President Donald Trump said India offered to cut tariffs in a Truth Social post on Monday, while New Delhi signaled it's continuing to negotiate a trade agreement with the US. Brendan Murray reports on Bloomberg Television.
Tens of thousands of Indian small businesses are scrambling to find new buyers in markets across Europe, Africa and Asia to dull the impact of a 50% tariff on exports to the U.S. that took effect on Wednesday.
President Donald Trump imposed a crushing 50% tariff on some Indian goods — the highest in Asia — to punish the country for buying Russian oil, upending a decades-long push by Washington to forge closer ties with New Delhi. It doubles the existing 25% duty on Indian exports.
India saved billions of dollars by stepping up imports of discounted Russian oil in the wake of the war in Ukraine, but punitive tariffs imposed by the U.S. that came into effect on Wednesday will quickly undo the gains, with no easy solutions in sight.
Trump has navigated a rocky relationship with China, threatened higher tariffs on India, and awaits a crucial court decision, all of which will help determine U.S. trade policy.
India's Epsilon Advanced Materials is moving swiftly to close deals to supply critical components to Japanese and South Korean battery makers in the U.S., a top executive said, after Washington imposed anti-dumping duties on Chinese imports.
When companies realized they needed to diversify away from China, India was the natural choice. Now, U.S. tariffs threaten that.
CNBC's Martin Soong and Sri Jegarajah break down the latest strain to U.S.-India relations after Washington slapped an extra 25% tariff on India imports — doubling the total to 50%.
India's exports to the U.S. face a steep 50% tariff after U.S. President Donald Trump on Wednesday slapped an additional 25% duty. India counts the U.S. as its single largest export partner, with nearly 20% of its exports going to the U.S. in the year ended March.
U.S. President Donald Trump on Wednesday said he could announce further tariffs on China similar to the 25% duties announced earlier on India over its purchases of Russian oil, depending on what happens.
The Trump administration implements sweeping tariffs while securing deals with key partners and maintaining temporary truces with Mexico and China.
President Donald Trump raised tariffs on Indian imports from 25% to 50% Wednesday in what he said was retaliation against India for buying Russian oil.