Global markets today: Nikkei 225, Kospi trade mix on Trump's fresh tariff announcement
However, the criteria for how much production must occur in the U.S. to qualify for the exemption were not immediately specified.
'We're going to be putting a very large tariff on chips and semiconductors,' he said, speaking in the Oval Office on Wednesday afternoon.
Japan's Nikkei 225 remained largely unchanged, while the broader Topix index edged up by 0.19 per cent.
In South Korea, the Kospi slipped 0.12 per cent, and the Kosdaq held steady with no change. Meanwhile, Australia's S&P/ASX 200 index also traded flat.
On Wednesday, U.S. President Donald Trump announced a new 25 per cent tariff on Indian products, attributing the decision to New Delhi's ongoing purchases of Russian oil.
U.S. stock markets closed higher on Wednesday, with the Nasdaq leading the gains with a rise of over 1%, driven by a surge in Apple shares following news of its upcoming domestic manufacturing commitment, along with positive earnings reports from several companies.
The Dow Jones Industrial Average climbed 81.38 points, or 0.18 per cent, to 44,193.12. The S&P 500 advanced 45.87 points, or 0.73 per cent, to 6,345.06, while the Nasdaq Composite rose 252.87 points, or 1.21 per cent, to 21,169.42.
Apple shares surged 5.1 per cent, delivering the largest lift to all three major indexes after a White House official revealed the company's plan to announce a $100-billion investment in U.S.-based manufacturing.
Additionally, McDonald's shares climbed 3 per cent after its value-focused menu helped boost global sales beyond expectations.
(With inputs from agencies)
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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Indian Express
41 minutes ago
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P Chidambaram writes: Bull(y) in India's shop
India had a Luddite attitude toward foreign trade, especially imports. Despite NAM, South-South, etc., we were wary of foreign countries in the matter of trade and foreign investment. We pulled down the shutters and refused to open them for four decades. We wrote the dreaded manuals for import and export: everything required licenses and permits. Most imports, and some exports, were 'canalised' through state-owned corporations. We had an officer called Chief Controller of Imports and Exports who had an army of officers spread throughout the country whose only business was to issue licenses for imports and exports. It was a profitable business. No one paused to ask the obvious question, 'Alright, we understand why we have a controller of imports, but why do we have a controller of exports?' The policy did not boost exports or build an export-oriented manufacturing sector or augment the foreign exchange reserves. Meanwhile, several countries, whose economies were at the same level as India's, opted for an open economy and allowed free trade, and became rich. A combination of factors brought the Indian economy to the edge of a financial crisis in 1990-91. India was forced to embrace economic reforms. Trade policy reforms, industrial policy reforms, and a focus on fiscal discipline pulled India back from the brink, and put the economy on a growth path. We lowered tariffs (the average was brought down to 12 per cent by 2013) and diluted non-tariff barriers. We signed GATT and became a member of the World Trade Organization. We signed Free Trade Agreements. We can confidently say that Indians have accepted that the economy must be an open economy. Shockingly, however, when developing countries have converted to an open economy, the original open economies have turned 'protectionist'. None more than the United States under President Donald Trump. Taking measures to stave off a temporary crisis is one thing, elevating protectionism to the status of official economic policy is another. Mr Trump is unapologetically in favour of high tariffs, opaque non-tariff measures, discouraging imports, balanced trade with every country, and threatening American companies not to locate their factories outside America. He believes that 'tariffs' will accomplish what he desires. He has brought into policy-making weird factors such as bias for Republican-leaning states, prejudice against Canada's leaders, false arguments like the American economy no longer creates new jobs for Americans, and bizarre claims that the burden of high tariffs will be borne by the exporters and not the American consumer. Mr Trump has dismissed proven economic truths such as factor disparities, specialisation, division of labour, supply chains, etc. Mr Trump has maniacally insisted that American companies must bring manufacturing back to America. He calls it re-shoring. The Harvard Business Review had an article titled 'Bringing Manufacturing Back to U.S. is Easier Said Than Done'. It said, 'the days are long gone when a single vertically-integrated manufacturer could design and manufacture all or most of the sub-assemblies and components it needs to make a finished product. Technology is just too complicated, and it is impossible to possess all the skills that are necessary in just one place.' Mr Jeffry Sachs described Mr Trump as an 'unsophisticated' person who does not and cannot understand the complexities of manufacturing in the 21st century. Mr Trump has weaponised tariffs to 'reward' countries that have keeled over (Australia, Indonesia, Japan, South Korea) and 'punish' countries that stood firm (Canada, France, United Kingdom, Brazil). 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41 minutes ago
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As the world transforms with every day of innovation, Transformer will keep a tab on the impact that technologies will make in each of our lives. Published every week, the newsletter brings some of India's tech landscape's most insightful coverages until date.
