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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.

EY Chief Policy Advisor D K Srivastava said, «the maximum adverse impact on India's GDP growth will not be higher than 50 basis points. As per our earlier projection, the GDP growth estimate for current fiscal was 6.5 per cent, which may go down to 6 per cent without retaliation». Standard Chartered Bank Head — India, Economics Research, Anubhuti Sahay said an effective 20 per cent tariff increase on Indian exports to the US ( after considering the exempted goods) in our view is likely to adversely impact India's GDP by 35-40 bps, ceteris paribus. «However, the final impact would depend on the trade deal agreement between India and the US along with how each country negotiates/ retaliates on the proposed tariffs,» Sahay said. She said while a loss in India's GDP is inevitable on higher tariff rate imposition, India is likely to be relatively less impacted amongst the Asian economies as other countries have been hit by higher tariff rates than India or run a larger trade surplus with the US especially in the non-exempted sectors. According to EY's Srivastava, the US tariff hikes could have a favourable impact on the country's exchange rate as the dollar could come under pressure in the US with a likely rise in inflation.

Norfolk Island has a population of over 2,000 people and lies 1,600km (1,000 miles) north-east of Sydney and its economy revolves around tourism. The 29% tariff is 19 percentage points higher than the rest of Australia. In 2023, Norfolk Island exported US$655,000 (A$1.04m) worth of goods to the US, with its main export being US$413,000 (A$658,000) worth of leather footwear, according to Observatory of Economic Complexity data. ALSO READ: 'Such an old-fashioned term but beautiful': Trump was mesmerized by THIS word in 'Liberation Day' speech

Subscribe to enjoy similar stories. US President Donald Trump announced sweeping reciprocal tariffs on its trading partners on 2 April, a move aimed at reducing the country’s dependency on foreign products amid its ballooning trade deficit. Trump announced a 26% tariff on imports from India, effective 9 April.

Here is what some governments said about what they would — and would not — do in response. EUROPEAN UNION European Commission President Ursula von der Leyen said the EU is finalising a package of measures in response to U.S. tariffs on steel and is «now preparing for further countermeasures to protect our interests and our businesses if negotiations fail». Trump targeted the EU with a 20% reciprocal tariff. CHINA

Trump's proposed reciprocal tariffs, investors may be wise to reconsider their asset allocation strategies. According to Krishna Memani, seasoned market strategist and fixed income expert, bonds currently offer better value than equities, especially in an environment where uncertainty is climbing and valuations are stretched.

Subscribe to enjoy similar stories. The Indian capital market’s regulatory regime has seen fast-paced reforms in areas of operational-risk management such as contract settlement cycles, public offer processes, and so on. In several areas, the market has moved appreciably ahead of the expected curve of evolution, even if compared to capital markets in developed economies.

PHD Chamber of Commerce and Industry (PHDCCI). The industry body attributed this limited impact to India’s growing domestic manufacturing strength and the government's strategic policies, particularly those under the "Aatmanirbhar Bharat" initiative. Hemant Jain, President of PHDCCI, highlighted that India's robust industrial competitiveness and supportive government policies, including the Production-Linked Incentive (PLI) schemes, Make in India, and Aatmanirbhar Bharat, will buffer the economy from the negative effects of the U.S. tariffs. Jain emphasised that while there would be a slight impact in the immediate term, the medium-term effects would likely be neutralized as the full impact of these policies is felt.

Subscribe to enjoy similar stories. The global economy has seen more turbulence in recent months than in decades, driven in part by US President Donald Trump’s most potent trade weapon: tariffs. After months of speculation, Washington has finally announced its long-feared tariffs, dealing a fresh blow to India.

IPOs. Recently, a flurry of companies, 14 to be precise, filed their draft prospectus letters with capital markets regulator Sebi, indicating their interest to tap the public market. There are also reports that indicate Korean electronics giant LG's India IPO will hit the market as early as this month, ending a lull of nearly 2 months now. It should be noted that the IPO market has been very dull this year due to the correction in the secondary market.

Here is what some governments said about what they would — and would not — do in response. Read More:Trump's 26% tariffs put pressure on India. Is New Delhi ready for the impact? CHINA China's commerce ministry said Beijing «firmly opposes» the reciprocal tariffs and «will take countermeasures to safeguard its own rights and interests,» after Trump imposed a 34% reciprocal tariff on the country. JAPAN

Subscribe to enjoy similar stories. As the world braces for the impact of US tariffs, it’s a relief that India’s economy appears to be doing well. Survey findings released on Wednesday show the manufacturing purchasing manager’s index having scaled a nine-month high of 58.1 in March.

Trump began speaking after Wall Street closed, and both S&P 500 futures and Nasdaq futures reversed gains as investors blanched at his sweeping tariff plans. S&P 500 futures were 1.6% lower as he spoke, with Nasdaq futures down 2.4%.

global markets amid worries the aggressive duties will slow growth, hit corporate earnings and stoke inflation, with one analyst calling the move markets' «worst-case scenario.» Global markets have been whiplashed since Trump took office and kept up a stream of rhetoric that threatened to unleash a global trade war. Trump's new levies crystallized those fears.

global trade it pioneered and furthered over several decades. Trump says the levies will bring jobs back to the United States — but executives in the immediate aftermath were focused on possibly raising prices, reducing shipments to the world's largest economy, or just cutting back investment activity outright. «This is how you sabotage the world's economic engine while claiming to supercharge it,» said Nigel Green, CEO of global financial advisory deVere Group. «The reality is stark: these tariffs will push prices higher on thousands of everyday goods — from phones to food — and that will fuel inflation at a time when it is already uncomfortably persistent.» Trump sees tariffs as a way of protecting the domestic economy from unfair global competition and a bargaining chip for better terms for the U.S.

The Trump administration imposed a 26% tariff on imports from India, which is slightly higher than the 20% levy for the European Union, the 24% for Japan and the 25% for South Korea. China was hit with one the highest rates for a major US trading partner and now faces a tariff of at least 54% on many goods. The tariffs are a setback for the Indian government, which had sought to ward off the new levies by rolling out sweeping concessions on issues central to Trump’s agenda. During a visit to Washington by Prime Minister Narendra Modi in February, the two nations agreed to work toward a trade pact this year. ALSO READ: India to face 'discounted' 26% tariff from US; Trump slaps 34% on China “India, very, very tough. Very, very tough,” Trump said at a news event at the White House on Wednesday to announce the tariffs. “The prime minister just left, and he’s a great friend of mine. But I said, you’re a friend of mine, but you’re not treating us right. They charge us 52%.”

Trump has accused America's trading partners of undermining the United States for decades, saying they have engaged in unfair trade practices to steal the country's wealth and enrich their own economies. He has set his sights on not only adversaries like China, but also traditional allies like Canada and Europe. And he has complained about a number of factors, including high tariffs that other countries charge American products, and persistent trade deficits the United States has with foreign countries. Trump has promised to correct this situation Wednesday, when he announces expansive tariffs on foreign products that he says will level the playing field. In some cases, there's truth to the president's claim that the United States offers its trading partners more favorable terms than it often gets in return. As a proponent of free markets, the United States has long been more open to trade than many countries globally. That has encouraged the United States to rely on imports of many critical goods, like semiconductors and pharmaceuticals, instead of manufacturing them itself. And some countries do have tough trade barriers to U.S. exports, or economic policies that distort global markets — particularly China, which has flooded the world with manufactured goods. Still, trade experts say that Trump's claims include a heavy dose of exaggeration, as well as hypocrisy.

Subscribe to enjoy similar stories. New Delhi: As US President Donald Trump unleashed his global tariff war from the White House, India found itself grappling with a new regime that stopped short of full reciprocity but still posed significant trade barriers. With Trump deciding to charge half of the tariffs a country imposes on American imports, Indian exports to the US face a 26% tariff.

Subscribe to enjoy similar stories. President Trump unveiled his new “liberation day" tariffs on Wednesday, and they are another large step toward a new old era of trade protectionism. Assuming the policy sticks—and we hope it doesn’t—the effort amounts to an attempt to remake the U.S.

Factory orders rose 0.6% after an upwardly revised 1.8% rebound in January, the Commerce Department's Census Bureau said on Wednesday. Economists polled by Reuters had forecast factory orders would climb 0.5% after a previously reported 1.7% advance in January. Factory orders gained 1.5% on a year-on-year basis in February. Manufacturing, which accounts for 10.2% of the economy, could be crippled by President Donald Trump's barrage of tariffs since returning to the White House in January. Trump promised to announce global reciprocal tariffs on Wednesday, which he has dubbed «Liberation Day.» He sees tariffs as a tool to raise revenue to offset his promised tax cuts and to revive a long-declining U.S. industrial base. Economists disagree and view the import duties as harmful. An Institute for Supply Management report on Tuesday showed its manufacturing PMI slipped back into contraction territory in March after two straight months of expansion, with businesses overwhelmingly expressing concerns about tariffs. Domestic manufacturers rely heavily on imported raw materials. The import taxes are expected to increase production costs, which are passed on to buyers of the finished products. Companies could also lay off workers to protect profit margins. Commercial aircraft orders slipped 5.0%. Orders for motor vehicles, parts and trailers increased 1.9%. Transportation equipment orders advanced 1.5%. Orders for computers and electronic products were unchanged, while those for electrical equipment, appliances and components rebounded 1.9%.

“Liberation Day in America!” But while the U.S. president celebrates what he claims will be an economic revival, one country in particular is bracing for what could be a financial disaster. Standing in the Rose Garden of the White House, Trump is set to unveil a sweeping wave of tariffs targeting multiple countries, a move he believes will restore American industry. White House press secretary Karoline Leavitt hinted that these measures would include reciprocal tariffs, ensuring that if a country taxes American goods, the U.S. will return the favor—dollar for dollar. While most details remain under wraps, one policy has already been confirmed: a 25 percent import tax on all foreign-made cars entering the U.S. The crackdown on vehicle imports begins today, with businesses importing cars set to face charges starting April 3. By May, even car parts will be hit.