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Mint
a few seconds ago
- Mint
India refutes reports of Vladimir Putin's Delhi visit in August 2025, says dates 'under discussion'
Livemint Published 7 Aug 2025, 04:28 PM IST Prime Minister Narendra Modi receives Russian President Vladimir Putin (PTI) NSA Ajit Doval, during his visit to Moscow, has said that the dates of Russian President Vladimir Putin's visit to India are being worked out. No specific date or time has been indicated by the NSA in his engagements. The time of the end of August being reported is incorrect, news agency ANI reported quoting sources.
The Wire
13 minutes ago
- The Wire
Chart: Which Exports Will Be Most Hit by Trump's 50% Tariff for India?
Indian textiles, clothing, carpets and diamond and gold products will likely become entirely uncompetitive in the US market, if the new US tariff takes effect on August 27. Prime Minister Narendra Modi with US President Donald Trump and First Lady Melania Trump at Sabarmati Ashram in Ahmedabad. Photo: PTI New Delhi: The Indian government has responded to the Donald Trump administration's announcement that Indian goods will soon face a whopping 50% tariff when exported to the US – 25% as what Trump has called a 'reciprocal' rate in response to India's tariffs, and 25% as 'penalty' because India continues to import oil from Russia. India has said that it is 'extremely unfortunate' that the Trump administration chose to impose the additional tariff 'for actions that several other countries are also taking in their own national interest'. Five rounds of trade negotiations have been held between the two countries as they try to reach a bilateral agreement. Another round is scheduled for later this month. But initial optimism from India has given way to uncertainty around what Trump might do next. Analysis by the Global Trade Research Initiative (GTRI) has found that the impact of the proposed tariff would be much higher on labour-intensive goods and Indian manufacturing. The levels could be higher than 50%, nearing 60% for some sectors if the new tariffs are enforced. Reports the morning after the US's announcement have revealed that Indian exporters, who were already made nervous by Trump's repeated threats to hike tariff on Indian goods and the previous 25% announcement, are now afraid that they will be looking at an entirely unviable US market. Unless Trump decides to go back on this decision before August 27, when it is supposed to take effect, or negotiations on an India-US trade deal reach completion, Indian goods will be at a massive disadvantage in the US market. At the moment, pharmaceuticals and smartphones are exempt from this tariff rate – but Trump has threatened to revoke this exemption. Also read: The Answer to Trump's Unilateral, Chaotic Tariff Announcements Lies in Collective Action As several experts have argued, the trade deal will not be easy to come by – especially given the Trump administration's push for India to open up its agricultural markets. In a veiled reference to this on Thursday (August 7), Prime Minister Narendra Modi said at the MS Swaminathan Centenary International Conference in Delhi that India would 'never compromise' on farmers' interests, even though he would 'personally' have to pay the price for this. While these negotiations take place, Indian goods will be facing an additional 25% tariff in the US starting today. If things stay as they are, this could go up by another 25% in 20 days – leading to some goods facing a tariff rate that will exceed 60%. The GTRI, founded by former Indian Trade Service officer Ajay Srivastava, has released a brief based on Directorate General of Commercial Intelligence and Statistics data and US tariff notifications to show which sectors will be hit the most. Clothing, both knitted and woven, faces the highest tariff rate under the new scheme, and other textiles too will be badly hit. The rate for knitted apparel has gone up from 13.9% to a whopping 63.9%, while that for woven apparel has gone from 10.3% to 60.3%. The US accounted for more than 30% of the Indian export market for both types of goods. India exported $3 billion worth of 'made up' textiles (finished textile products that are not clothing) to the US in the last financial year – 48.4% of all of India's exported made up textiles went to the US. Now, though, this sector faces a hiked US tariff rate of 59% – up from 9% earlier, according to the GTRI. Indian textile producers are already halting their US orders, the Economic Times has reported, as they expect that similar products from Bangladesh, Vietnam and Cambodia will become much more favoured in the US market, given that these countries are facing tariff rates of 20%, 20% and 19% under Trump's new regime against India's 50%. The carpet industry is likely to be hit badly by this move, the GTRI brief shows, since the US accounted for 58.6% of India's carpet exports in the previous financial year. Indian carpets worth $1.2 billion were exported to the US in that time. While there was an existing tariff of 2.9% on these goods, the new rates will mean the US tariff on Indian carpets will be 52.9%. This, experts have said, could make Indian carpets at a severe disadvantage when compared to Turkey, Egypt and Mexico – which are facing US tariff rates of 15%, 10% and 0% (under the United States-Mexico-Canada Agreement), respectively. The gems and jewels industry is also in for a shock, with the Indian diamond and gold industries now facing a 52.1% US tariff, up from 2.1%. In the financial year 2024-25, India exported $10 billion worth of these products to the US – accounting for 40% of all Indian exports in this sector. Industry professionals, according to the Economic Times, are already considering moving their manufacturing bases to countries like the UAE and Mexico, where the tariffs will not make US exports near impossible. Less valuable parts of this industry – like machine-made jewellery – will likely become entirely unviable for export, according to the Times of India. Also read: The US Has Junked the 'Rules-Based Order'. Here's What it Means for the World India's shrimp exports too are likely to feel the pressure, as the US accounted for 32.4% of these exports in the last financial year, according to the GTRI brief. From paying no tariff at all, Indian shrimp in the US will now see a 50% mark-up. On seafood exports, India's big competitors have included Thailand, Vietnam and Indonesia – all of which are being subjected to lower US tariff rates (19%, 20% and 19%, respectively). Since Trump's tariff announcements began, listed seafood companies have also seen their share values fall. The recent India-UK trade deal, however, could provide these exporters with a new market to explore, as the duties on fisheries products have been removed under this deal. The furniture, bedding and mattress industries too had a big market in the US, with India exporting $1.1 billion worth of these products in FY 2024-25. The US accounted for about 45% of India's exports in these sectors, according to the GTRI. Now, the tariff on these exports will go up 2.3% to 52.3%. So far, five rounds of trade negotiations have been held between the American and Indian teams. Another round is scheduled for later this month. However, Trump's repeated changes to the tariff being imposed on India – forcing the Indian government to respond and express their disagreement with the move – suggest that discussions may not be headed to an amicable conclusion. A recent Reuters report states that 'a mix of political misjudgment, missed signals and bitterness broke down the deal' – and the future of India's exports to the US remains uncertain. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
India Today
16 minutes ago
- India Today
Shashi Tharoor urges Centre to impose counter-tariffs on US amid Trump's threat
50:30 India will prioritise its national interests and not compromise on safeguarding its farmers, fishermen, and dairy sector, even if it comes at a significant cost, Prime Minister Narendra Modi asserted on Thursday. His statement is being viewed as a strong rebuttal to US President Donald Trump's decision to impose a 50% tariff on India over its continued imports of Russian oil.
