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Subscribe to enjoy similar stories. Leading the Office of Management and Budget (OMB) may sound mundane, but the role is one of Washington’s most important. Russell Vought, who did the job for the final two years of Donald Trump’s first term, is poised to return.

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.

Subscribe to enjoy similar stories. The United States Trade Representative (USTR) is a cabinet-rank official whose office is embedded in the Executive Office of the President of the US. The USTR on its website is described as “the president’s principal trade advisor, negotiator, and spokesperson on trade issues." Created by a legislative act in 1962, the USTR has historically proclaimed its alignment with the World Trade Organization (WTO) as a leveller of the global trade playing field.

April 2, 2025, was declared Liberation Day by President Donald Trump—a momentous occasion where he unveiled sweeping tariffs aimed at foreign nations. In his dramatic announcement from the White House, Trump proclaimed, “April 2, 2025, will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to 'Make America Wealthy Again.’”

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

crypto stocks declined in premarket trading on Thursday after President Donald Trump's latest round of sweeping tariffs rattled investor confidence due to rising global trade tensions, sparking a sell-off in riskier assets. Crypto exchange Coinbase Global fell about 4%, while major bitcoin holder Strategy dropped 3%. Among miners, MARA Holdings, Riot Platforms and Bitfarms slipped about 4%, 5% and 6%, respectively. The broad losses underscore the widespread fallout of the tariffs on multiple asset classes. Bitcoin, the biggest cryptocurrency, dropped 2.3%, while ether dived 3.3%.

Subscribe to enjoy similar stories. On 2 April, President Donald Trump didn’t just shock the world with his reciprocal tariffs announcement—he also upended 200 years of trade wisdom. Most of us take free trade and global supply chains as natural and necessary, but few realize these systems stem from the Law of Comparative Advantage, proposed by British political economist David Ricardo in 1817.

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.

European Council President Antonio Costa has called for a swift conclusion to trade agreements with key global partners, including India, in response to the recent tariff measures imposed by the United States. In a tweet posted on X on Thursday, Costa emphasised the urgency for Europe to deepen its trade ties beyond the U.S. to maintain global economic stability. «The trade tariffs imposed by the United States should urge Europe to reach free trade deals with other partners in the world,» Costa wrote. He expressed full support for the EU Commission in its trade negotiations with the U.S. and underscored the importance of trade in driving global prosperity. Costa's statement pointed to several crucial ongoing trade talks, noting, “Trade is a powerful engine of global prosperity. The EU will remain a staunch advocate for free and fair trade. We will engage with all our partners and continue to strengthen and expand our trade network. Now is the time to move forward with the agreements with #Mercosur, #Mexico and decisively advance in the negotiations with #India and other key partners."

«Tariffs unveiled by President Trump last night would bring a major realignment in global trade and manufacturing value chains. India has been placed somewhere in the middle of the tariff rates at 27 per cent in addition to 10 per cent baseline duties, which needs to be assessed for real impact», said ASSOCHAM President Sanjay Nayar. ''Net-net, it appears India's export competitiveness to the US market stands far less impacted on a relative basis. Yet our industry should make concerted efforts to increase export efficiency and value addition, to mitigate impact of these tarriffs,'' he said. India's robust industrial competitiveness will balance the impact of US tariffs, and GDP will see only a 0.1 per cent impact in the short term, said PHDCCI President Hemant Jain. However, in the medium term, as the policy takes full effect, this shortfall will be negated, he added.

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

Donald Trump's reciprocal tariffs, drinks industry bodies said on Thursday. Trump's latest round of sweeping global and country-specific tariffs was set to hit everything from the popular negroni cocktail, based on Italy's Campari liqueur, to Guinness beer, made by the world's top spirits producer Diageo. He also introduced a 25% levy on all beer imports and added beer cans to existing aluminium tariffs, hitting labels, such as Mexican-made Corona and Dutch Heineken. Many categories of drinks, such as champagne or Scotch whisky, have to be made in specific countries or regions and cannot move production.

In his Rose Garden speech at the White House on Wednesday (2 April), Trump pledged 20% levies on European Union imports and 10% on imports coming from the UK. «European Union, they are very tough…traders. And you think of European Union [as being] very friendly, they rip us off, it is so sad to see. It is so pathetic,» Trump told reporters. Trump trade war could lead to $1.4trn global welfare loss as 'Liberation Day' looms In addition, the US president slapped another 34% tariff on China, bringing the total to 54% after another 20% previously imposed, while Japan was dealt wit...

Rajya Sabha, Mallikarjun Kharge, on Thursday termed the allegations levelled against him by Anurag Thakur in the Lok Sabha baseless, saying the remarks damaged his reputation as he dared the BJP MP to prove them or else resign. Raising the issue during Zero Hour in the Rajya Sabha, the Congress president said the BJP MP was compelled to withdraw his defamatory remarks made during the debate on the Waqf Bill in the Lower House. «But the damage has been done,» Kharge said. He also sought an apology from Thakur as well as the Leader of the House in Rajya Sabha, J P Nadda, over the issue. «Yesterday, Anurag Thakur hurled completely false and baseless charges at me in the Lok Sabha. When my colleagues challenged him, he was compelled to withdraw his defamatory remarks. But the damage has been done,» Kharge said.

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.

The agency announced that it is «updating the USCIS Policy Manual to clarify that it only recognizes two biological sexes.» «President Trump promised the American people a revolution of common sense, and that includes making sure that the policy of the U.S. government agrees with simple biological reality,» Homeland Security Assistant Secretary for Public Affairs Tricia McLaughlin said in a statement.

Federal immigration enforcement officials have arrested 37 people in a raid at a roofing business in northern Washington state

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.

₹91,423 per 10 grams. As of 9.33 am, it was trading ₹600 or 0.66% higher at ₹91,328 on the MCX. The rally can be attributed to the risk off sentiment in the market following tariff announcements by US President Donald Trump's administration.

Subscribe to enjoy similar stories. The stock market was slumping after President Donald Trump made his tariff announcement. To state the obvious, it was worse than investors feared and now they need to figure out what it means for stocks over the rest of 2025.