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import duties on Indian goods from April 9, domestic exporters on Friday said they have started talks with their American buyers on ways to absorb these heavy taxes. According to them, communications between the Indian suppliers and American buyers have already started moving as these duties would hurt exports and job creation. «We have to talk to them about how to handle this unprecedented situation,» Federation of Indian Export Organisations (FIEO) President SC Ralhan said. The Ludhiana-based hand tool (an engineering sector item) exporter also said that the sector will not be able to absorb the high duties because of the high steel cost in the domestic market. «Over this, the government is considering imposing a safeguard duty, which they should reconsider. The US duty will impact demand,» Ralhan said, adding that certain steel prices in India have jumped from USD 50,000 per tonne to USD 55,000 per tonne in the last five days only.

European Central Bank could cut rates as soon as this month, Nomura said. U.S. President Donald Trump imposed sweeping tariffs on dozens of countries on Wednesday, which intensified the threat of a global trade war and fuelled fears of a global economic slowdown, or even a recession. The tariffs are «worse than feared», said Nomura, lowering its U.S. GDP growth estimate to 0.6% from 1.5%, on a quarterly basis, and hiking to 4.7% from 3.5% its forecast for year-end core PCE, the Fed's preferred inflation gauge. As a result, the brokerage expects the Fed to lower rates in December, taking the policy rate to 4.125%, followed by two more 25 bps cuts in the first quarter of 2026. It had previously expected the central bank to hold at 4.25%-4.5% until the second quarter of 2026.

IndusInd Bank ignored established Indian derivative accounting practices for years as it chased profit growth, resulting in a $175 million balance-sheet hole and the biggest crisis for the lender in its three-decade history, multiple sources said. Still, the 2.35% shortfall in the net worth of India's fifth-biggest private sector lender may not have come to light last month had the rupee not sharply slumped recently, said the sources. IndusInd disclosed in March accounting discrepancies in its derivatives portfolio whose impact roughly equated to an entire quarter's profits and sparked the loss of about one-fourth of its market value.

Subscribe to enjoy similar stories. On Thursday, the Office of the United States Trade Representative (USTR) published the formula by which US reciprocal tariffs are to be calculated. The New York Times also published what calculation resulted in country-wise tariffs from 9 April onwards that range in a wide band.

Subscribe to enjoy similar stories. As investors and consumers fretted in recent weeks about the fallout if President Trump unleashed a massive trade war, Trump himself kept looking to the past. The rest of the world has been ripping off the U.S.

reciprocal tariffs for India to 26% from 27% announced a day before. Revisions have been made for atleast 14 countries including South Korea, Norway, South Africa and Thailand. As per a White House document, India’s reciprocal tariff was originally listed at 27%, as against the 26% that US president Donald Trump had shown during the announcement on April 2. However, the latest annex document shows that the tariffs have been revised down to 26%. The US’ trading partners will be subject to a global 10% tariff on April 5, after which only the countries listed in the annex would have their rates elevated to the revised numbers. Around 60 countries have been slapped with reciprocal tariffs. The measures announced by the US could lead to an overall contraction of around 1% in global merchandise trade volumes this year, the World Trade Organization (WTO) said Thursday.

Reliance Industries Ltd (RIL) fell 4.3% to Rs 1,194 in Friday’s intraday trade on the BSE, as markets reacted to global developments, including the Trump administration’s latest tariff revisions. According to a White House document released on Friday, reciprocal tariffs have been updated for 14 countries, including India. While Trump had earlier announced a 27% tariff on Indian goods, the revised figure now stands at 26%. The aggressive tariff stance has reignited concerns over a potential global trade war, dampening sentiment across sectors — with heavyweights like RIL also coming under pressure.

Niti Aayog chief executive Amitabh Kant said, adding that the country must avoid becoming a mere imitator of Western countries or any other nation. “Doing more for less is critical and this is what startups can do. Open-source will be the way forward.We must build sovereign frontier models based on our own datasets and not have inherent biases towards the West,” he said. Speaking at Startup Mahakumbh, an event being organised by Department for Promotion of Industry and Internal Trade (DPIIT), Kant encouraged Indian startups to get into deeptech sectors such as artificial intelligence (AI), space geostational maps, drones and sunrise areas of growth such as EVs, and electronic manufacturing.

«It is the right time to stick to the domestic side, where again the sectors like banking, again financially, if you look even in this current corrective phase banking as a sector clearly is showing the relative outperformance even in this current corrective phase,» says Dharmesh Shah, ICICI Direct. What should one expect because I am sure the charts must be going all over the place with the news flow being so volatile? Dharmesh Shah: Yes, definitely, the things are not in line with expectations. But we believe the market should form more of a higher base formation in this current corrective phase.

Mahesh Patil, CIO, ABSL AMC, says from an India standpoint, the impact of the reciprocal tariffs is there for a few sectors including large exporters like IT and pharma, because of the slowdown in the US. But the overall impact compared with the US trade, the impact on GDP, will not be more than 20 basis points. The reaction has also not been very big and it should probably settle down. Patil says he does not see a major downgrade to our earnings for next year, except for one or two sectors. Any dip because of this correction could be a good buying opportunity. It is easy to turn bearish in this market, but should one really turn bearish? If yes, why? If no, why not? Mahesh Patil: Clearly, the Trump tariffs that have come out are slightly worse than expectations. But if you look at it from an India standpoint, I would not be too bearish. While the tariffs have been imposed across the various countries, relatively if you look at India, tariffs are much lower than some of these other partners on the global front – be it China, Vietnam, or Bangladesh. In that sense, we will not be competitively worse off over there.

Donald Trump lambasted globalization as a raw deal for the United States that has devastated US manufacturing towns. Trump left out the upside to the United States from the liberal flow of goods: a reliable supply of affordably priced appliances, clothing and electronics whose consumption has helped lift US economic growth above other developed economies in recent years. «Obviously we've benefited significantly,» said Paul Gruenwald, global chief economist at S&P Global Ratings. «We get to consume a lot of things that are produced more efficiently in other countries.» Trump's tariffs are almost certain to negatively impact this dynamic, say economists who see the levies lifting the price on everything from Gap t-shirts to the Apple iPhone to French wine. «This is very clearly going to raise consumer prices,» Michael Pearce, a US economist with Oxford Economics, said of the barrage of levies announced late Wednesday in an unveiling the White House billed as «liberation day.»

«The whole purpose of creating this chaos seems to be to deliberately weaken the dollar. Gold has been pricing this in for a while now, and it’s already extremely expensive—so don’t read too much into gold’s move yesterday,» says Maneesh Dangi, Macro Mosaic Investing. World moves in a pattern, which is that if there is problem of growth, then gold goes up. If there is problem of inflation, gold goes up. If there is a fear of recession, then equities go down. Last night, everything went down, gold, silver, Bitcoin. Why have we seen such a massive synchronised sell off last night at least in US markets? So, if uncertainty increases in general, the typical reflex you talked about does occur. However, we are in uncharted territory. It has never happened before that a country like the US is behaving the way it currently is. The whole purpose of creating this chaos seems to be to deliberately weaken the dollar. Gold has been pricing this in for a while now, and it’s already extremely expensive—so don’t read too much into gold’s move yesterday.

gems and jewellery industry, one of the country’s top export earners and a major source of employment, is staring at job losses after US President Donald Trump announced a 26% tariff on imports from India. The US is the sector’s largest market, and with demand expected to fall sharply, exporters fear that the move will put thousands of livelihoods at risk. In the last financial year (FY24), India exported about $33 billion worth of gems and jewellery, of which nearly $10 billion went to the US, according to official data. The new tariff would raise the current US import duty from around 6% to about 34%, making Indian products significantly more expensive for American buyers, said industry players. The Indian gems and jewellery sector is the country’s third-largest export to the US, after engineering and electronic goods. It employs millions of people, many of whom are involved in labour-intensive work such as diamond cutting, polishing, and jewellery crafting. India is also the global leader in diamond processing, handling about 90% of all cut and polished diamonds in the world.

Nagarjuna Fertilizers and Chemicals Ltd.(up 1.85%) and Chambal Fertilisers & Chemicals Ltd.(up 0.04%) were among the top gainers.

The NSE Nifty index traded 257.5 points down at 22992.6, while BSE Sensex was down 645.22 points at 75650.14 as of 11:22AM(IST)on April 04.

Goldman Sachs struck an optimistic tone on Zomato on Friday, arguing that concerns around its quick commerce arm Blinkit are exaggerated and current valuations overly pessimistic, even as the stock fell as much as 2.4% to Rs 205.85 on the day. Goldman Sachs reiterated a «buy» rating on Zomato with a target price of Rs 310, implying an upside of over 50% from current levels. The brokerage believes that at the current market price, investors are effectively assigning negligible value to Zomato’s food delivery business or assuming that Blinkit’s EBITDA margins have structurally halved — both scenarios it considers highly unlikely.

Startup Mahakumbh 2025, an event being organised by the Department for Promotion of Industry and Internal Trade (DPIIT), is hosting a series of competitions to promote innovation in in fields such as cybersecurity, AI, robotics, biotech, and more. The prize pool for the competiton, will be Rs 70 crore according to Union minister of commerce and industry Piyush Goyal on Thursday. Goyal described the Startup MahaRathi Challenge as India’s largest private-funded challenge. Goyal took to X to praise the initiative and said, “Rs 70 crore challenge money to encourage new startups!”

BEIJING — China's reaction to new U.S. tariffs will likely focus on domestic stimulus and strengthening ties with trading partners, according to analysts based in Greater China.

Fitch Ratings. The ratings agency said the new tariffs, announced on what is labelled as “Liberation Day” by the US administration, go far beyond what it had previously expected and are already altering the global economic outlook. The tariff regime now imposes a minimum rate of 10% on all US trade partners, with significantly higher levies on 57 selected countries. As a result, the effective tariff rate (ETR) for EU imports into the US has jumped to about 20%, while the rate on Chinese goods has surged to 64%. These figures compare with Fitch’s earlier March assumptions of 15% for the EU and 35% for China. Other Asian economies have also been hit hard. Vietnam now faces a 46% tariff, Thailand 36%, Taiwan 32%, India 26%, South Korea 25%, Malaysia 24% and Japan 24%. Sector-specific exclusions—such as semiconductors, pharmaceuticals, copper and lumber—may be negotiated separately. Also Read: Recession, not Liberation Day! India, US and world GDP may slump for Trump tariff 'insanity' «We estimate the changes will raise the overall US ETR to about 25%, which would be significantly higher than the 18% we had assumed for 2025 in the March GEO and the highest rate for more than 115 years,» Fitch said.

correction as concerns around high valuations, earnings downgrades, and macroeconomic uncertainties come to the forefront. According to Manishi Raychaudhuri, a prominent market strategist, the next couple of months could be challenging for investors as multiple headwinds converge, including the impact of global trade developments, sector-specific earnings pressures, and stretched market valuations. In an interaction with ETNow, Raychaudhuri said he expects the Indian market to correct in the short term, pointing to the upcoming result season and the likelihood of widespread earnings estimate downgrades across key sectors such as IT, consumer discretionary, industrials, and staples. He also flagged potential currency weakness and a rise in equity supply as additional short-term concerns that could weigh on market sentiment.

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.