India's central bank kept its policy rate unchanged as U.S. tariff policy continued to weigh on the South Asian economy's outlook.
The U.S. Customs and Border Protection is probing whether Indian solar panel maker Waaree Energies and its American arm evaded anti-dumping and countervailing duties on solar cells from China and other Southeast Asian nations, Bloomberg News reported on Thursday.
U.S. and Indian officials meet in New Delhi for trade negotiations as India resists opening diary markets and Washington demands a stop to Russian oil purchases.
The government has stepped up efforts to overhaul its economy, while trying to improve its relationship with China.
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%.