Lesotho, the small southern African nation, was granted a revised US tariff rate of 15% on July 31, following months of uncertainty over steep trade penalties proposed by the Donald Trump administration.

Washington announced late on Thursday that the new tariffs would take effect next week, as US President Donald Trump seeks to reshape global trade to benefit the US economy.

When Trump signed the order Thursday night imposing new tariffs, the start date of the punishing import taxes was pushed back seven days.

American diplomat and the President of the US-India Business Council, Atul Keshap, spoke on the decision by the United States to impose 25 per cent tariffs on India and said that the two countries should calmly forge a deal which benefits them both.

Some Asian nations reacted with relief Friday after US President Donald Trump announced tariffs that in some cases were lower than threatened, and delayed by a week to August 7.

Pakistan has successfully lobbied Western capitals into believing in its indispensability in the regional strategic landscape. The US continues to buy this narrative for various reasons, not discounting the naivete among them.

The 25 per cent tariff announced by Donald Trump on exports to the United States will have a 'negligible' impact on the Indian economy, government sources told NDTV Friday afternoon.

When Trump signed the order Thursday night imposing new tariffs, the start date of the punishing import taxes was pushed back seven days.

Imports included crude oil (USD 4.5 billion), petroleum products (USD 3.6 billion), coal, coke (USD 3.4 billion), cut and polished diamonds (USD 2.6 billion), electric machinery (USD 1.4 billion), aircraft, spacecraft and parts (USD 1.3 billion), and gold (USD 1.3 billion).

In 2024, India's main exports to the US included drug formulations and biologicals (USD 8.1 billion), telecom instruments (USD 6.5 billion), precious and semi-precious stones (USD 5.3 billion), petroleum products (USD 4.1 billion), vehicle and auto components (USD 2.8 billion), gold and other precious metal jewellery (USD 3.2 billion), ready-made garments of cotton, including accessories (USD 2.8 billion), and products of iron and steel (USD 2.7 billion).

America was India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 186 billion (USD 86.5 billion exports and USD 45.3 billion imports). The US accounts for about 18 per cent of India's total exports, 6.22 per cent in imports, and 10.73 per cent in bilateral trade. 

Experts from across Indian industries have expressed confidence in the resilience of the Indian economy amid the US President Donald Trump's decision to impose a 25 per cent tariff on Indian goods, describing the move as impactful in the short term but unlikely to dent India's long-term economic growth story.

Reacting to the tariff hike announced by President Trump, Sushil Mohta, Chairman of the Kolkata-based real estate player Merlin Group, said India's robust economy would absorb the shock with minimal long-term disruption.

"I don't think it will make a huge difference. Our economy is very strong today, India is the fourth-largest economy in the world," Mohta told ANI. "The common people in India work very hard. Our growth is driven by that effort, not dependent on the policies of any one country."

(ANI)

The US administration's 25 per cent blanket tariffs on Indian goods is "unfortunate" but are poised to be short-lived, as both the partner countries are working on a Bilateral Trade Agreement (BTA), Vimal Pruthi, Partner, International Trade, EY India, said on Friday.

"This is an unfortunate move by the Trump administration...It will impact, in short term, on some of the export sectors like textile, gems, and jewellery, engineering goods, FMCG products. It is surely going to impact in the short term," Pruthi told ANI.

He sees the impact of tariffs going away as and when the interim trade deal is reached.

(ANI)

The US decision to impose 25 percent tariff on Indian goods along with an additional penalty for importing oil from Russia has caused some unease among stakeholders in the agricultural export sector but industry leaders suggest that India's inherent strengths may help sustain the country's competitiveness in global rice markets.

Dev Garg, Vice President of the Indian Rice Exporters Federation (IREF) and Director of Shri Lal Mahal Group, feels there are challenges but he is cautiously optimistic.

He believes the tariff regime, while demanding, could serve as a strategic inflexion point for Indian exporters to regain market share and outmanoeuvre global competitors.

(ANI)

India has issued a measured reply to US' criticism of its continued Russian oil purchases, saying "In securing our energy needs, we are guided by what is on offer in the market and the prevailing global circumstance."

Global markets reeled Friday from President Donald Trump's tariffs barrage against nearly all US trading partners as governments looked down the barrel of a seven day deadline before higher duties take effect.

Trump announced late Thursday that dozens of economies, including the European Union, will face new tariff rates of between 10 and 41 percent.

However, implementation will be on August 7 rather than Friday as previously announced, the White House said. This gives governments a window to rush to strike bilateral deals with Washington setting more favorable conditions.

(AFP)

Indian pharmaceutical manufacturers are preparing a two-pronged strategy to offset the impact of the soon-to-be-effective 25 per cent US tariff on Indian goods, which includes drug exports, with industry experts anticipating that the move could significantly raise medicine costs in the American market.

Girdhar Gyani, Director General of the Association of Healthcare Providers (India), has voiced concern over the financial burden the proposed US tariff would impose on both Indian exporters and American consumers.

India currently supplies around 47 per cent of the US pharmaceutical market, largely in the form of affordable generics.

(ANI)

India may face an annual export loss of USD 5 to USD 6.75 billion if demand declines by 20 to 30 per cent because of 15 per cent tariff imposed by US, said a report by Ventura Securities.

Given the country's FY25 GDP of around USD 3.3 trillion (Rs 287 lakh crore), this shortfall could reduce GDP growth by approximately 0.15 to 0.2 per cent, the report added.

It further said that India's industry is expected to face short- to medium-term challenges due to US tariffs, however, during this period, the sector is likely to step up efforts to diversify its markets, with aim to maintain growth momentum.

(ANI)

US President Donald Trump unveiled sweeping new tariffs on dozens of countries including 25 per cent duties for goods from India, marking a new era of American protectionism that triggered fresh tensions and concerns over a much wider disruption in the global trade landscape.

The US president signed an executive order that raised tariffs for over five dozen countries with Washington's negotiations for trade deals went down to the wire ahead of the August 1 deadline. In the Executive Order titled 'Further Modifying The Reciprocal Tariff Rates', Trump announced tariff rates for nearly 70 nations.

(PTI)

Fitch Ratings on Friday cut India's GDP projections for the current fiscal to 6.3 per cent and said it expects a limited direct impact of higher US tariffs on Indian corporates.

In its Global Economic Outlook in April, Fitch had estimated India's GDP growth at 6.4 per cent for 2025-26.

"We expect India's GDP growth of 6.3 per cent and robust infrastructure spending to underpin healthy demand for cement and building materials, electricity, petroleum products, steel, and engineering and construction (E&C) companies during FY26," Fitch said in its India Corporates Credit Trends report released on Friday.

(PTI)

Tariffs imposed on India's neighbouring countries are less than India's 25%, except for Myanmar at 40%. The new tariff for Pakistan is 19 %, Afghanistan 15 %, Bangladesh 20 %, Indonesia 19 %, Japan 15%, and Sri Lanka at 20%.

The new tariffs, outlined in a sweeping order signed on Friday (IST), will come into effect from 12:01 a.m. Eastern Daylight Time on August 7.

(ANI)

The Chief Adviser of the Interim Government of Bangladesh, Muhammad Yunus has congratulated Bangladesh's tariff negotiators following a trade deal with the United States. Yunus also referred to the stalemate over trade.

US President Donald Trump has announced the latest reciprocal tariff rates for trading partners as the August 1 deadline came to an end on Friday.

US President Donald Trump has signed a new executive order slapping higher tariffs on dozens of trading partners ahead of a Friday trade deal deadline, in his latest bid to reshape global trade in favour of US businesses.

The deafening roar of hundreds of sewing machines has gone silent. Spools of thread in every colour are covered in dust. The warehouse is dark and empty.

The US has alleged that it faces a significant trade deficit with India, blaming New Delhi for imposing high tariffs on American goods, which it says restricts US exports to the Indian market.

Apple chief executive Tim Cook said Thursday US tariffs are expected to cost the iPhone maker $1.1 billion this quarter.

US President Donald Trump has signed a new executive order slapping higher tariffs on dozens of trading partners ahead of a Friday trade deal deadline, in his latest bid to reshape global trade in favour of US businesses.

Brazil vowed Thursday to combat US President Donald Trump's tariffs on its exports, saying it intends to lodge appeals if last-ditch negotiations fail.

The dollar headed for its best week in almost three years against its major peers, maintaining momentum on Friday after US President Donald Trump imposed new tariff rates on dozens of trade partners.

The dollar also gained on non-tariff catalysts, with the yen touching a four-month low, extending a steep decline from Thursday after the Bank of Japan signalled it was in no hurry to resume interest rate hikes.

U.S. President Donald Trump on Thursday signed an executive order increasing tariffs on Canadian goods to 35% from 25% on all products not covered by the U.S.-Mexico-Canada trade agreement, the White House said. Goods transshipped to another country to evade the new tariffs would be subject to a transshipment levy of 40%, according to a White House fact sheet.

The move - which Washington linked in part to what it said was Canada's failure to stop fentanyl smuggling - is the latest blow in a months-long tariff war which Trump initiated shortly after taking power.

The announcement blaming Canada's "continued inaction and retaliation" comes after Trump said Canadian Prime Minister Mark Carney reached out ahead of an August 1 tariff deadline, but no conversations between the two took place.

Trump had said any country failing to strike a deal with the U.S. before Friday will be subjected to higher tariffs imposed on goods.

President Donald Trump on Wednesday said he would impose a tariff of at least 25% on India's exports to the US.

 Washington, DC: On 25% US tariff, plus a penalty on India, U.S.-India Business Council President Atul Keshap says, "The truth is that India doesn't have the leverage that some other economies have on the US. India only represents about 2 and a half per cent of America's total international trade. I think the pharma that comes in from India is probably the most important element that comes into our country. Those items will be taxed a little bit higher. But I don't think it's going to have the kind of impact that similar tariffs on Chinese or European goods would have. There are certain very strategic and very necessary imprts that we make from those countries that I think, have caused us to think a little bit more carefully about the impact on the American economy. But in the case of India, I don't think that impact is similarly going to be felt. So, I get the sense that if these tariffs happen will not really have a very disruptive impact at home."

White House Press Secretary Karoline Leavitt says, "...Upwards of 200 countries around the world have reached out to the trade and tariff team...We are going to prioritise our key trading partners...The trade team has been working around the clock to try to be in correspondence with as many countries as possible, but if they haven't heard from us yet, they will in the form of a letter or an executive order by midnight tonight"

#WATCH | White House Press Secretary Karoline Leavitt says, "...Upwards of 200 countries around the world have reached out to the trade and tariff team...We are going to prioritise our key trading partners...The trade team has been working around the clock to try to be in… pic.twitter.com/cqzbaXP2Hk

— ANI (@ANI) July 31, 2025

Delhi: On US imposing a 25% tariff, plus a penalty on India, CPI(ML)(L) MP Raja Ram Singh says, " The Indian government is constantly bowing down to the Trump government. This is extremely shameful and raises questions on India's sovereignty... Even earlier in the olden days, the RSS people used to stand with the British. They used to stand against the Indians fighting for freedom and this is visible even today..."

#WATCH | Delhi: On US imposing a 25% tariff, plus a penalty on India, CPI(ML)(L) MP Raja Ram Singh says, " The Indian government is constantly bowing down to the Trump government. This is extremely shameful and raises questions on India's sovereignty... Even earlier in the olden… pic.twitter.com/7pjEg6YhuC

— ANI (@ANI) August 1, 2025

As President Donald Trump prepares to announce new tariff increases, the costs of his policies are starting to come into focus for a domestic manufacturing sector that depends on global supply chains, with a new analysis suggesting factory costs could increase by roughly 2% to 4.5%.

“There’s going to be a cash squeeze for a lot of these firms,” said Chris Bangert-Drowns, the researcher at the Washington Center for Equitable Growth who conducted the analysis. Those seemingly small changes at factories with slim profit margins, Bangert-Drowns said, “could lead to stagnation of wages, if not layoffs and closures of plants" if the costs are untenable.

The analysis, released Tuesday, points to the challenges Trump might face in trying to sell his tariffs to the public as a broader political and economic win and not just as evidence his negotiating style gets other nations to back down. The success of Trump's policies ultimately depends on whether everyday Americans become wealthier and factory towns experience revivals, a goal outside economists say his Republican administration is unlikely to meet with tariffs.

Trump has announced new frameworks with the European Union, Japan, the Philippines, Indonesia and Britain that would each raise the import taxes charged by the United States. He’s prepared to levy tariffs against goods from dozens of other countries starting on Friday in the stated range of 15% to 50%.

Justice has not been done in the Malegaon blast case and the Central and the state governments should appeal immediately - preferably within 24 hours as they did in the railway blasts case, AIMIM chief Asaduddin Owaisi said today.

The 19 percent levy for Thailand and Cambodia -- fresh from border clashes that killed over 40 people -- is a let-off from the threatened 36 percent.

Thailand called it a "major success" and a "win-win approach aimed at preserving Thailand's export base and long-term economic stability".

The US trade deficit with Thailand hit $45.6 billion in 2024. Its main exports include machinery, vehicles and auto components.

Thailand and Cambodia on Friday welcomed a 19 percent trade tariff announced by US President Donald Trump, avoiding a threatened levy of 36 percent days after he intervened to help broker a ceasefire in their deadly border conflict.

Cambodia said it would drop all tariffs on imports from the United States and order up to 20 Boeing 737s for its national airline in a further effort to woo the Trump administration.

Dozens of countries face steep levies under the tariff regime approved by Trump in Washington on Thursday, set to come into force in a week.

He had originally threatened a swingeing 49 percent tariff on Cambodia as part of his "Liberation Day" measures aimed at rebalancing world trade in America's favour, but cut it to 36 percent last month.

US President Donald Trump has described India and Russia as "dead economies" as he formally confirmed that Indian exports to United States wiill face a 25 per cent tariff along with a "penalty" for its trade with Moscow.

Indian shares declined on Friday after the United States slapped steep tariffs on exports from dozens of trading partners and reiterated a 25% duty on India ahead of a trade deal deadline.

The Nifty 50 fell 0.33% to 24,685.15 points and the BSE Sensex lost 0.28% to 80,970.31 as of 10:02 a.m. IST. Fourteen of the 16 major sectors declined while the broader smallcaps and midcaps fell about 0.75% each.

India's benchmark indexes fell as much as 0.9% on Thursday, but pared some losses at close as investors saw the 25% tariff as a pressure tactic, hoping for lower rates once negotiations conclude.

The trade talks between the two countries are continuing, U.S. President Donald Trump said on Wednesday. On Thursday, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order.

Taiwan vowed on Friday to seek a lower tariff after Donald Trump imposed a "temporary" 20 percent levy on its shipments to the United States as part of his trade war. The US president's announcement was part of a sweep of measures -- reaching 41 percent -- against dozens of global partners as they scrambled for deals with Washington to avert the painful tolls.

The figure is down from the 32 percent toll imposed in his April 2 "Liberation Day", since when Taipei and Washington have held four rounds of face-to-face talks and multiple video conferences to resolve the issue.

On Friday Taiwan President Lai Ching-te said on Facebook they were still working to strike an agreement

The United States took in more revenue from tariffs in the first six months of 2025 than it did in all of 2024, according to data from the US Treasury.

Trump has warned that any country that does not strike a deal with the U.S. before Friday will be subjected to higher tariffs imposed on goods.

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.

Senior Congress leader Rahul Gandhi's attempt to latch on to US President Donald Trump's "dead economy" remark to attack the Narendra Modi government has backfired, with his party colleagues and allies taking an opposite stand.

Asian markets mostly fell Friday as Donald Trump announced tariffs on dozens of trading partners ahead of a self-imposed deadline, offsetting strong earnings from tech giants.

With hours to go before the US president's deadline for governments to make toll-averting deals, he unveiled a list of sweeping levies he had decided to impose upon those still in talks.

Asian equities mostly fell as they contemplate the impact on the global economy.Tokyo, Hong Kong, Shanghai, Sydney, Wellington and Taipei were all down.

Seoul dived more than three percent as the South Korean government considers higher taxes on corporations and stock investors to shore up revenue. There were gains in Singapore, Manila and Jakarta.

Looming over the global economy is also an unresolved trade tussle between the United States and China. Beijing is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after the two largest economies reached preliminary deals in May and June to end escalating tit-for-tat tariffs and a cut-off of rare earth minerals.

President Donald Trump signed an executive order on Thursday imposing reciprocal tariffs ranging from 10% to 41% on U.S. imports from dozens of countries and foreign locations.

US Secretary of State Marco Rubio on Thursday said that India's purchase of oil from Russia is "most certainly a point of irritation" in New Delhi's relationship with Washington.

Trump's order said that some trading partners, "despite having engaged in negotiations, have offered terms that, in my judgment, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters."

Officials from the Trump administration told reporters that more trade deals were yet to be announced as Trump's higher "reciprocal" tariff rates were set to take effect.

"We have some deals," the official said. "And I don't want to get ahead of the President of the United States in announcing those deals."

Pakistan has emerged with one of the lowest tariff rates for any South Asian country after Afghanistan, as the White House slashed Islamabad’s tariff rate from 29 per cent to 19 per cent. This came after Trump said the US has struck a deal with India's neighbour, Pakistan, to jointly develop its oil reserves. 

The US is the biggest market for textiles from Pakistan, which is in direct competition with India, Bangladesh and Vietnam, all of which have been slapped with higher tariffs. 

EU exports to the United States are set to face tariffs of 15 percent on most products after both sides struck a deal to avoid a higher 30 percent level. European Commission President Ursula von der Leyen said some agricultural products would be exempt under the agreement struck Sunday, though she did not specify which.

But France's President Emmanuel Macron pledged to be "firm" in follow-up talks.

"It's not the end of it," Macron told ministers during a cabinet meeting.

Trump on Wednesday said Indian goods would face a 25 percent US tariff starting August 1, slightly below an earlier threatened level.

The country would also face an unspecified "penalty" over New Delhi's purchases of Russian weapons and energy, Trump said on social media.

"I don't care what India does with Russia. They can take their dead economies down together, for all I care," Trump added in a separate post.

Donald Trump's measures against Brazil are openly political, overriding long-standing trade ties.

He announced 50 percent tariffs on Brazilian goods, although delaying their imposition from August 1 to August 6 and exempting products like orange juice and civil aircraft.

The tariffs marked Trump's follow-through on threats to use American economic power to punish Brazil -- and Supreme Court Justice Alexandre de Moraes -- for what he has called a "witch hunt" against his far-right ally and former president Jair Bolsonaro.

Just days before the tariff deadline, Washington and Seoul reached a deal to avert a 25 percent duty on South Korean goods, bringing the level down to 15 percent instead.

In making the announcement Wednesday, Trump said the country also committed to $350 billion in investments and to purchase $100 billion worth of liquefied natural gas (LNG) or other energy resources.

The 15 percent rate matches levels determined from US accords with Japan and the European Union. Tariffs on automobiles will also stay at 15 percent, Seoul said.

Trump said Thursday he would delay imposing higher tariffs on Mexican imports, pushing back their rollout by 90 days. The decision came after he spoke with Mexican President Claudia Sheinbaum.

The US leader had originally threatened to raise tariffs on Mexican products from 25 percent to 30 percent come August 1, citing a lack of progress in flows of illicit fentanyl.

Goods entering the United States under the existing North American trade deal were spared.

US President Donald Trump said Thursday the United States would raise tariffs on certain Canadian goods from 25 percent to 35 percent. He had warned of trade consequences for Canada after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September.

"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," Trump wrote on Truth Social.

Unlike the new levies hitting dozens of other economies, there is no delay and these begin Friday, according to a White House fact sheet.

Products covered by the 2020 United States-Mexico-Canada Agreement -- which covers a wide swath of items -- will be exempt from the tariff rate.

US President Donald Trump has signed a new executive order slapping higher tariffs on dozens of trading partners ahead of a Friday trade deal deadline, in his latest bid to reshape global trade in favour of US businesses.