Prime Minister Narendra Modi on Friday held a "very good and detailed conversation" with Russian President Vladimir Putin over phone during which both leaders not only vowed to further deepen the India-Russia Special and Privileged Strategic Partnership but also held detailed discussions on developments concerning Ukraine.

"Had a very good and detailed conversation with my friend President Putin. I thanked him for sharing the latest developments on Ukraine. We also reviewed the progress in our bilateral agenda, and reaffirmed our commitment to further deepen the India-Russia Special and Privileged Strategic Partnership. I look forward to hosting President Putin in India later this year," PM Modi posted on X after the phone call.

While thanking President Putin for his detailed assessment, the Prime Minister reiterated India's consistent position for peaceful resolution of the Ukraine conflict.

(IANS)

Amid the ongoing turbulence in bilateral relations following the high tariffs imposed by US President Donald Trump, Defence Ministry sources have denied reports that India has paused its plan to buy US arms.

Although there has been no official clarification on this sensitive issue but the Defence Ministry sources called these reports "false and fabricated."

"The news reports on India pausing the talks related to defence purchases with the US are false and fabricated. It is clarified that the various cases of procurement are being progressed as per the extant procedures," a Defence Ministry source said.

(IANS)

President Donald Trump began imposing higher import taxes on dozens of countries Thursday just as the economic fallout of his monthslong tariff threats has begun to cause visible damage to the U.S. economy.

Just after midnight, goods from more than 60 countries and the European Union became subject to tariff rates of 10% or higher. Products from the EU, Japan and South Korea are taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh are taxed at 20%. Trump also expects the EU, Japan and South Korea to invest hundreds of billions of dollars in the United States.

"I think the growth is going to be unprecedented," Trump said Wednesday. He said the U.S. was "taking in hundreds of billions of dollars in tariffs," but did not provide a specific figure for revenues because "we don't even know what the final number is" regarding the rates.

(AP)

After the US imposed a 50% tariff on Indian goods, citing national security and foreign policy concerns, particularly India's ongoing imports of Russian oil, former Indian diplomat Rakesh Sood said that US President Donald Trump loves tariffs and the Nobel Peace Prize, hinting that India's lack of recognition on the latter might be a reason for the former.

Speaking with ANI, Sood said, "There are two things that President Trump loves - One is tariffs, and the second is the Nobel Peace Prize, so he will do anything to get to the bottom of these two. He has repeatedly said how he stopped the war between India and Pakistan and prevented a nuclear war. We've not given him comfort on the Nobel, so I guess we are facing the tariffs. We'll see how we deal with it."

(ANI)

After US President Donald Trump imposed 50 per cent tariffs on Indian imports, citing New Delhi's imports of Russian crude, a wave of criticism has come from both sides of the American political spectrum.

PM Modi, Putin Reaffirm Commitment To Deepen India-Russia Ties Amid Trump Tariff Row

US President Donald Trump's punitive 50 per cent tariff on imports from India could pose a serious challenge to New Delhi's self-reliance ambitions under the Atmanirbhar Bharat mission. America's move, linked to India's continued purchase of discounted Russian oil, could not only erode the country's manufacturing competitiveness but also slow the GDP (Gross Domestic Product) growth by 0.3 per cent, according to a new report by Moody's Ratings.

The Centre has put on hold its plans to procure new US weapons and aircraft, according to three Indian officials familiar with the matter.

The Centre has put on hold its plans to procure new US weapons and aircraft, according to three Indian officials familiar with the matter, in India's first concrete sign of discontent after tariffs imposed on its exports by President Donald Trump dragged ties to their lowest level in decades, reports news agency Reuters. 

India had been planning to send Defence Minister Rajnath Singh to Washington in the coming weeks for an announcement on some of the purchases, but that trip has been cancelled, two of the people said. 

(Reuters)

Israeli Prime Minister Benjamin Netanyahu also called the basis of the US-India relationship "very solid" and urged them to resolve the tariff issue.

Major US retailers have started discussions with Indian textile exporters after US President Donald Trump imposed a 50 per cent tariff on Indian goods, several exporters told NDTV Profit on Friday.

The US is the largest export destination for India's textile and apparel industry. The country accounted for 28 per cent of total textiles and apparel exports valued at $36.61 billion in the fiscal year that ended March 2025.

India should "aggressively pursue" a free trade agreement with the European Union, besides moving ahead with land and labour market reforms and reducing regulations to accelerate its growth trajectory, the 16th Finance Commission Chairman Arvind Panagariya said on Friday.

Speaking at the Business Today India@100 event, Panagariya said India faces a pivotal moment in the current geopolitical order of higher tariffs on exports and the country should now push the pedal on its reform agenda.

(ANI)

US President Donald Trump's punitive 50 per cent tariff on imports from India could pose a serious challenge to New Delhi's self-reliance ambitions under the Atmanirbhar Bharat mission.

President Donald Trump began imposing higher import taxes on dozens of countries Thursday just as the economic fallout of his monthslong tariff threats has begun to cause visible damage to the U.S. economy. Just after midnight, goods from more than 60 countries and the European Union became subject to tariff rates of 10% or higher. Products from the EU, Japan and South Korea are taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh are taxed at 20%. Trump also expects the EU, Japan and South Korea to invest hundreds of billions of dollars in the United States.

“I think the growth is going to be unprecedented,” Trump said Wednesday. He said the U.S. was “taking in hundreds of billions of dollars in tariffs,” but did not provide a specific figure for revenues because “we don’t even know what the final number is” regarding the rates.

Despite the uncertainty, the White House is confident that the onset of his tariffs will provide clarity about the path for the world's largest economy. Now that companies understand the direction the U.S. is headed, the Republican administration believes it can ramp up new investments and jump-start hiring in ways that can rebalance America as a manufacturing power.

So far, however, there are signs of self-inflicted wounds to the U.S. as companies and consumers brace for the impact of the new taxes.

India must consider reviewing its strategic partnership with the US which has "changed its attitude" through the imposition of 50 percent tariff on Indian goods, Congress MP Shashi Tharoor said on Friday.

President Donald Trump began imposing higher import taxes on dozens of countries Thursday just as the economic fallout of his monthslong tariff threats has begun to cause visible damage to the US economy.

US President Donald Trump's steep 50% tariffs on Indian imports could severely undermine India's manufacturing ambitions and slow economic growth, Moody's Ratings said on Friday.

Trump imposed an additional 25% tariff on Indian goods on Wednesday, citing New Delhi's continued purchases of Russian oil, taking the total tariff to 50% — far higher than those levied on other Asia-Pacific countries.

Moody's said India's real GDP growth may slow by around 0.3 percentage points from its current forecast of 6.3% for the fiscal year ending March 2026.

"Beyond 2025, the much wider tariff gap compared with other Asia-Pacific countries would severely curtail India's ambitions to develop its manufacturing sector, particularly in higher value-added sectors such as electronics, and may even reverse some of the gains made in recent years in attracting related investments," the ratings agency said. (Reuters)

India's strong domestic demand and the robust performance of its services sector will help cushion the economic impact of steep new US tariffs imposed as a penalty for continued imports of Russian crude oil, according to a report by Moody's Ratings.

The report however also said that, if India maintains Russian oil purchases despite the penalty, real GDP growth could slow by around 0.3 percentage points from its current forecast of 6.3 per cent for FY2025-26.

"We project that real GDP growth may slow by around 0.3 percentage points compared with our current forecast of 6.3 per cent growth for fiscal 2025-26 (ending March 2026). However, resilient domestic demand and the strength of services sector will mitigate the strain." noted the report.

On August 6, US President Donald Trump signed an executive order slapping an additional 25 per cent "penalty" tariff on Indian goods, citing India's sustained purchases of Russian oil despite Western sanctions. This is on top of the 25 per cent reciprocal tariff announced earlier, effectively doubling the tariff rate on Indian exports to the US, its largest export market. The rate is significantly higher than the 15-20 per cent levies faced by most Asia-Pacific nations, potentially denting India's competitiveness in global trade.

President Donald Trump began imposing higher import taxes on dozens of countries Thursday just as the economic fallout of his monthslong tariff threats has begun to cause visible damage to the U.S. economy.

Just after midnight, goods from more than 60 countries and the European Union became subject to tariff rates of 10% or higher. Products from the EU, Japan and South Korea are taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh are taxed at 20%. Trump also expects the EU, Japan and South Korea to invest hundreds of billions of dollars in the United States.

“I think the growth is going to be unprecedented,” Trump said Wednesday. He said the U.S. was “taking in hundreds of billions of dollars in tariffs,” but did not provide a specific figure for revenues because “we don’t even know what the final number is” regarding the rates.

Despite the uncertainty, the White House is confident that the onset of his tariffs will provide clarity about the path for the world's largest economy. Now that companies understand the direction the U.S. is headed, the Republican administration believes it can ramp up new investments and jump-start hiring in ways that can rebalance America as a manufacturing power.

While the United States slapped India with the highest rate tier of 50 per cent tariff -- a punitive action against New Delhi's trade with Russia -- a deep dive into US government data exposed Washington's hypocrisy.

American businesses and consumers soon will have a better idea of how President Donald Trump's foreign trade agenda might affect them now that the United States has imposed higher tariffs on products from dozens of countries.

It’s been nearly 100 years since the nation had an overall import tax rate as high as the one set Thursday. But the individual impact on business costs and consumer prices could vary as much as the tariffs applied to goods of nearly 70 U.S. trading partners, from complicated economies like the European Union to the small African nation of Lesotho.

Exports from a majority of them are getting taxed at 15%. For a handful of countries in Asia, the rate is 19%. Products from the rest are subject to taxes of 20% to 50%. Meanwhile, a 55% tariff on Chinese-made goods is scheduled to take effect next week if a U.S.-China trade deal is not agreed on before then. (AP)

 If a semiconductor firm commits to building its factory in the United States during President Donald Trump's term and fulfills the commitment, its chips would not face a tariff, the commerce secretary said, a day after Trump unveiled a plan to impose about a 100 per cent tariff on chip imports.

Secretary Howard Lutnick made the remarks during a Fox Business interview as South Korean tech firms, Samsung Electronics and SK hynix have been carefully watching his tariff policy developments, reports Yonhap news agency.

"So (what) the president said is if you commit to build in America during his term, and if you file it with the Commerce Department and if your auditor oversees you building it all the way through, then he will allow you to import your chips -- while you are building -- without a tariff...But you have to be confirmed and overseen building in America," he said.

Trump's announcement on the new tariff came after he said Tuesday that his administration plans to announce sector-specific tariffs "within the next week or so."

US President Donald Trump has said there will be no trade negotiations with India until a dispute over tariffs is resolved, following his administration's decision to double tariffs on Indian imports.

The government may prioritise support measures for sectors, like textiles and chemicals, which would be severely impacted by the US tariffs, under the export promotion mission, industry sources said on Thursday.

The issues were discussed in the commerce ministry's consultations with exporters from the textiles and chemicals sectors to assess the impact and explore possible support measures, they added.

They said that the ministry is working on the export promotion mission, announced in the Budget. (PTI)

President Donald Trump began levying higher import taxes on goods from nearly 100 other nations on Thursday, just as the economic fallout of his monthslong tariff threats begins to create visible damage to the US economy. These taxes, reaching a level not seen in the US in almost 100 years, will have Americans paying an average of 18.3% more for imported products, the highest rate since 1934, according to the Budget Lab at Yale, a nonpartisan policy research center.

Despite the immediate impact, the Trump White House is confident businesses will ramp up new investments and jump-start hiring in ways that can rebalance the US economy as a manufacturing power. (AP)

UN Secretary-General Antonio Guterres is “disheartened” by the tariffs imposed by US President Donald Trump that came into force on Thursday, according to his Deputy Spokesperson Farhan Haq. 

Guterres “has made clear that he believes that all trade wars are ruinous, and they need to be avoided”, Haq said on Thursday.

“So, this is disheartening news”, he added.

Guterres is concerned about the poorest, who will be affected the most by the higher tariffs, he said.

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

Equity benchmark indices Sensex and Nifty declined in early trade on Friday amid non-stop foreign fund outflows and tariff-related jitters. The 30-share BSE Sensex declined 242.24 points to 80,381.02 in early trade. The 50-share NSE Nifty dropped 54.85 points to 24,541.30.

From the Sensex firms, Bharti Airtel, Infosys, Bharat Electronics, Eternal, Axis Bank and HDFC Bank were among the laggards. However, Titan, Bajaj Finance, NTPC and Bajaj Finserv were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,997.19 crore on Thursday, according to exchange data. Domestic Institutional Investors (DII), however, bought stocks worth Rs 10,864.04 crore in the previous trade.

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.

Apple 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.