The government may prioritise targeted support for sectors such as textiles and chemicals, those expected to be severely affected by the new 50 per cent US tariffs, under its export promotion mission, industry sources said on Thursday.As per the news agency PTI, the matter was taken up during consultations held by the commerce ministry with…
Facing the Trump squeeze, India is already recalibrating its foreign relations. US President Donald Trump has imposed a 50% tariff on Indian imports, accusing India of funding Russia’s war on Ukraine through its continued oil purchases. The shock escalation, delivered via executive order, represents the steepest tariff the US has ever placed on a major…
Modi’s discussions with Lula have gained additional importance following Trump’s implementation of 50% tariffs. (File photo) Prime Minister Narendra Modi is scheduled to talk to Brazil’s President Luiz Inacio Lula da Silva on Thursday and plans to visit China in August for the first time since 2018, amid deteriorating relations with the United States.Brazilian President…
Stocks rose on Wall Street on Thursday, brushing aside fresh worries over US President Donald Trump’s latest round of tariffs that kicked in on dozens of countries. The S&P 500 gained 0.5% in early trading, hovering just below its all-time high set last month while Dow gained 200 points and Nasdaq climbed 1%. DJIA was…
New data for jobless benefits shows that the number of American citizens filing for unemployment benefits rose modestly last week, showing that employers are still retaining workers despite looming uncertainty on the US trade policy.The number of Americans filing for jobless support rose by 7,000 last week to 226,000, according to figures released by the…
US President Donald Trump imposed an additional 25% tariff on Indian imports on the top of an already existing 25% duty, pushing the total to 50%. These high tariffs, announced on August 6, would take effect from August 27.The pharmaceutical sector, however, received a temporary exemption from the tariff hike, highlighting India’s crucial role in…
Fuel supply from Nayara Energy’s Vadinar refinery has been severely disrupted after shipowners, wary of European Union sanctions, stopped lifting products from the facility, forcing the Rosneft-backed company to seek government help to arrange alternate shipping support.Nayara, which used vessels to supply petrol and diesel to consumption hubs along India’s west coast and as far…
India’s merchandise imports are set to grow at more than double the pace of exports in the current financial year, according to the Reserve Bank of India’s latest economic outlook.The central bank released the Survey of Professional Forecasters on Macroeconomic Indicators (95th Round) on Wednesday.According to the apex bank’s findings, “Merchandise exports and imports are…
The Chamber of Trade and Industry (CTI) has voiced concerns over the US’s latest decision to impose an additional 25% tariff on Indian goods, taking the total duty to 50%. The body warned of serious consequences for India’s export driven businesses.CTI chairman Brijesh Goyal wrote to PM Narendra Modi, calling for immediate and strategic action,…
India is the world’s third-largest oil consumer, and has significantly stepped up its procurement of Russian crude oil. (AI image) US President Donald Trump, through his 25% additional tariffs on India for its Russia crude oil trade, wants to put pressure on Vladimir Putin to end the war with Ukraine – feel experts. But with…
