Sensex Slides Over 700 Points As Trump Plans To Double Steel Tariffs
Mumbai:
Indian equities tumbled in early trade as renewed tariff threats from US President Donald Trump dampened investor sentiments. Sensex fell over 700 points while Nifty lost 200 points, marking a steep fall during the earnings season.
Trump said last week that he plans to double the tariffs on steel and aluminium exports to 50% from 25%. His remark followed an accusation that China has violated their deal to mutually withdraw tariffs and trade restrictions.
"We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," Trump had said in Pennsylvania.
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