Exporters have received letters and emails from US buyers requesting that they pause apparel and textile shipments until further notice, sources told NDTV Profit.

While US President Donald Trump has announced the imposition of 50 per cent tariffs on India's exports, this is expected to impact only 4.8 per cent of the total goods and services exports of the country worldwide, which surpassed a record $820 billion in 2024-25, according to official estimates.

The 50 per cent tariff being imposed by the Trump administration will be applicable only to exports worth $40 billion to the US, a senior official said.

Senior US Congressman Gregory Meeks has slammed President Donald Trump for his punitive tariffs against India over its import of Russian oil.

pple chief Tim Cook went straight to the point: "It's 24-karat gold... I'll take the liberty of setting it up."

"Wow," said a clearly enthralled Donald Trump, as Cook assembled a unique gift for the US president -- a custom-engraved glass piece made by iPhone glassmaker Corning, set in a gold base.

The scene -- which unfolded Wednesday in the Oval Office -- is just one of many over-the-top efforts made by world leaders and industry titans to get in Trump's good graces.

The Republican billionaire president is known for loving all that glitters -- as evidenced by the gilded revamp of his office -- and also loves seeing his name in bold font. Both of those things did not escape Cook, who is mindful of remaining friendly with a head of state known for condemning Apple for not making its iconic iPhones in the United States -- and occasionally threatening to punish the company.

Beyond promising an additional $100 billion investment in the United States, Cook also offered Trump a gleaming gift made in the USA -- a glass disk produced in Kentucky and designed by a former Marine Corps corporal now working at Apple.

The city of Firozabad in Uttar Pradesh, renowned for its glass industry, is staring at a major crisis after US President Donald Trump imposed an additional 25 percent tariff on Indian exports to the United States. The industry fears that the proposed hike, which is scheduled to take effect in roughly three weeks, will deal a severe blow to their exports, as nearly 70 percent of them are sent to the US.

Exporters say they are already grappling with a slowdown due to low cost Chinese products flooding the market, but add that they refuse to bow to American pressure.

The glass industry is hoping that trade talks between India and the United States will lead to a favourable outcome, so they can continue exporting goods to the US which is a major market for their products

The dollar was under pressure on Friday and was on course for a weekly fall as U.S. President Donald Trump's temporary choice for a fill-in Federal Reserve Governor stoked expectations for a dovish pick to replace chair Jerome Powell when his term ends. Sterling hovered near a two-week high, clinging to Thursday's sharp gains as the Bank of England cut interest rates but only after a narrow 5-4 vote, which showed the central bank's easing bias lacked conviction.

Meanwhile, Trump's decision to nominate Council of Economic Advisers Chairman Stephen Miran to serve on a newly vacant seat at the Fed, while White House seeks a permanent addition, weighed on the dollar. Miran replaces Governor Adriana Kugler following her surprise resignation last week.

"While we expect Miran to advocate for lower interest rates, we do not consider he will push the FOMC to cut the Funds rate if the data does not support a cut," said Joseph Capurso, head of international economics at the Commonwealth Bank of Australia. (Reuters)

US stocks drifted to a mixed finish on Thursday as President Donald Trump's tariffs taking effect on dozens of countries had only a muted effect on markets worldwide. The S&P 500 slipped 0.1 per cent 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 per cent, and the Nasdaq composite rose 0.3 per cent to a record.

Worries are high that Trump's tariffs are damaging the economy, particularly after last week's worse-than-expected report on the job market. But hopes for coming cuts to interest rates by the Federal Reserve and a torrent of stronger-than-expected profit reports from big US companies are helping to offset the concerns, at least for now.

Lower interest rates can give the economy and investment prices a boost, though the downside is that they can also push inflation higher. The Bank of England cut its main interest rate on Thursday in hopes of bolstering the sluggish UK economy.

The US tariffs place "a substantial strain" on Switzerland's export-oriented economy, the Swiss government said, vowing to continue negotiations with the US to reduce the 39 per cent additional tariffs imposed on the country, which came into force Thursday. The decision was made following the trip of a Swiss delegation to the United States from Tuesday to Wednesday, led by President Karin Keller-Sutter and Vice President Guy Parmelin, the Federal Council said in a statement.

The 39 per cent tariff rate, announced by US President Donald Trump on July 31, was one of the highest globally and also higher than the 31 per cent rate threatened by Trump in early April, Xinhua news agency reported. 

Nearly 60 per cent of Swiss exports to the US are subject to the new tariffs, which are "particularly steep" compared with other US trading partners such as the European Union and Britain, the statement said, adding that it is not considering tariff countermeasures for fear of "additional costs on the economy."

Oil prices were little changed in early Asian hours on Friday, but were headed for their steepest weekly losses since late-June, as investors expressed concern over the impact to the global economy from tariffs that kicked into effect on Thursday. Brent crude futures were down three cents to $66.40 a barrel at 0050 GMT, on track to decline more than 4 per cent week-over-week. US West Texas Intermediate crude futures were down six cents, or 0.1 per cent, to $63.82 a barrel, set to fall more than 5 per cent on a weekly basis.

Higher US tariffs against a host of trade partners went into effect on Thursday. The tariffs raised concerns of weaker economic activity, which would hit demand for crude oil, ANZ Bank analysts said in a note.

Oil prices were already reeling from the OPEC+ group's decision last weekend to fully unwind its largest tranche of output cuts in September, months ahead of target.

July: An Indian trade delegation visits Washington for another round of discussions, which end without reaching a breakthrough.

July: Goyal says India is ready to make trade deals in “the national interest,” but not just to meet deadlines.

July 31: Trump imposes 25% tariffs on Indian imports. He warns of further penalties for India because of its buying of Russian oil, and calls its economy “dead.”

August 6: Trump vows an additional 25% import taxes on India to punish the country for its purchases of Russian oil, bringing combined tariffs to 50%. The tariffs are set to go into effect after 21 days.

April 21: US Vice President JD Vance meets Modi in New Delhi and says both sides are making progress on trade talks.

India and the U.S. also finalize the terms of reference for the trade negotiation, bringing them a step closer to an agreement.

May 10: Trump says he stopped military hostilities between India and Pakistan by offering possible trade concessions to both. India is angered by Trump’s claims and disputes them.

May 17: Trade minister Goyal leads a team of senior Indian officials to Washington for more negotiations. India’s commerce secretary says the proposed bilateral trade agreement is progressing “very well.”

June 27: Trump signals a deal may be close. “We’re having some great deals. We have one coming up, maybe with India, a very big one, where we’re going to open up India,” he says. (Continued...)

Here is how India, a strategic partner of the U.S. in Asia, ended up facing steep tariffs:

February: Trump imposes tariffs on Canada, Mexico and China. He initially spares India, despite repeatedly calling the country a “tariff king," but threatens that high tariffs are coming.

February 14: Modi meets Trump in Washington in an effort to resolve trade concerns. Trump again warns of higher U.S. tariffs on Indian goods. India and the U.S. agree to work on a trade deal and expand bilateral trade to $500 billion by 2030. They don't share details as to how the target would be achieved. Modi says he expects a deal to be completed later this year.

March 3: India’s trade minister, Piyush Goyal, visits Washington and meets his counterparts to initiate negotiations for the bilateral trade agreement. (Continued...)

US President Donald Trump has vowed additional 25 per cent tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on its ally to 50%. India has called the additional tariffs “unfortunate.”

Trump's Wednesday announcement came as India and the U.S. are still negotiating a trade deal that has faced roadblocks after it was first announced when Indian Prime Minister Narendra Modi met Trump in Washington earlier this year.

It also comes at a time when ties between India and the U.S. appear to have taken a hit even as Modi and Trump share a warm relationship. (Continued...)

 Prime Minister Narendra Modi will chair a crucial high-level Cabinet meeting on Friday at 1 p.m. to assess the impact of the steep tariff hike recently imposed by the US on Indian exports.

The move comes amid escalating trade tensions between the two nations, following the US decision to raise tariffs on Indian goods to a total of 50 per cent.

The meeting is expected to discuss India's strategic response to the US action. (IANS)

US President Donald Trump has ruled out negotiations with India on the tariffs that will rise to 50 per cent later this month.

“No, not until we get it resolved”, he said when a reporter asked him if he expected more negotiations following the announcement of the 50 per cent tariff that is to take effect on August 27.

It was not clear from the curt reply if he meant the resolution of the Ukraine War, since the additional 25 per cent punitive tariff he announced on Wednesday for buying Russian oil is linked to it, or a settlement of issues underlying the 25 per cent tariff he imposed on India last week in his general trade war.

The punitive tariff appeared to aim at bringing economic pressure on Moscow to agree to a ceasefire, as India is the second-biggest customer for its oil. He was also ambiguous on Wednesday when a reporter asked him if he would end the 25 per cent punitive tariff if there was an agreement with Moscow on ending the war.

He said, "We'll determine that later, but right now, they're paying a 50 per cent tariff”.

Trump had put a 50-day deadline for Russia to agree to a ceasefire or get hit with more sanctions, at which time the punitive measures known as secondary tariffs would be imposed on all its oil customers. He later shortened it to 12 days, ending Friday, but came out with the 25 per cent punitive tariff singling out India on Wednesday, although it won’t take effect till August 27.