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Donald Trump on Wednesday described Prime Minister Narendra Modi as a «great friend» while announcing a 26% tariff on Indian imports. However, he said, «You're a friend of mine, but you're not treating us right.» Trump claimed that the move was a «discounted reciprocal tariff» aimed at countering India's high duties on American goods. Also Read: India to face 'discounted' 26% tariff from US; Trump slaps 34% on China «India, very, very tough. Very, very tough. The Prime Minister just left. 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 per cent. You have to understand, we charge them almost nothing, for years and years and decades,» Trump said, holding a chart listing countries and their tariff rates. He argued that the US had long tolerated unfavourable trade terms and had only started imposing tariffs on China after he took office seven years ago. «It was only seven years ago, when I came in, we started with China and we took in hundreds of billions of dollars from China in tariffs,» he said. The announcement comes just weeks after Modi’s visit to Washington, D.C., in February, less than a month after Trump began his second term in the White House. Trade tensions between the two countries have been a longstanding issue, with Trump previously calling India the «tariff king» and a «big abuser» in global trade.

tariffs on India. When reached out to Lutnick regarding a query on the tariffs imposed by US President Donald Trump, he avoided the question and walked away. Trump announced new import tariffs on Wednesday (local time), outlining the rates to be imposed on countries around the world. India will face a 26 percent tariff. Calling Prime Minister Narendra Modi a «great friend,» Trump said that India charges the US 52 per cent, and «we charge them almost nothing.» ALSO READ: Govt analysing impact of 26% Trump tariff on India; it's mixed bag, not setback: Official Trump's announcement came while he addressed the Make America Wealthy Again Event.

Bitcoin and other major cryptocurrencies dipped after President Donald Trump imposed tariffs on US trading partners worldwide, triggering a slump in risk assets. The largest digital asset fell as much as 4% to about $82,000 on Thursday morning in Singapore before paring losses, while other tokens including Ether and XRP also declined. Solana had at one point shed more than 9% of its value.

Donald Trump’s sweeping new tariffs have landed, triggering measured responses from key trading partners who seem unwilling to ignite a full-blown trade war—at least for now. Branded as “reciprocal tariffs” and ranging from 10% to 49%, the new import taxes, according to Trump, are simply the U.S. giving back what it has endured for decades. “Taxpayers have been ripped off for more than 50 years,” he declared, vowing that “it is not going to happen anymore.” Promising a resurgence of jobs and factories, Trump framed the move as more than just economics—he called it a national security necessity that threatens “our very way of life.” Here are the first reactions: China Beijing said it «firmly opposes» the new tariffs on its exports, and vowed «countermeasures to safeguard its own rights and interests».

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. President Trump’s biggest tariff blitz yet sends a clear message to U.S. and foreign companies alike: The era of globalization is over.

safe-haven assets after U.S. President Donald Trump announced more aggressive-than-anticipated tariffs against major trading partners, widening the global trade war.

reciprocal tariffs on trading partners, stoking concerns that a global trade war may dampen demand for crude. Brent futures fell $1.97, or 2.63%, to $72.98 a barrel by 0033 GMT. U.S. West Texas Intermediate crude futures were down $1.98, or 2.76%, to $69.73.

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%.

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%.”

OnlyFans, has partnered with a cryptocurrency foundation to submit a late-stage plan to acquire short video app TikTok from Chinese owner ByteDance, the two said on Wednesday. The intent to bid was sent this week to the White House by Zoop, billionaire Stokely's new company, and the Hbar Foundation, which manages the Hedera cryptocurrency network's treasury. While OnlyFans is known mainly for pornography, Zoop is mainstream and family-friendly, and gives back the majority of its revenue to those who post on the site, rewarding them for driving up user engagement.

STATE OF THE MARKETS GIFT Nifty (Earlier SGX Nifty) signals a gap-down start GIFT Nifty on the NSE IX traded lower by 301 points, or 1.28 per cent, at 23,129.50, signaling that Dalal Street was headed for gap-down start on Thursday.

S&P 500 futures sank over 3.5% while contracts on the Nasdaq 100 slid 4.5%. Shares in Australia, Japan and South Korea tumbled at the open Thursday. US 10-year Treasury yields slumped with the flight to havens also lifting the Japanese yen and gold, which touched a new record high.

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. The first quarter of 2025 hasn’t been kind to the world’s billionaires. Among the top 10 richest people in the world, only Bill Gates and Warren Buffett added to their fortunes in this period, according to the Bloomberg Billionaires Index.

Bitcoin fell late Wednesday after President Donald Trump’s latest tariff announcement roiled markets. 

Treasury Secretary Scott Bessent said Wednesday the sell-off in the stock market is due more to a sharp pullback in the biggest technology stocks instead of the protectionist policies coming from the Trump administration.

«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. Our country and its taxpayers have been ripped for more than 50 years but it isn't going to happen anymore. In a few moments i will sign a historic executive order for reciprocal tariffs 'throughout the world,» he said. «This is one of the most important days in American history. With today's action we are finally going to be able to make american great again, greater than ever before. More production at home will mean lower prices for consumers. For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,» the 47th US President said. After weeks of anticipation, President Donald Trump unveiled a new set of tariffs on both allies and adversaries, aiming to address what he describes as unfair trade practices. The tariffs, which Trump announced on what he referred to as “Liberation Day,” are designed to boost US manufacturing and punish countries for trade imbalances. Under the "Fair and Reciprocal Plan," the US will impose tariffs equal to the ones that other nations have placed on U.S. goods.

China, which has long been a target of US trade actions, will face a hefty 34% tariff, while the European Union will see a 20% levy. Vietnam, another key player in the global trade landscape, will bear the heaviest burden with a 46% tariff on its imports to the U.S. The tariffs, which Trump announced on what he referred to as “Liberation Day,” are designed to boost US manufacturing and punish countries for trade imbalances.

Donald Trump's agenda of deep cuts and trade protectionism, as per a report. There have been successes to slow the Trump juggernaut in court, but the lack of a coherent plan in Congress has frustrated anti-Trump Americans who have been clamoring for leaders able to show some fight, AFP reported. So there was jubilation Tuesday when a Democratic-backed candidate won the controlling seat on the Wisconsin Supreme Court, the top judicial body in one of the most closely-fought swing states. Republicans hung on to two House seats in Florida on the same night, but with leads greatly reduced from Trump's 2024 victory margins — worrying lawmakers in much more vulnerable seats ahead of next year's midterms. «Last night's results were the shot in the arm Democrats needed,» said political analyst Andrew Koneschusky, a former senior Democratic staffer in the US Senate.