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In fact, he stated that if India negotiates wisely during bilateral trade talks with the US, it could even gain some ground. Gulati said, «If competing countries face lower tariffs than India, then India may lose in that product exports. Overall, it seems India may not lose much in agriculture. But if we negotiate smartly in BTA, we may gain.» Gulati also explained that the impact of these tariffs will not be the same for all agricultural products. The final outcome depends on various factors, including how the US sets tariffs on India and other competing countries. Under the new policy, Indian agricultural exports to the US are currently subject to a 27 per cent tariff (as per the trade document). However, what really matters is how these tariffs compare with those applied to countries that compete with India in the same product segments.

Subscribe to enjoy similar stories. Leaders from Canada, Europe and China are threatening stiff countermeasures against the U.S. in response to President Trump’s surprisingly steep tariffs on nearly all imports.

Subscribe to enjoy similar stories. WASHINGTON—In the final run-up to President Trump’s “Liberation Day" tariff announcement, aides were left with a difficult task. They were struggling to square the president’s seemingly contradictory goals for sweeping new duties.

Subscribe to enjoy similar stories. MUMBAI : Indian equities outperformed their Asian peers on Thursday, the day US President Donald Trump announced sweeping new tariffs that threaten to destabilize the world trade order. However, Siddhartha Bhaiya, managing director and chief investment officer of Aequitas Investment Consultancy, thinks a one-day reaction barely scratches the surface of the move’s impact.

Subscribe to enjoy similar stories. The global investment landscape is bracing for disruption as the Trump administration rolls out sweeping reciprocal tariffs on nearly all countries. The baseline 10% tariff rate against all countries will go into effect on 5 April.

The S&P 500 ended down almost 5% after U.S. President Donald Trump's sweeping tariffs ignited fears of an all-out trade war and a global economic recession.

Donald Trump presented a rosy assessment after the stock market dropped sharply Thursday over his tariffs, saying, «I think it's going very well.» «The markets are going to boom, the stock is going to boom, the country is going to boom,» he said when asked about the market as he left the White House to fly to one of his Florida golf clubs. The Dow Jones Industrial Average plunged over 1,600 points on Thursday, leading a global market selloff after President Trump’s sweeping tariff announcement triggered the sharpest shock since the COVID-19 pandemic. On Wednesday, Trump unveiled a minimum 10% tariff on imports, with significantly higher rates for goods from specific countries like China and members of the European Union. While the move rattled markets worldwide, Trump downplayed the reaction, saying it was expected. Comparing the U.S. to a sick patient needing surgery, he responded to questions about the worst stock market drop in years.

Canada Prime Minister Mark Carmey said that the country will impose a 25 per cent tariff on all US vehicle imports that do not comply with the free trade agreement. The Canadian PM further said that the revenue generated from these tariffs would be directed toward supporting the country's auto workers and the industry. Sharing a post on X on Thursday (local time), Carney said, «In response to President Trump's tariffs on our auto sector, Canada will impose a 25% tariff on all US vehicle imports that do not comply with our free trade agreement. All revenues from these tariffs will be used to support our Canadian auto workers and their industry.» «For US vehicles that comply with The Canada-United States-Mexico Agreement (CUSMA), Canada will also impose a 25% tariff on the content which is not from either Canada or Mexico. The revenue from those tariffs will also go directly to supporting Canada's auto workers and their industry,» the post added.

Trump's expansive new tariffs reverse a decades-long global trend of lower trade barriers and are likely, economists say, to raise prices for Americans by thousands of dollars each year while sharply slowing the U.S. economy. The White House is gambling that other countries will also suffer enough pain that they will open up their economies to more American exports, leading to negotiations that would reduce the tariffs imposed Wednesday. Or, the White House hopes, companies will reverse their moves toward global supply chains and bring more production to the United States to avoid higher import taxes. How will Americans react? But a key question for the Trump administration will be how Americans react to the tariffs. If prices rise noticeably and jobs are lost, voters could turn against the duties and make it harder to keep them in place for the time needed to encourage companies to return to the U.S. The Yale Budget Lab estimates the Trump administration's tariffs would cost the average household $3,800 in higher prices this year. That includes the 10% universal tariff plus much higher tariffs on about 60 countries announced Wednesday, as well as previous import taxes on steel, aluminum and cars. Inflation could top 4% this year, from 2.8% currently, while the economy may barely grow, according to estimates by Nationwide Financial.

The S&P 500 was down 4.2% in afternoon trading, more than other major stock markets, and at its bottom in the morning was on track for its worst day since Covid struck in 2020. The Dow Jones Industrial Average was down 1,394 points, or 3.3%, as of 2:09 p.m. Eastern time, and the Nasdaq composite was 5.3% lower.

Subscribe to enjoy similar stories. New Delhi: US President Donald Trump’s tariff thunderbolt sent shockwaves across world capitals on Thursday, turning the clock back on globalization and raising fears of a tariff war.

U.S. President Donald Trump’s sweeping reciprocal tariff plan comes with a “fallback” for free trade partners Canada and Mexico if a national emergency declaration on border controls and fentanyl used in February to justify 25 per cent tariffs on them doesn’t hold up. 

Canada and Mexico might have got off (relatively) easy on Donald Trump’s Liberation Day, but for the rest of the world the tariff blow was far worse than expected — and market reaction suggests the biggest loser could be the United States.

We continually hear from various levels of government about the latest programs, subsidies and other plans to deal with the housing crisis, but they always target symptoms, not the cause. And the source cause of Canada’s housing issues is straightforward: excess taxation and intense regulation on construction, which limit supply and elevate cost.

Rahul Gandhi on Thursday raised the issue of reciprocal tariffs imposed by US President Donald Trump in the House on Thursday and said it will «completely devastate» the Indian economy. Gandhi raised the issue during Zero Hour and said, «Our ally has suddenly decided to impose a 26% tariff, which is going to completely devastate our economy — our auto industry, pharmaceutical industry, and agriculture are all in line.» Trump on Wednesday announced new reciprocal tariffs on several countries, including India, saying that the US has been «looted, pillaged, raped, plundered» by other nations. While the US announcement lists 26% as the tariff levied on India, other documents, including those received by the ministry, show that the rate is actually 27%. Gandhi also claimed that China had taken over 4,000 square kilometres of Indian territory and demanded answers from the government over these issues.

Quad dynamics remain stable, as the grouping is critical for Indo-Pacific security. «Tariff per se does not impact Quad.

And he belaboured global trade with them on Wednesday. Much of the planet is in shock. This includes penguins and seals who are the sole inhabitants of Heard and McDonald Islands, an Australian external territory near Antarctica, which has been slapped with a 10% tariff. India is mildly disappointed that its constructive and radical offer to Washington — zero-for-zero tariffs on 70% of manufactured goods — didn't give it a reprieve beyond pharma. But GoI has sensibly taken a 'Keep Calm and Carry On' attitude to what it has come to recognise is a period of geopolitical upheaval, as the US, Russia and China, in their separate ways, disorder the global order.

Trump claims to have fixed tariffs at half the level of those imposed by other countries. Hardly any country has only one tariff on everything. So, presumably, he — or his arithmetically-educated advisers — would have to calculate an average of country tariffs. A simple average would make no sense. Although the assumption that he distinguishes between sense and nonsense would be too strong. So, the average would have had to be weighted by the relative importance of the imported goods. We have no idea how the weights were calculated. USTR has given the formula used to calculate the tariff. But it has a symbol — ε (epsilon) — in it that makes all the difference. It has neither given the symbol’s value, nor how it was calculated. All that Trump has told us is that his closeness to the leader of the exporting country made no difference to the tariff. In other words, the rate of return on our PM’s conviviality has been zero. Should we worry about Trump’s abrupt, startling aggression? The US is our biggest customer among all countries. In 2023-24, it took 17.4% of our exports. Optimists may say that it’s wrong to take physical exports. Our biggest exports to the US have been intellectual services. But that only adds to America’s importance.

non-reciprocal trading arrangement. Here, India has an early mover advantage that it needs to drive home at the earliest. India is among the few countries with which the Trump Administration has already announced and progressed talks on a trade deal. It’s probably the first country to which the USTR has sent delegation to negotiate and by all accounts, the conversation is now at advanced stage. From Trump’s perspective the modification authority clause — Section 4 of the tariff order under the International Emergency Economic Powers Act – provides him with an effective bargaining chip in a trade negotiation. It allows to him raise tariffs and deploy other remedies in case a trading partner were to deploy retaliatory measures. At the same time, it gives him the power to reduce tariffs or limit the scope of duties imposed if the country aligns itself to the US on economic and security matters. Israel, which too has got hit with 17 per cent tariffs despite being among the first to officially cut duties for the US, falls in this category and is likely to benefit from this clause. As for India, a trade deal will open the doors for Trump to make that exception, counting on the overall strategic convergence between both countries across a range of national security issues including critical and sensitive technologies. More importantly, it’s not also in US interests to allow tariffs to impact cooperation in other areas like defence, space and nuclear sectors.

Andry José Hernández Romero, a gay Venezuelan makeup artist, has been sent by the US to a maximum security prison in El Salvador as part of Donald Trump-led administration’s mass deportation campaign. This was majorly due to ‘crown’ tattoos on his wrists that allegedly proved him to be a notorious gang member. The 31-year-old, who fled his home country in a bid to escape persecution for his sexual orientation as well as political beliefs, was detained at the Mexico-US border in August last year when he crossed over to take part in a pre-arranged asylum appointment in San Diego, California, The Guardian reported.

multi-polar world will become a reality faster than anyone had ever expected in the wake of the new tariffs announced by the US, Mahindra Group Chairman Anand Mahindra said on Thursday. In a post on social media platform X, Mahindra reposted a report of South Korea, China, and Japan, agreeing to cooperate for talks to improve free trade in the region amid concerns over US President Donald Trump's import tariffs, and wrote «the new tariffs announced by the U.S are a signpost of one major geopolitical development». He further said, «The MultiPolar World will now become a reality faster than anyone had ever expected.» The US on Wednesday announced 27 per cent reciprocal tariffs on India — saying New Delhi imposes high import duties on American goods — as the Trump administration aims to reduce the country's trade deficit and boost manufacturing.