oversight of th...

Ramesh Damani, Member, BSE, says like Lyndon Johnson on Vietnam, Donald Trump will just declare victory in the next couple of weeks and then change all the policies that he has introduced, saying that, oh, my policies have been achieved, everyone has come to the negotiating table, everyone is scared of America. He will declare victory because he will never admit loss. He will declare victory and the rest of the world will move back to the regime we were in. How should the world look at the tariff announcements by the US administration? Old school economists are saying that this is against the classic economic theory. This means inflation comes back, de-globalisation starts, and that is going to lead to serious contraction in the US economy. Ramesh Damani: There is a movie out now called The Emergency, and I remember that as a young student in 1975, the then Prime Minister Mrs Indira Gandhi imposed the emergency.