Trump India Tariffs LIVE Updates: Trump’s ‘tariff tantrum’ risks years of US-India partnership, says US Congressman

The apex industry association of Jharkhand on Friday sought the central government's intervention in safeguarding the interests of businesses and incentive measures for relief in the wake of new tariffs imposed by the US.

Federation of Jharkhand Chamber of Commerce and Industries (FJCCI) general secretary Aditya Malhotra said the imposition of a high tax on Indian goods by the Donald Trump administration in the US created an "atmosphere of uncertainty" in global trade.

"The announcement of the new tax structure by the US has created an atmosphere of uncertainty in the global business world. Since the US is a major trading partner of India, these taxes can have direct and indirect effects on the industries in Jharkhand," Malhotra told PTI.

(PTI)

Rohit Lamba, the assistant professor of economics at Cornell University and the co-author of Breaking the Mould: Reimagining India’s Economic Future, explains the four factors behind Trump's escalation, in today's Opinion column:

"Trade disputes are now permanent features of global politics. The world’s largest economy is willing to weaponise market access, and global supply chains will keep re-routing in search of certainty. For India, the answer is not panic, nor a stunt of hyper nationalism, but methodical statecraft: Negotiate firmly, build alliances, diversify always, and prioritise domestic competitiveness.

This crisis could catalyse necessary changes. India might finally reduce its own high tariffs selectively, making our exports more competitive globally. We could accelerate manufacturing reforms that have been delayed for decades. Most importantly, we could build economic resilience that doesn’t depend on any single nation’s goodwill."

Here's the full Opinion.

Finland' Foreign Minister Valtonen on Friday, speaking on the trade deal between the European Union (EU) and the United States (US) said that he wasn't satisfied with any tariffs, news agency Reuters reported.

"I am not satisfied with any tariffs. Tariffs set are not as high as was expected. Hopefully, in the not too far future, we could move towards zero tariff zone. I hope we can go back to the negotiating table on tariffs with US," Reuters quoted Valtonen.

Finland's Foreign Minister Valtonen, when asked about the trade deal between the European Union (EU) and the United States (US), said on Friday that he wasn't satisfied with any tariffs, news agency Reuters reported.

"I am not satisfied with any tariffs. Tariffs set are not as high as was expected. Hopefully, in the not too far future, we could move towards zero tariff zone. I hope we can go back to negotiating table on tariffs with US," Valtonen reported.

In our Opinion section today, Manan Sachdeva underlines the need for India to pursue a "standalone" deal with the US, which is not linked to Russia-Ukraine conflict.

Here's what he writes:

"As global powers realign in an era of transactional diplomacy and economic nationalism, India must shed the misconception that its balancing act is either infinite or without consequence. New Delhi would do well to disentangle two entwined issues that are threatening to blur its economic priorities: Secondary sanctions related to the Russia–Ukraine war and the urgent necessity of concluding a focused, bilateral trade agreement with the United States.

The convergence of these issues — whether by strategic accident, geopolitical design, or tactical folly at not taking the August 1 deadline seriously and believing too much in TACO (Trump Always Chickens Out) — should be resisted. They are not the same, and treating them as such will cost India more than it imagines."

Read the full Opinion here.

Gold futures climbed to a record high after a report stated that the United States had imposed tariffs on imports of 1-kg gold bars, news agency Reuters reported.

Meanwhile, spot gold stayed on track for a second straight weekly gain on tariff turmoil and US interest rate-cut hopes. Spot gold held steady at $3,394.36 per ounce, as of 0620 GMT, after hitting its highest since July 23 earlier in the session. Bullion is up about 1% so far this week.

US gold futures for December delivery were up 1.3% at $3,499.30, after hitting an all-time high of $3,534.10. The tariffs on gold bars "will create a dislocation or rather some issues in terms of settlement by big banks and this was reflected (in) liquidity prices this morning, with prices jumping everywhere," said Brian Lan, managing director at GoldSilver Central, Singapore, referring to prices influenced by trading disruptions and reduced liquidity, Reuters quoted.

Additionally, weaker US payroll data last week bolstered expectations for a Federal Reserve interest rate cut, with CME Group's FedWatch Tool indicating a 91% probability of a 25-basis-point reduction next month.

Elsewhere, spot silver fell 0.4% to $38.15 per ounce, platinum edged down 0.1% to $1,332.59 and palladium was down 0.2% to $1,148.77. (Reuters)

In our Opinion section today, Pankaj Saran and Manjeet Kripalani delves into the escalating trouble between India and the US following Trump’s imposition of additional tariffs on Indian imports, and the need for New Delhi to take a hard call.

By Pankaj Saran

Best of Both Sides: Bargain with the US on tariffs is still possible

"The vocabulary and mood of the India-US relationship has changed. The romanticism of shared values is no longer visible. It has now boiled down to teaching a lesson and meting out punishment at the leadership level. We are told that the President is a man in a hurry, and is counting his time, not in weeks but days. The relationship has been dealt a severe blow, the likes of which has not been seen in recent memory. India has been stigmatised for allegedly funding Russia’s war effort, in addition to being called the “tariff king”."

Read the column here.

By Manjeet Kripalani

Best of Both Sides: On tariffs, Russia is a red line for India

"New Delhi will have to take a hard geopolitical call, and take the bargain available on the table: Economy-greasing oil from Russia for now, and a plan for future diversification. On Ukraine, India could take a stronger position, emphasising that the West acknowledge the fundamental reason for Russia’s war with its neighbour. India could project a harmonious partnership with Russia, with Putin visiting New Delhi in the next few months – a sure way to infuriate Trump."

Read the column here.

Our expert columnist Udit Misra breaks down the newly-imposed additional tariff of 25 per cent on Indian imports to the US, as President Donald Trump made India the nation facing the highest tariffs from the country on Thursday.

Here’s what Misra’s analysis tells us:

“The move to slap additional tariffs seems to be driven not so much by a desire to punish India for importing energy from Russia (the formal reason), but rather as a negotiating tool to force India towards signing a trade deal that suits the US. The fact is that several other countries, such as China and the European Union, and the US continue to import goods and energy from Russia.

But more broadly, Trump has repeatedly designated India as one of the most protectionist countries in the world, or a country that had very high trade and non-trade barriers, which made it difficult for producers in other countries to sell their product in India.

According to Trump, it is because of such barriers to entry that India enjoys a trade surplus against the US …”

Here are some of the lessons for India.

A day after United States President Donald Trump hiked tariffs on Indian imports, Thailand negotiated its expected 36% tariffs, bringing it down to 19%.

Richard Han, CEO of Hana Microelectronics, said the lower rate means buyers are less likely to switch suppliers, calling it “just… a tax, like VAT” for US consumers, reported BBC.

Laos, meanwhile, received one of the steepest hikes at 40%.

Xaybandith Rasphone, vice-president of the Lao national chamber of commerce, said 60 companies employing nearly 60,000 people could be affected, warning of significant indirect job losses.

The European Union (EU) struck a deal capping most tariffs at 15 per cent, up from 4.8%. The Italian Institute of International Political Studies projects the country’s GDP will dip 0.2 per cent, with agriculture, pharmaceuticals, and automotive sectors hit hardest.

Cristiano Fini of the Italian Confederation of Farmers described the deal as “a surrender,” than an agreement, reported BBC.

Switzerland faced a surprise 39% rate, the highest in Europe. President Karin Keller-Sutter returned from last-minute talks in Washington without securing the previously discussed 10 per cent cap, as per BBC.

Kerala Finance Minister K N Balagopal early Friday said the United States' recent decision to impose 50 per cent tariff on Indian goods was a "bullying tactic" to control the country's economy, according to news agency PTI.

The minister said that the US was trying to bully India into accepting more imports from America as "our purchasing power has increased manifold".

Balagopal said the tariffs would adversely impact the export of goods, including fish products, spices, textiles, coir products, and cashews, all of which are imported in large quantities by the US.

He said that the tariffs would also affect the taxation regime of the Indian states and adversely affect the health, education, services and other sectors as well as appointments by the Public Service Commissions. "It is aimed at controlling the Indian economy like the British did during colonisation. We should not surrender to it. We are not a weak country or economy," he contended. (PTI)

New York-based Indian-American entrepreneur and geopolitical expert Al Mason told news agency PTI that Trump and Prime Minister Narendra Modi are seasoned politicians and master tacticians and have cultivated a friendship that goes beyond ceremonial diplomacy.

“It is not just handshakes and photo ops — it is a convergence of mindsets. Both understand that leadership is not about avoiding conflict, but about navigating it with clarity and purpose,” Mason said.

He added that in the “theatre of global politics, genuine relationships between world leaders are often the quiet force behind historic decisions”.

“These bonds, forged over time, are not immune to friction — but they endure because they are built on mutual respect and a shared desire to serve their nations.,” Mason said, and added that Trump and Modi “are two such leaders”.

Stressing that the US and India cannot afford to sideline each other's political perspectives, Mason said, "Their strategic interests are deeply intertwined, and their partnership is not a matter of convenience; it is a geopolitical necessity. In an increasingly polarised world, the strength of their alliance will shape not only bilateral outcomes but the global democratic narrative." (PTI)

US President Donald Trump's latest “tariff tantrum" risks years of careful work to build a stronger US-India partnership, a prominent American Congressman has said, news agency PTI reported.

Representative Gregory Meeks, a Democrat and Ranking Member of the House Foreign Affairs Committee Dems, on Thursday said that the US has “deep strategic, economic, and people-to-people ties” with India.

“Trump's latest tariff tantrum risks years of careful work to build a stronger US-India partnership,” Meeks said in a post on X.

“Concerns should be addressed in a mutually respectful way consistent with our democratic values,” he added. (PTI)

Canada’s tariffs rose from 25% to 35%, though many goods remain exempt under an existing North American trade treaty. But higher raw material costs could still bite, according to BBC.

David Hope, vice president of Canadian aircraft component maintenance firm Hope Aero, told the BBC he expects a “blanket 10%” vendor price hike soon, as steel and aluminium, both under 50 per cent tariffs, grow more expensive.

“Steel and aluminium are becoming more expensive in the US, so they’re going to pass those costs right along,” he told the BBC.

Amid US-imposed tariff hikes on several countries, Mexico avoided immediate increases, securing a 90-day reprieve.

Jaime Chamberlain, who imports millions of boxes of Mexican produce annually, said negotiators on both sides were keeping “cool heads” but warned that without a deal, “many farmers would just stop farming for the export market.” (AP)

Brazil saw its tariff jump from 10 per cent to 50 per cent after Trump accused President Luiz Inacio Lula da Silva of unfairly targeting US tech firms, as per reports.

While orange juice and aircraft are exempt, Cecafé, Brazil’s coffee exporters’ council, warned of a “significant” impact and potential price hikes for US consumers.

Finding alternative buyers for the 8.1 million tonnes exported to the US annually will be difficult, the group said.

US president Donald Trump, while announcing tariffs, also imposed a 100 per cent tariff on imported computer chips, however, he added “if you’re building in the United States of America, there’s no charge.”

“Large, cash-rich companies that can afford to build in America will be the ones to benefit the most,” said Brian Jacobsen, chief economist at Annex Wealth Management. “It’s survival of the biggest.” (AP)

The imposition of an additional 25 per cent duty on India is a “national security issue” associated with New Delhi’s “abject refusal to stop buying Russian oil”, White House Trade Adviser Peter Navarro told AP.

Navarro, while talking to reporters, said it is important to understand that the “rationale for the India tariffs is very different from the reciprocal tariffs”. “This was a pure national security issue associated with India’s abject refusal to stop buying Russian oil,” he said, adding that “every American needs to understand the math of this because it is related to the trade situation”.

“You start with the fact that India is the ‘maharaja’ of tariffs, it’s the highest tariffs in the world charging on American products and it’s got a high non-tariff barrier so we can’t get our products in,” he said.

The US sends a lot of dollars overseas to India to buy their products in an “unfair trade environment”, he claimed. “India then uses American dollars to buy Russian oil. Russia then uses those American dollars that come from India to finance its armaments, to kill Ukrainians, and American taxpayers are then called upon to pay for the weapons that have to defend Ukraine against Russian armaments paid for by American dollars that came from India,” Navarro described.

He said that it has “got to stop”. “That math does not work. The president understands the connection between economic security and national security so that was the bottom line there,” he added.

Navarro was asked why China, which buys more Russian oil than India does, has not been targeted the way Delhi has been with the doubling of its tariffs.

“As the boss says, let’s see what happens. Keep in mind that we have over 50 per cent tariffs on China already…so we don’t want to get to a point where we actually hurt ourselves,” he said. “The president certainly will be working with China on that issue,” he added. (AP)

Calling Prime Minister Narendra Modi and US President Donald Trump his “terrific friends”, Israel’s Prime Minister Benjamin Netanyahu said Thursday that he would give Modi “some advice but privately” on how to deal with Trump.

At the same time, he said, “There is a basic understanding in the relationship between India and the US. The basis of the relationship is very solid. It will be in the interest of India and the US to arrive at a common ground and resolve the tariff issue. Such a resolution will be good for Israel as well as both countries are our friends.”

His remarks came a day after Trump doubled the tariff on India, citing its purchase of Russian oil.

Read what Netanyahu said here.

New Delhi is not alarmed or unduly perturbed; rather the government seems to be prepared to wait it out for the next few weeks or more — dealing with United States President Donald Trump’s increasing frustration by remaining calm after he doubled the tariffs on India on Thursday.

Hours before an earlier 25 per cent tariff on India was set to kick in on August 7, Trump signed an executive order imposing an additional 25%, taking the total duty to 50%, among the highest the US has imposed on any country. The new levy will take from August 27, with only a small exemption list in place. The tariff announcement comes just weeks before a scheduled visit by a US delegation to New Delhi for the sixth round of bilateral trade agreement (BTA) negotiations, set to begin August 25, according to PTI.

Simultaneously, New Delhi took an unequivocal call that Trump cannot tell India not to trade with Russia or distance itself from BRICS. “These are India’s sovereign decisions. We will never sacrifice our sovereignty,” a source told The Indian Express.

Read India's response to Trump's tariffs here.

In stock markets abroad, indexes rose across much of Europe and Asia, news agency AP reported.

Stocks climbed 0.2% in Shanghai and 0.7% in Hong Kong after China reported that its exports picked up in July, helped by a flurry of shipments as businesses took advantage of a pause in Trump's tariff war with Beijing.

Japan's Nikkei 225 rose 0.6%.

Toyota Motor's stock fell after it cut its full-year earnings forecasts largely because of tariffs, but Sony rose after the entertainment and electronics company indicated it's taking less damage from the tariffs than it had expected. (AP)

Even as many countries continue to negotiate down their tax rates on exports, the US stock market faced criticism that it is climbed too far, too fast since hitting a bottom in April, with prices looking too expensive, news agency AP reported.

Worries about tariffs dragged down the stock of Crocs at Wall Street, which tumbled 29.2% even though it reported a stronger profit for the latest quarter than analysts expected.

It also said that it expects revenue to drop as much as 11% in the current quarter from a year earlier, while tariffs are dragging on its profitability, citing “continued uncertainty from evolving global trade policy and related pressures around the consumer.”

Eli Lilly dropped 14.1% even though the drugmaker, had similarly, reported a stronger profit for the latest quarter than analysts expected.

Intel too sank 3.1% after Trump called for its CEO to resign, while accusing him of being “highly CONFLICTED,” without any evidence.

Apple, however, kept the market's losses in check, as its stock climbed 3.2% after CEO Tim Cook joined Trump at the White House on Wednesday to say it is increasing its investment in US manufacturing by an additional USD 100 billion over the next four years.

DoorDash, meanwhile, added 5% after the topping Wall Street's profit expectations for the latest quarter.

Duolingo, the language-learning app, jumped 13.7% after it crushed Wall Street's expectations. The company said its subscription revenue grew 46% over the same period last year. (AP)

Amid increasing worries that United States President Donald Trump’s tariffs are damaging the economy, US stocks on Thursday drifted to a mixed finish as tariffs that came into effect on dozens of countries had only a muted effect on markets worldwide, as per the Associated Press.

The S&P 500 slipped 0.1% after briefly climbing to the cusp of its all-time high during the morning. The Dow Jones Industrial Average dropped 224 points, or 0.5%, and the Nasdaq composite rose 0.3% to a record, the report said.

In the bond market, meanwhile, the yield on the 10-year Treasury rose to 4.23% from 4.22% late Wednesday after the latest reports on the US economy came in mixed.

A separate report said that productivity for US workers improved by more during the spring than economists expected. That could help the US economy grow without adding more pressure on inflation. And that is particularly important when Trump's tariffs look set to increase prices for all kinds of things that US households and businesses buy, as per the news agency. (AP)

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