Shortly after a July 22 meeting with Philippine President Ferdinand Marcos Jr, US President Donald Trump announced that he would lower his upcoming tariffs on imports from the country to 19% — down just 1% from his previous threat of 20%.

In return, Trump said on Truth Social, the U.S. would not pay tariffs on American goods it shipped to the Philippines. But additional details remained unclear. Marcos said his country was considering options such as having an open market without tariffs for U.S. automobiles, but emphasized details were still left to be worked out.

On July 22, US President Donald Trump announced a trade framework to impose 15% tariffs on Japan — down from his previously-threatened rate of 25%. The U.S. president also said Japan would invest $550 billion into the U.S. and would “open” its economy to American autos and rice.

The newly-agreed on 15% tariff rate also applies to Japanese cars — marking a welcome relief for automakers like Toyota Motor Corp. and Honda — which, like other automakers, have faced a 25% levy on key parts and finished vehicles going into the U.S. since earlier this year. But car companies in other countries, including U.S. competitors, worry that this could put them at a disadvantage.

After announcing a 25 per cent 'reciprocal tariff' on his "friend" India, plus a penalty for buying Russian weapons and oil, Donald Trump said Thursday the US had struck a deal with Pakistan to develop its "massive" oil reserves. What does this mean

Citing India's higher tariffs on American goods, US President Donald Trump has declared a 25 per cent tariff on Indian imports. However, shipments worth over $25 billion, primarily of smartphones and pharmaceuticals, are currently exempted from these higher tariffs.

Pharmaceuticals and electronics (primarily smartphones) accounted for $10.5 billion and $14.6 billion of India's total exports to the US in FY25, respectively. Trump has not yet included these key industries in the new tariffs that are slated to come into effect from August 1.

India's exports to the US have increased since January this year, as a result of this exemption because there are no duties on these goods. From January to June 2025, the US's percentage of India's merchandise exports increased from 17-18 per cent to over 20 per cent.

This growth reflects front-loading by exporters ahead of the tariff hike in August and the tariff exemptions on smartphones and drugs, which were spared from the 10 per cent baseline duty introduced in April, according to industry experts.

The U.S. and the EU announced a trade framework that imposes 15% tariffs on most European goods — warding off Trump’s most recent threat of 30% if no deal had been reached by Aug. 1.

But some key details require more work. The headline of the agreement, unveiled July 27, is that the 15% tariff rate will apply to 70% of European goods brought into the U.S. — with the EU later confirming that that rate applies to pharmaceuticals, semiconductors, and car and car parts. But the remaining 30% of those imports is still open for negotiations.

European Commission President Ursula von der Leyen said that both sides had agreed to zero tariffs for a range of “strategic” goods. Meanwhile, Trump pointed to heightened investments from European companies in the U.S. — including what Trump said was $750 billion (638 billion euros) worth of natural gas, oil and nuclear fuel over three years, as well as an additional $600 billion (511 billion euros) under a political commitment that isn’t legally binding, officials said.

The US President Donald Trump said he reached an agreement with Seoul on July 30 that would impose a 15% tariff for goods from South Korea.

The countries have also agreed for South Korea to buy $100 billion in energy resources from the U.S. and for South Korea to give to the U.S. $350 billion for “investments owned and controlled by the United States, and selected by myself, as president,” Trump said.

US President Donald Trump's decision to impose a 25% additional import duty plus penalty on goods imported from India is "completely unreasonable" even as negotiations for a trade agreement are underway, Congress MP Shashi Tharoor said on Thursday.

US President Donald Trump on Wednesday announced the US will impose a 25 per cent tariff on Indian imports starting August 1. The announcement came on Truth Social, the platform owned by the US president.

India's hopes of reduced tariffs on exports to the United States were dashed Wednesday after US President Donald Trump announced a 25 per cent levy, plus an unspecified penalty for buying arms and crude oil from Russia.

United States President Donald Trump announced 25 percent tariffs on imports from India and an unspecified "penalty" for New Delhi's purchases of Russian weapons and energy, measures which will likely impact some key sectors in India.

The measures, which will kick in on Friday, are likely to impact the following sectors:

US President Donald Trump is "frustrated" with the lack of progress on trade talks with India and feels that the 25% tariff imposed on the country will "address and remedy" the situation, the White House economic adviser suggested on Wednesday.

The clock is ticking closer to the US President's latest tariff deadline of August 1. And while several more deals or frameworks for deals have been reached, trade talks with many countries are still in flux.

 President Donald Trump signed an executive order Wednesday to impose his threatened 50% tariffs on Brazil, setting a legal rationale that Brazil’s policies and criminal prosecution of former President Jair Bolsonaro constitute an economic emergency under a 1977 law.

Trump had threatened the tariffs July 9 in a letter to President Luiz Inacio Lula da Silva. But the legal basis of that threat was an earlier executive order premised on trade imbalances being a threat to the U.S. economy. But America ran a $6.8 billion trade surplus last year with Brazil, according to the U.S. Census Bureau.

A statement by the White House said Brazil’s judiciary had tried to coerce social media companies and block their users, though it did not name the companies involved, X and Rumble.

Trump appears to identify with Bolsonaro, who attempted to overturn the results of his 2022 loss to Lula. Similarly, Trump was indicted in 2023 for his efforts to overturn the results of the 2020 U.S. presidential election. (AP)

US President Donald Trump’s surprise tariff announcement is set to weigh on the Reserve Bank of India’s monetary policy decision next week even as a final word on the trade deal is awaited, according to Bloomberg news. 

The report said that while most economists were not expecting a back-to-back cut in interest rates after June’s unexpectedly large 50-basis-point reduction, Governor Sanjay Malhotra’s  recent comments had revived hopes of lower rates in the August 6 policy review. More so, as inflation fell to its lowest level in more than six years in June. 

However, a rate cut now would put additional pressure on the rupee, which has already weakened to a five-month low on Thursday following Trump’s post on Truth Social. 

With the US Federal Reserve holding interest rates steady — citing signs of a slowing economy — there is little incentive for emerging markets such as India to ease policy further.

By trying to leverage US economic power to squeeze trading partners with tariffs and force foreign companies to move to the United States, Trump has upended the global economy. He has already announced deal outlines with five countries -- Britain, Vietnam, Japan, Indonesia and the Philippines -- as well as the one with the 27-nation EU. He also announced an oil trade deal with Pakistan.

Taiwan has reached "a certain consensus" with the United States on tariffs, a Taipei government official said Thursday, but did not provide details on the agreed levy.

"We reached a certain consensus on issues including tariffs, non-tariff trade barriers, trade facilitation, as well as supply chain resilience and economic security," cabinet spokeswoman Michelle Lee said, adding Taipei was "still waiting for the US government's decision-making process to conclude".

China’s top leaders have pledged to help companies slammed by higher U.S. tariffs but held back on major moves after trade talks with the U.S. this week kept businesses and planners in limbo.

At their summer economic planning meeting, the powerful Politburo of the ruling Communist Party pledged to stabilize foreign trade and investment.

“We must assist foreign trade enterprises that have been severely impacted, strengthen financing support, and promote the integrated development of domestic and foreign trade,” the official Xinhua News Agency said in reporting the closed door meeting. It mentioned export tax rebates and free trade pilot zones but gave no other specifics.

The inconclusive outcome of two days of trade talks in Stockholm, Sweden, leaves open the question of higher tariffs on Chinese exports to the United States.

The West has grudgingly recognised its inability to persuade India not to buy Russian oil. However, anti-Russian lobbies continue to apply pressure on New Delhi, seeing that their goal of imposing a strategic defeat on Russia has proved illusory.

The Congress party slammed the BJP government as US President Donald Trump slapped India with 25 per cent tariffs on Wednesday. In a post on X, the Congress party wrote, "country is now bearing the cost of Narendra Modi's 'friendship'".

Landlocked Laos -- a country of only eight million -- has a gloomy outlook as it counts down to a Friday deadline when Trump says a 40 per cent levy will kick in unless a trade deal is sealed. The rate is among the highest Trump has touted in his global tariff blitz, which has yielded a handful of deals with countries including Britain, Japan and Vietnam but left dozens others scrambling for a pact.

Laos has limited exports, little leverage and supply chains deeply entwined with US trade rival China.

The United States had a trade deficit of more than $760 million with Laos last year -- singling it out for steep tolls alongside other nations Trump sees as imbalanced business partners.

Canada's support for Palestinian statehood makes a trade deal with Ottawa "very hard", US President Donald Trump said early Thursday.

"Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!" Trump wrote on Truth Social.

U.S. President Donald Trump said on Wednesday his administration struck a deal with Pakistan in which Washington will work with Islamabad in developing the South Asian nation's oil reserves.

(Continuing...) July 27 - The U.S. reaches a trade agreement with the European Union, imposing a 15% import tariff on most EU goods.

July 28 - Trump says most trading partners that do not negotiate separate trade deals would soon face tariffs of 15% to 20%.

July 30 - He says the U.S. will impose a 25% tariff on goods imported from India starting on August 1.

He also announces a 50% tariff on copper pipes and wiring would kick in on the same day, and says the U.S. will charge a 15% tariff on imports from South Korea, down from a threatened 25% rate.

(Continuing...) July 10 - Trump says the U.S. will impose a 35% tariff on imports from Canada in August and plans to impose blanket tariffs of 15% or 20% on most other trading partners.

July 12 - Trump threatens to impose a 30% tariff on imports from Mexico and the EU from August 1.

July 15 - Trump says the U.S. will impose a 19% tariff on goods from Indonesia under a new agreement.

July 22 - Trump strikes a trade deal with Japan that includes lowering tariffs on auto imports to 15%.

(Continuing...) June 3 - Trump signs an executive proclamation activating a hike in the steel and aluminum tariffs to 50% from 25%.

July 3 - Trump says the U.S. will place a 20% tariff on many Vietnamese exports, with trans-shipments from third countries through Vietnam facing a 40% levy.

July 6 - Trump says on Truth Social that countries aligning themselves with the "Anti-American policies" of BRICS will be charged an additional 10% tariff.

July 7 - Trump says on Truth Social the additional higher duties announced in earlier months will kick in on August 1. In letters sent to 14 countries including Japan, South Korea and Serbia, he says that will include tariffs between 25% and 40%...

(Continuing...) May 12 - The U.S. and China agree to temporarily slash reciprocal tariffs. Under the 90-day truce, the U.S. will cut the extra tariffs it imposed on Chinese imports to 30% from 145%, while China's duties on U.S. imports will be slashed to 10% from 125%.

May 13 - The U.S. cuts the low value "de minimis" tariff on China shipments, reducing duties for items valued at up to $800 to 54% from 120%.

May 23 - Trump warns Apple it would face a 25% tariff if phones it sold in the U.S. were manufactured outside of the country.

May 29 - A federal appeals court temporarily reinstates the most sweeping of Trump's tariffs, pausing an earlier lower court's ruling to consider the government's appeal...

(Continuing...) April 9 - Trump pauses for 90 days most of his country-specific tariffs that kicked in less than 24 hours earlier after an upheaval in financial markets erased trillions of dollars from bourses around the world. The 10% blanket duty on almost all U.S. imports stays in place.

Trump says he will raise the tariff on Chinese imports to 125% from the 104% level that took effect a day earlier. This pushes the extra duties on Chinese goods to 145%, including the previously imposed tariffs.

May 9 - Trump and British Prime Minister Keir Starmer announce a limited bilateral trade agreement that leaves in place 10% tariffs on British exports and lowers U.S. duties on British car exports...

(Continuing...)March 3 - Trump says 25% tariffs on goods from Mexico and Canada will take effect from March 4 and doubles fentanyl-related tariffs on all Chinese imports to 20%.

March 6 - Trump exempts goods from Canada and Mexico under a North American trade pact for a month.

March 26 - Trump unveils a 25% tariff on imported cars and light trucks.
April 2 - Trump announces global tariffs with a baseline of 10% across all imports and significantly higher duties on some of the United States' biggest trading partners...

U.S. President Donald Trump's tariff decisions since he took office on January 20 have shocked financial markets and sent a wave of uncertainty through the global economy. Here is a timeline of the major developments:

February 1 - Trump imposes 25% tariffs on Mexican and most Canadian imports and 10% on goods from China, demanding they curb the flow of fentanyl and illegal immigrants into the U.S.

February 3 - Trump agrees to a 30-day pause in his tariff threat on Mexico and Canada in return for concessions on border and crime enforcement. The U.S. does not reach such a deal with China.

February 10 - Trump raises tariffs on steel and aluminum to a flat 25% "without exceptions or exemptions"...

President Donald Trump said on Wednesday the US will charge a 15 per cent tariff on imports from South Korea, down from a threatened 25 per cent, as part of a deal that eases tensions with a top-10 trading partner and key Asian ally.

The arrangement, announced shortly after Trump met with Korean officials at the White House, came during a blizzard of trade policy announcements ahead of a self-imposed August 1 deadline.

That is when Trump has promised higher tariffs will kick in on US imports from a range of countries. Imports from South Korea, a powerhouse exporter of computer chips, cars and steel, faced a 25 per cent rate prior to Wednesday's last-minute deal.

In response to US tariffs, the Ministry of Commerce And Industry said that Indian government is studying its implications and will take all steps necessary to secure our national interest. 

"India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective. The Government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs," the statement said. 

"The Government will take all steps necessary to secure our national interest, as has been the case with other trade agreements including the latest Comprehensive Economic and Trade Agreement with the UK," it added. 

US President Donald Trump has announced 25 per cent tariffs on imports from India plus a "penalty", while his administration struck a deal with Pakistan in which Washington will work with Islamabad in developing the South Asian nation's oil reserves.

Indian shares opened lower on Thursday after the United States said it would impose a 25% tariff on goods imported from the country starting August 1 and an unspecified penalty.

Asian markets mostly fell Thursday while the dollar held most of its gains as traders weighed a cautious Federal Reserve with strong tech earnings and Donald Trump's tariffs on key economies South Korea and India.

After a broadly negative day on Wall Street, Asian markets struggled.

Hong Kong, Shanghai, Sydney, Singapore, Seoul, Manila, Wellington and Bangkok all fell, though Tokyo, Taipei and Jakarta edged up.

There was little movement in the yen after the Bank of Japan decided against hiking interest rates, while lifting economic growth and inflation costs. It also cautiously welcomed the country's trade deal with the United States.

US President Donald Trump said it will be "very hard" to make a trade deal with Canada after Prime Minister Mark Carney announced that they will recognise a Palestinian state at the UN General Assembly in September.

"Canada intends to recognise the State of Palestine at the 80th Session of the United Nations General Assembly in September 2025," the prime minister said, adding that worsening suffering of civilians in Gaza left "no room for delay in coordinated international action to support peace."

In response, President Trump wrote, "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh’ Canada!!!"   

In a post on his social media platform, Truth Social, US President Donald Trump called himself "Dealmaker In-Chief."

Six Indian companies are under the radar of the US Department of State. Their fault? They "engage in Iranian petroleum, petroleum products, or petrochemical trade". This reportedly violates American sanctions under Executive Order 13846. The US claims that the Iranian regime uses revenue to fuel conflict in the Middle East, fund terrorism, and oppress its people.

In a statement, the US Department of State spokesperson said, "The Iranian regime continues to fuel conflict in the Middle East to fund its destabilising activities. Today, the United States is taking action to stem the flow of revenue that the regime uses to support terrorism abroad, as well as to oppress its own people."

The US Department of State Wednesday announced sanctions on 20 entities, including six from India, for trading with Iran.

US President Donald Trump took to his social media platform, Truth Social, ahead of the implementation of tariffs starting August 1. Calling it a "Golden Age", President Trump noted that August 1, the day when tariffs on goods imported from other countries will come into effect as a "great day for America."

A day after announcing 25 per cent tariffs on imports from India, US President Donald Trump has dropped another bombshell. Hitting out at India and Russia, he has said he does not care about New Delhi's dealings with Moscow and that the two "can take their dead economies down together".

"I don't care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their tariffs are too high, among the highest in the world. Likewise, Russia and the USA do almost no business together. Let's keep it that way," he said in a post on Truth Social.

The US President targeted former Russian President Dmitry Medvedev for warning that Washington DC's "ultimatum game" with Russia could lead to war. "...and tell Medvedev, the failed former President of Russia, who thinks he's still President, to watch his words. He's entering very dangerous territory," the US President said.

The Government has taken note of a statement by the US President on bilateral trade. The Government is studying its implications: Govt of India
"India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement… pic.twitter.com/cTDLYgbNAR

— ANI (@ANI) July 30, 2025

Bharatiya Janata Party (BJP) MP Ashok Chavan on Wednesday said that US President Donald Trump's decision to impose 25 per cent tariffs on Indian goods did not appear to be based on mutual discussion.

Chavan added that India's Commerce Minister had been in regular contact with the US, and any chance for appeal or talks should be used to avoid losses for India.

Speaking to the reporters, Ashok Chavan said, "... I dont think President Trump's decision comes after a consensus or a mutual discussion. Our Minister of Commerce was in regular touch with the US administration... Any scope of appeal or discussion must be duly addressed so that India doesn't face any losses."

(ANI)

In most negotiations, people assume success comes from persuasion or compromise at the table. But those who understand game theory know the real strategy starts long before the first conversation.

The Congress party slammed the BJP government as US President Donald Trump slapped India with 25 per cent tariffs on Wednesday. In a post on X, the Congress party wrote, "country is now bearing the cost of Narendra Modi's 'friendship'".

India's hopes of reduced tariffs on exports to the United States were dashed Wednesday after US President Donald Trump announced a 25 per cent levy, plus an unspecified penalty for buying arms and crude oil from Russia.

India will pay a 25 per cent tariff on goods exported to the United States from August 1, Donald Trump decreed on Truth Social, the social media network owned by the US President.

In its first response after Donald Trump's surprise announcement of a 25% tariff on goods exported to the US from India, plus a 'penalty', the Centre has said it is studying the implications of the move.

#WATCH | Delhi: On US imposing 25% tariffs on India, Congress MP Mallu Ravi says," It is like he is threatening India. Congress is bothered about threats coming from Donald Trump. We should properly answer him..." pic.twitter.com/a3Z204FA40

— ANI (@ANI) July 30, 2025

#WATCH | Delhi | US President Trump imposes 25% tariffs on India, Congress MP Rajiv Shukla says, "This is a really wrong step by the US. The government considers Trump a friend, but he has actually slapped us; Indian businessmen will suffer due to this. We will raise all issues… pic.twitter.com/zhbbvOktD8

— ANI (@ANI) July 30, 2025

#WATCH | US President Donald Trump imposes 25% tariffs on India | Delhi: Dr Ajay Sahai, DG and CEO of Federation of Indian Export Organisations (FIEO), says, "The 25% tariff imposed on India is a little disappointing for us, and we are constantly engaged with the US on the BTA.… pic.twitter.com/l3nQhS6IGY

— ANI (@ANI) July 30, 2025

External Affairs Minister S Jaishankar Meets Commerce Minister Piyush Goyal Post Tariff Strike (File photo)

On Tuesday, Trump had said India could face a 20-25 percent rate since a trade deal had not been finalized. The announced tariffs will mark a huge leap from the current 10 percent baseline tariff on Indian shipments to the United States.

(AFP)

Watch LIVE | Donald Trump Announces 25% Tariffs Plus Penalty On Indiahttps://t.co/l8mbAxht7W

— NDTV (@ndtv) July 30, 2025

#WATCH | Donald Trump imposes 25% tariffs on India, Congress MP Ujjwal Raman Singh says, "The people of India will not bow down before America...We have been saying that India's foreign policy has failed, and now we are seeing our economic policy also failing..." pic.twitter.com/8Fmp2M3pCB

— ANI (@ANI) July 30, 2025

Congress MP Gurjeet Singh Aujla told NDTV that Donald Trump's 25 per cent tariff announcement will have a major impact on the Indian market. He called this a failure of Centre's foreign policy.

A team from the US will visit India on August 25 for the next round of negotiations for the proposed bilateral trade agreement between the two countries, an official said on Tuesday.

The official added that the two sides continue to be engaged in an interim trade deal as the August 1 deadline is approaching. However, two days before the deadline, Trump announced 25% tariff plus pnealty on India.

August 1 marks the end of the suspension period of tariffs imposed by US President Donald Trump on dozens of countries, including India (26 per cent).

The US President has also criticised India's continued purchases of Russian weapons and energy, especially during the ongoing war in Ukraine.

President Donald Trump said that India may be hit with a tariff rate of 20% to 25% but cautioned the final levy had still not been finalized as the two countries negotiate on a trade deal ahead of an Aug. 1 deadline.

"I think so," Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi.

"India has been a good friend, but India has charged basically more tariffs than almost any other country," Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. "You just can't do that."