Donald Trump Tariffs News Highlights: US unleashes revised global tariffs- Trade deficit, security cited in executive order; 68 countries, 27-member EU face hikes

The US decision to impose 25% tariffs will have minimal effect on India, sources told PTI. India is clear that duty exemptions for agricultural, dairy and genetically modified (GM) products in trade agreements is a no-go area, the report said, quoting sources.

In the fiscal year 2024-25, trade between India and the US reached $131.8 billion, which includes $86.5 billion in exports and $45.3 billion in imports.

The cryptocurrency market saw a sharp downturn on Friday, with Bitcoin slipping below $115,200 amid fresh US tariffs and widespread profit-taking that triggered large-scale liquidations.Bitcoin was trading at $115,149, down 3 per cent, while Ethereum dropped 5.5 per cent to $3,663 at 12.30 pm IST, according to CoinMarketCap data cited by Economic Times. The total global crypto market capitalisation declined 3.82 per cent to $3.75 trillion, reflecting broader risk-off sentiment.

Foreign institutional investors (FIIs) have withdrawn over Rs 27,000 crore from Indian equities across nine days, driven by a mix of weak Q1 earnings, US President Donald Trump's new 25 per cent tariffs on Indian goods, and a weakening Rupee.

Amazon posted a robust second quarter with $18.16 billion in net income and revenue of $167.7 billion, beating expectations. However, despite the upbeat results, the company’s stock fell nearly 7 per cent in after-hours trade due to a cautious Q3 outlook — a reflection of rising investor anxiety over US President Donald Trump’s new tariff regime.

CEO Andy Jassy acknowledged the uncertainty, stating Amazon hasn’t yet seen demand fall or prices rise significantly, but warned that if costs increase, the company would absorb them. To mitigate potential disruptions, Amazon and other retailers reportedly sped up imports before tariffs kicked in. Still, with Q3 operating income forecast to fall short of Wall Street’s expectations, tariff pressures remain a key concern heading into the next quarter.

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From being charged with surrendering to Donald Trump and suspending Operation Sindoor, to being attacked by the US President for not towing his line on the trade deal, events have moved fast for the Narendra Modi govt over the last 48 hours or so. The US President's unsubstantiated claim that he coerced India into agreeing to cease its offensive against Pakistan embarrassed the Modi govt and gave its opponents a stick to beat it with. Both PM Narendra Modi's statement that "no world leader" (read Trump) nor the external affair minister's assertion that Trump and Modi did not talk during Operation Sindoor were rejected.

The US has announced a sweeping overhaul of global tariffs, effective August 7, with rates ranging from 10 to 41 per cent. The move, signed into effect by President Trump, targets 95 countries and the EU, citing national security and trade imbalances. Syria, Laos, and Myanmar face the steepest tariffs at 40 per cent or more, while Brazil, the UK, and several smaller nations are levied at just 10 or 15 per cent. India falls in the higher tier with a 25 per cent tariff, driven by its trade ties with Russia and existing economic tensions with the US.

Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in red on Friday as India braces for 25% tariff rate on its exports to the US. While Nifty50 went below 24,750, BSE Sensex was down over 100 points. At 9:16 AM, Nifty50 was trading at 24,727.45, down 41 points or 0.17%. BSE Sensex was at 81,047.39, down 138 points or 0.17%.

India is exploring options to address US President Trump's 25 per cent tariff on Indian goods, but immediate retaliation is unlikely. While aiming to maintain trade relations by potentially increasing imports of natural gas, communication equipment, and gold from the US, India has ruled out new defense purchases, including the F-35 fighter jets.

US President Donald Trump has implemented a revised trade tariff regime under his “America First” policy, effective August 7. It imposes a default 10% tariff on 68 nations and the EU, with higher rates for countries with trade deficits, starting at 15%. Syria faces the highest tariff at 41%.

President Trump's new tariffs, ranging from 10% to 41%, have sparked global reactions. Thailand and Cambodia hailed 19% tariff deals as wins after US intervention. Taiwan faces a 20% levy, hoping for reductions through negotiation. Canada strongly condemned the increased tariffs, labeling them as 'tact-less turbulence,' while defending its Prime Minister's approach.

US President Donald Trump has implemented a revised trade tariff regime under his “America First” policy, effective August 7. It imposes a default 10% tariff on 68 nations and the EU, with higher rates for countries with trade deficits, starting at 15%. Syria faces the highest tariff at 41%.