US Tariffs LIVE Updates: Trump's Slashes Pakistan Tariff, Shifts Deadline To August 7
This came after Trump said the US has struck a deal with India's neighbour, Pakistan, to jointly develop its oil reserves.
A range of new tariffs is due to take effect in one week, with separate sector-specific duties -- on copper -- also being implemented on trading partners.
Per Trump's order, the 'universal' tariff for goods coming into the US will remain at 10 per cent, the same level that was implemented on April 2. However, that 10 per cent rate will apply only to countries with which the US has a trade surplus.
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Indian Express
24 minutes ago
- Indian Express
As Trump's fresh threats loom, India still has a slight tariff edge over China but loses advantage with Vietnam
Despite fresh tariff escalation threats and the prospect of higher duties under the new regime announced by US President Donald Trump that could take effect from August 7, India continues to have a relative advantage on a key metric being tracked by policymakers in New Delhi – the tariff differential with China. As on August 1, China had the highest effective tariff rate (ETR) of the US's major trading partners, with India with a comparative advantage of around 20 percentage points. While tariffs on China remain at 34 per cent, the total ETR inclusive of the tariff rate at the end of 2024 came to around 42 per cent, according to Fitch Ratings' updated ETR Monitor that reflects the July 27 and July 31 announcements of new reciprocal tariff rates for most trading partners of the US. While India is slightly over 21 per cent, according to the latest data, the overall effective tariff rate for the US across all its trading partners is now 17 per cent — about 8 percentage points lower than Fitch's ETR Monitor of April 3, 2025, when higher reciprocal tariffs were originally announced, but around 3 percentage points higher than the estimate at the end of June 2025. The ETR represents total duties as a percentage of total imports and changes, with shifts in import share by country of origin and product mix. With Vietnam, though, India now has lost a slight advantage in ETR terms after additional tariffs kicked in, as against an advantage up to end-2024. This is despite Trump's rhetoric against transhipped goods and his administration's efforts to neutralise China's supply bases in ASEAN. And going forward, given Trump's frustration with India on not agreeing to his terms for a deal, this disadvantage is likely to fester. That is likely to be the case till Delhi gets a deal of some kind with Washington DC, but the situation could, however, change for the worse going forward, with Trump warning Monday that he would raise the tariff on India 'substantially' for buying Russian oil. Amid all the upheaval thrown up by America's tariff action, the assumptions that the Indian policymaker had implicitly factored in include that Washington DC will maintain a differential of 10-20 per cent in tariffs between China and countries such as India; and that a trade deal with the US needs to be clinched precisely for ensuring the gap in tariffs between India and China is maintained, even with a limited early-harvest type of deal. New Delhi did back out at the last minute from signing the Regional Comprehensive Economic Partnership (a trade deal among Asia-Pacific countries including China) given the sensitivities of agri livelihoods. A higher-than-anticipated US tariff rate, especially on a comparative basis, could dent India's growth prospects, economists said. Though Trump did not specify the rate of penalty for India on account of Russian oil and defence imports, earlier statements made by Trump indicate that it could be to the tune of 100 per cent. This way, India stands to potentially lose the US tariff advantage vis-a-vis China at least till the time a deal is struck, even if Beijing, too, faces the same penalty for importing from Russia. China is the largest buyer of Russian oil, at about 2 million barrels per day, followed by India (just under 2 million a day) and Turkey. China had agreed to cut tariffs on US goods to 10 per cent from 125 per cent in May, while the US had agreed to lower tariffs on Chinese goods to 30 per cent from 145 per cent. But with respect to Russian oil, Trump has been singling out India, while being largely silent on China. Given how talks between Indian and US negotiators have proceeded so far, an interim deal still seems distant and is unlikely to be clinched before September, with October a possible outer deadline. Indications are a sixth round of talks between the two negotiating teams will take discussions forward on August 25. India's government has asked it various ministries to come up with potential giveaways to sweeten the deal for the upcoming negotiations. Once the official level discussions wrap up, there is a sense that a final call on the deal could come down to a conversation between the two leaders, Prime Minister Narendra Modi and Trump. For India, the best-case scenario would be to get a deal of some sort now, and then build on that in the future negotiations that could run into 2026, experts said. The effective duty on Chinese products on a landed basis across US ports in commodity categories where Indian producers are reasonably competitive is being tracked constantly. The net tariff differential with India, and how that curve continues to move, is of particular interest here, given the belief that Washington DC would ensure a reasonable tariff differential between China and India. Officials said a 10-20 per cent differential is expected to tide over some of India's structural downsides — infrastructural bottlenecks, logistics woes, high interest cost, the cost of doing business, corruption, etc. US and Chinese officials wrapped up two days of discussions in Stockholm last week, with no breakthrough announced. After the talks, China's top trade negotiator Li Chenggang declared that the two sides agreed to push for an extension of a 90-day tariff truce struck in mid-May, without specifying when and for how long this extension kicks in. Anil Sasi is National Business Editor with the Indian Express and writes on business and finance issues. He has worked with The Hindu Business Line and Business Standard and is an alumnus of Delhi University. ... 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Indian Express
26 minutes ago
- Indian Express
‘Unable to accept erosion of its dominance': After India, Russia hits back at US on inflated tariffs over oil trade
Days after Trump unveiled a new set of steep tariffs, Russia on Monday responded to the US administration for increasing tariffs and imposing sanctions on the country, accusing the government of using 'neocolonial' policy against specific countries to maintain Washington's hegemony. Russia's Foreign Ministry Spokeswoman Maria Zakharova, in a statement, said no tariff wars or sanctions 'can halt the natural course of history'. Calling sanctions and restrictions a 'regrettable reality' of today's historical stage that affects the entire world, she said that the US is unable to come to terms with the 'loss of hegemony in the emerging world order.' 'Sanctions and restrictions have unfortunately become a defining feature of the current historical period, impacting countries across the globe. Unable to accept the erosion of its dominance in an emerging multipolar international order, Washington continues to pursue a neocolonial agenda, employing politically motivated economic pressure against those who choose an independent course on the international stage,' she said. Russia asserted in its statement that 'no tariff wars or sanctions can halt the natural course of history.' Zakharova further said that Russia will deepen in cooperation with countries of the Global South, and resist the 'unlawful unilateral sanctions.' The response issued by Russian Foreign Ministry came hours after India issued a strongly worded statement over US imposing inflated tariffs on New Delhi for indulging in trade with Moscow in the middle of the Russia-Ukraine war. (With inputs from PTI)
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Business Standard
26 minutes ago
- Business Standard
Rupee at risk of all-time low after Trump ups tariff threat on India
The Indian rupee may drop past 88 to the US dollar to an all-time low on Tuesday after US President Donald Trump threatened steeper tariffs on Indian goods, worsening fragile sentiment and stoking concerns of more foreign outflows. The 1-month non-deliverable forward indicated the rupee will open in the 88.00 to 88.04 range versus the US dollar, down from 87.6550 on Monday. The rupee's previous record low was 87.95, touched in February. Trump again threatened to substantially raise tariffs on Indian goods, citing India's continued purchases and resale of Russian oil. India's foreign ministry responded, saying it will take all necessary steps to protect its national interests and economic security. "Whether these barrage of comments are mainly negotiating tactics against India to partly prod for changes in the Russia-Ukraine war remains to be seen," MUFG Bank said in a note. Trump had already imposed higher-than-expected 25% tariffs on Indian imports last week, while US officials continue to highlight multiple hurdles that are delaying a trade deal with India. Sentiment on the rupee has been fragile due to the hefty tariffs on Indian goods. On Monday, the pressure intensified, with the rupee falling despite the dollar weakening broadly. On Monday, the rupee failed to hold on to an intraday recovery to near 87.20. "Today was already shaping up to be a difficult session (for the rupee), and Trump's latest tariff threat only amplified the pressure," a senior trader at a private bank said. "I'd fully expect the Reserve Bank of India to step in - they won't want to let the rupee depreciate unchecked, especially in the face of US rhetoric." He warned that overseas outflows from Indian equities may gather pace in response to rising trade tensions with the US Key Indicators: One-month non-deliverable rupee forward at 88.14; onshore one-month forward premium at 12 paise Dollar index up at 98.82 Brent crude futures down 0.1% at $68.7 per barrel Ten-year US note yield at 4.2% As per NSDL data, foreign investors sold a net $165.5mln worth of Indian shares on Aug 1
