non tariff countermeasures

The European Union has decided to halt its tariffs on goods from the United States for 90 days. This follows a similar move by US President Donald Trump. Ursula von der Leyen, European Commission President, confirmed this suspension to allow trade negotiations. However, she warned that countermeasures will be taken if talks fail.

China has rebuffed US tariffs linked to the fentanyl crisis, asserting it's an American problem. Despite a temporary tariff truce and pledges to reduce import duties, the US maintains a 20% tariff due to China's alleged inaction on fentanyl. Both countries aim to ease trade tensions with tariff adjustments set to begin on May 14.

Mexican President Claudia Sheinbaum has ordered the introduction of tariff and non-tariff measures in response to new US tariffs. She aims for cooperation, rejecting claims of cartel alliances, and highlighting efforts against fentanyl trafficking and drug-related crime.

Canada imposed a 25% tariff on non-CUSMA-compliant US vehicles in response to US auto tariffs. Prime Minister Mark Carney stated that this move aims to protect the Canadian auto industry and will not affect auto parts. The government is also pursuing legal action through the World Trade Organization to challenge the US tariffs.

President Donald Trump announced new tariffs, imposing a 10% baseline tax on most imports, with increased rates for nations with trade surpluses. Notable exceptions include Canada and Mexico due to existing agreements. High tariffs target China, the EU, South Korea, Japan, and Taiwan, with a new 25% tariff on all foreign-made automobiles, sparking concerns of global retaliation.

GTRI advises India to address Trump's new steel and aluminium tariffs within the ongoing FTA talks with the US. This approach aims to persuade the US to reduce or eliminate these tariffs, leveraging the FTA negotiations for market access benefits.

The United States and China have agreed to a 90-day part suspension of tariffs, signaling a potential breakthrough in trade negotiations. US Treasury Secretary Scott Bessent announced the suspension alongside a commitment to significantly reduce existing tariff rates by 115%.

Yoga guru Baba Ramdev criticized US President Donald Trump for imposing reciprocal tariffs, labeling the act as 'tariff terrorism' and 'economic terrorism'. Ramdev urged India to unite and build a strong nation in response. Negotiations for a Bilateral Trade Agreement between India and the US are ongoing.

India's Commerce and Industry Minister, Piyush Goyal, has announced that the country will strongly raise the issue of carbon tax with the European Union (EU) and work towards converting it into an opportunity. Goyal expressed concerns over non-tariff barriers and unilateral measures like carbon taxation, but assured that India will respond in a fair and compliant manner within the rules of international trade.

Amidst ongoing trade deal discussions, US President Donald Trump's advisor Peter Navarro criticized India's high tariffs and Russian oil purchases, alleging it funds Russia's war efforts. Despite these tensions, a US trade negotiator is in India for preliminary talks, aiming to revive the suspended bilateral trade agreement negotiations.

US and China have agreed to a temporary truce in their trade war, pausing new tariffs and export curbs. Key deals include China resuming significant soybean purchases, US cutting fentanyl-related tariffs, and China lifting rare-earth export restrictions. This de-escalation offers a year-long window for further negotiations.

US President Donald Trump has announced sweeping new tariffs on all imports, starting with a universal 10% baseline and steeper rates of up to 50% for certain countries. The move, aimed at reducing trade deficits and boosting domestic industry, targets major trade partners including China, India, Japan, and the EU, and is expected to have significant economic implications.

President Trump announced 30% tariffs on the EU and Mexico starting August 1, citing trade deficits and border security concerns. He claims these tariffs will revive the US economy, despite acknowledging Mexico's help with migration. The EU vows to safeguard its interests and consider countermeasures, urging continued negotiations to avoid a trade war.

The spirits industry is ringing alarm bells. Distillers warn that these tariffs could devastate their export business, particularly in key growth markets like Germany and France. Retaliatory tariffs from the US could also follow, escalating the situation further.

US President Donald Trump has announced the imposition of reciprocal tariffs starting April 2025 on countries with higher duties on American exports. This move will significantly impact Asian economies - but how vulnerable is India? What will be the impact of Trump's tariff move? We take a look: