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.
US President Donald Trump has followed through on his threat to penalise India for buying and selling Russian oil, ramping up tariffs to 50%. The White House announced that an executive order was signed today.
The Reserve Bank of India's monetary policy committee on Wednesday unanimously voted to maintain its policy repo rate at 5.50% and its monetary policy stance at neutral.
The move was in line with expectations from economists polled by Reuters. It comes after the Reserve Bank of India delivered an outsized cut of 50 basis points at its last meeting in June.
An ETF that tracks stocks in India is struggling to rebound from its recent losing streak, after President Trump imposed 25% tariffs on the country — and then threatened even steeper levies.
A lot is still up in the air with tariffs, especially with China, one of the most important U.S. trading relationships, for the global economy.