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The rationale, as given by White House Press Secretary Karoline Leavitt, was that US sanctions already prohibit «meaningful trade» with these nations, so further tariffs were not needed, according to Axios. But although this argument may make sense, the US continues to trade more with Russia than with nations such as Mauritius or Brunei, which did find themselves on Trump's tariff list, reported Axios.

Mark Carney announced a limited set of counter measures against U.S. tariffs on Thursday while calling President Donald Trump's protectionist moves a tragedy for global trade. Carney said the Canadian government will copy the U.S. approach by imposing a 25% tariff on all vehicles imported from the United States that are not compliant with the U.S.-Mexico-Canada trade deal. Carney also told a press conference that the new tariffs would not apply to auto parts and would not affect vehicle content from Mexico. «Given the prospective damage to their own people, the American administration should eventually change course. But I don't want to give false hope,» Carney said, adding that it could take a long time for the United States to shift approach. Carney said Canada's previously announced tariffs would stay in place. Trump's new tariffs sent shockwaves through markets on Thursday. His 10% baseline levy on all U.S. imports, with much higher duties on some countries, encouraged investors to flee risky assets as they worried Trump was upending global trade.

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.

New India Cooperative Bank's former chairman Hiren Bhanu and his wife Gauri Bhanu as proclaimed offenders in connection with the Rs 122 crore embezzlement case, a police official said on Thursday. The Bhanu couple fled the country separately days before the embezzlement case came to light in February. The Economic Offences Wing (EOW) of the city police, which is probing the case, has so far arrested eight persons, including the bank's former General Manager Hitesh Mehta and former CEO Abhimanyu Bhoan. «The EOW had moved an application before the court seeking that Bhanu and his wife be declared as proclaimed offenders. The court has accepted the plea,» an official told PTI. The court had earlier issued a non-bailable warrant against the duo, he said. While Hiren Bhanu fled the country on January 26, his wife and the bank's former vice-chairperson Gauri Bhanu left on February 10, just a few days before the scam came to light. «As both of them are out of the country, and finding their location was necessary for the probe, a Blue Corner Notice was issued against them earlier,» the official said.

commodity markets, causing widespread sell-off. Brent crude futures were trading at $69.98 per bblm falling by $4.97 or 6.63% in the day's trade while WTI contracts sinked over 7% on Comex to hit levels of $66.55, a correction of $5.16 per bbl.

Rajnath Singh on Thursday said the armed forces should prepare a "dynamic perspective planning" addressing both long-term and short-term challenges, keeping in mind the current dynamic geostrategic changes and the ongoing global security scenarios. In his address to the top brass of the Indian Army during the apex level biannual Army Commanders' Conference being held here from April 1-4, he also said doctrinal changes whenever required should be made to make the armed forces future ready. «The recommendation and suggestions made by the senior leadership in such a forum as the commanders' conference should be deliberated upon, and be taken to a logical conclusion with mid-course review and modification, if required. The nation is proud of its army, and the government is committed to facilitate the army in their forward movement, on the road to reforms and capability modernisation,» Singh said. In his address, he further said unconventional and asymmetric warfare, including hybrid war will be «part of the future conventional wars». Singh stressed upon the present geostrategic uncertainties and the complex world situation which effects everyone globally. He said the present world is «an inter-connected world» and such incidents whether happening in «our neighbourhood or far off countries will effect everyone».

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.

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.

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.

Subscribe to enjoy similar stories. Poster board in hand, President Trump told the world the new price for doing business in America. And it was steep.

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.

New Delhi: As the monsoon recedes, a familiar chill settles over northern India, heralding the festive spirit of winter and a concerning rise in air pollution. This annual tale of festivities intertwined with hazardous air quality has become a public health emergency, not just in Delhi NCR but across numerous Indian cities.

India's finished steel imports from China, South Korea and Japan hit a record high in the first 10 months of the previous financial year which ended on March 31, government data showed. The new rules under the «Domestically Manufactured Iron And Steel Products Policy 2025» mandates all ministries, departments and agencies under the Indian government to prioritise locally manufactured iron and steel products.

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.

BMW and Mercedes-Benz in India on Thursday called for more free trade based on low tariffs and reduced trade barriers, saying it will be a win-win situation for all. As part of reciprocal tariffs on about 60 countries to counter higher duties on American products imposed globally, the US on Wednesday announced 27 per cent reciprocal tariffs on India saying New Delhi imposes high import duties on American goods. However, autos and auto parts as well as steel and aluminium articles, already subject to Section 232 tariffs at 25 per cent, announced earlier in US President Donald Trump's order on March 26, 2025, are not covered in the latest order. «We always subscribe and we always propose that there should be more free trade agreements with the countries. Absolutely, that's the right way to go, because that way everybody wins, new technologies can come into the country. For example, India can access markets. So that's a win-win situation,» BMW Group India President & CEO Vikram Pawah told PTI.

Donald Trump's reciprocal tariff announcement as autos are not covered in it, besides there are limited exports to the US, industry body SIAM said on Thursday. It is to be noted that automobiles are not covered in this order since they are already subject to Section 232 tariffs at 25 per cent, announced earlier in President Trump's order on March 26, 2025, Society of Indian Automobile Manufacturers (SIAM) Director General, Rajesh Menon said in a statement. «We don't expect any significant impact on the Indian automobile industry since there are limited exports to the US, but we will continue to monitor the situation,» he noted. As part of reciprocal tariffs on about 60 countries to counter higher duties on American products imposed globally, the US on Wednesday announced 27 per cent reciprocal tariffs on India saying New Delhi imposes high import duties on American goods.

NHAI will develop a 121-km-long Guwahati Ring Road on build-operate-toll mode at a total cost of Rs 5,729 crore, an official statement said on Thursday. The statement further said the concession period of the contract is 30 years, including the construction period of four years. «Providing impetus to the project, the state government of Assam will bear 50 per cent of land cost, provide exemption from royalty on aggregates and state portion of GST contributing about Rs. 1,270 crore,» it said, adding that thus, the gross project cost is about Rs 7,000 crore. The Guwahati Ring Road project will have three sections which include 56 km long 4-lane Access-Controlled Northern Guwahati Bypass, widening of the existing 8 km bypass on NH 27 from four lanes to six lanes, and improvement of existing 58 km long bypass on NH 27. Notably, a 3 km long major bridge over river Brahmaputra will also be constructed as a part of the project. The Guwahati Ring Road will provide seamless connectivity to long-distance traffic plying on the East-West Corridor of NH-27, which is the gateway to North-East Region of the country. The development of the Ring Road will help to decongest Guwahati City and neighboring North- Eastern states by bypassing major traffic coming from West Bengal/Bihar to Silchar, Nagaland and Tripura.