Trump Tariff
)
The proposed pact primarily focuses on the energy and agriculture sectors, with discussions also centred on India’s gradual reduction of crude oil imports from Russia — a move that aligns with Washington’s goal of curbing global reliance on Russian energy.
)
The ongoing tariff row began after US President Donald Trump imposed a 25% tariff on Indian goods, citing unfair trade practices, and later added another 25% tariff in response to India’s continued purchase of Russian oil. This brought the total tariffs on India to 50%, the highest imposed by the US on any country.
)
That is because exports to the US — accounting for 20 per cent of the Indian pharmaceuticals market — primarily comprise generic, off-patent medicines which may not come in ambit of these tariffs
)
His remarks come as Trump’s 50% tariff on goods from India took effect on August 27. Trump initially imposed a 25% tariff, citing unfair trade practices, followed by an additional 25% penalty over New Delhi’s continued purchase of Russian oil.
)
In response to the recent U.S. tariffs, major American multinationals like Pepsi, Coca-Cola, Subway, KFC, and McDonald’s are now facing the threat of a boycott in India. Similar anti-American boycotts are already underway in countries like France, the UK, and Canada.
)
When it comes to the pharmaceuticals market, India has been a cornerstone of the global supply chain for affordable, high-quality, essential medicines, particularly life saving oncology drugs, antibiotics, and chronic diseases' treatments.
)
)
The Indian team was in Washington for negotiations on an interim trade agreement with the US from June 26 to July 2.
)
In fact, in 2023, the US and India launched a bilateral Defence Acceleration Ecosystem (called INDUS-X) to facilitate defence collaboration between the two countries.
)
)
According to the rules, the tax would be collected by banks and remittance service providers, who would remit the funds quarterly to the US Treasury.
)
India is reportedly willing to significantly reduce tariffs on over USD 23 billion worth of American goods sold in India as part of the India-U.S. trade deal, which could help in resolving the issue.
)
Trump said that larger tariffs could be placed on the European Union and Canada if both the nations work together to harm America.
)
On March 13, Trump threatened to impose a 200 per cent tariff on European imports, including wine, cognac, and other alcoholic beverages.
)
Stock Market Outlook: Nifty Metal surged by 8.61 per cent, Nifty Media railed 7.36 per cent, Nifty PSE increased by 7.36 per cent, and Nifty Energy gave a return of 5.90 per cent.
)
All sectoral indices on the NSE closed in negative territory amid the broad-based selling pressure in the market. The Nifty PSU Bank, Auto, Healthcare, Realty, and Media indices saw the steepest declines, with losses extending up to 3.28 per cent.
)
Trump is expected to speak with Chinese President Xi Jinping as soon as this week, raising hopes of a potential deal to prevent a broader trade war.
)
Stock Market Today: The decline in the Indian share market is due to US President Donald Trump’s decision to impose a 25 per cent tariff on imports from Canada and Mexico, along with a 10 per cent duty on Chinese goods.
)
Stock Market Today: Trump Tariffs have become a grim reality for the markets, geopolitics and economies globally"US President Donald Trump announced a 25 per cent tariff on imports from Canada and Mexico and a 10 per cent tariff on Chinese goods.
Trending
- News
- Photos
- Videos
)