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Business Standard
3 days ago
- Business Standard
Stock Market LIVE: GIFT Nifty hints at flat start; Asia-pacific markets rise; RBI MPC decision eyed
Sensex Today | Stock Market LIVE on Friday, June 6, 2025: Around 7:00 AM, GIFT Nifty futures were trading 19 points lower at 24,843, indicating a flat to negative start for the bourses. 7:11 AM Stock Market LIVE Updates: Trump speaks with Xi, will resume talks between U.S. and China over tariffs Stock Market LIVE Updates: US President Donald Trump and Chinese President Xi Jinping held a phone call on Thursday, agreeing to resume high-level negotiations aimed at resolving the ongoing trade dispute between the two nations. Trump described the 90-minute conversation as 'very good,' noting that it focused 'almost entirely' on trade matters. He later posted on Truth Social that the call ended with 'a very positive conclusion for both countries.' Representing the US in the upcoming talks will be Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer. The two sides last met in May in Geneva, where they reached a temporary agreement to ease retaliatory tariffs. However, tensions remain, with the Trump administration accusing Beijing of dragging its feet on a commitment made during the Geneva talks to expand rare earth exports to the US. Source: CNBC 7:09 AM Stock Market LIVE Updates: Drop 10% universal tariff in bilateral trade agreement: India to US Stock Market LIVE Updates: India is seeking a binding commitment from the United States (US) on pre-April 2 tariff levels for labour-intensive sectors as part of an early tranche of the proposed bilateral trade agreement (BTA). This would involve doing away with the universal 10 per cent tariff imposed by the Donald Trump administration. 'Since our labour-intensive exports face an additional 10 per cent tariff after April 2, while original tariffs were largely in low single digits, a commitment by the US to revert to its original tariff schedule would give us a competitive edge over other countries,' said a government official, requesting anonymity. READ MORE 7:09 AM Stock Market LIVE Updates: With the Reserve Bank of India (RBI) set to announce on Friday the review of the June meeting of its monetary policy committee (MPC), what will be watched are the tone of the policy and if there is any indication how much the central bank will reduce interest rates further, given the current growth-inflation dynamics. The six-member panel reduced the policy repo rate by 25 basis points each in the two previous policy review meetings, in February and April. 7:00 AM Stock Market LIVE Updates: US markets end lower Stock Market LIVE Updates: US markets end lower -- Nasdaq down 0.83 per cent -- Dow Jones slipped 0.25 per cent -- S&P 500 fell 0.53 per cent
Economic Times
3 days ago
- Economic Times
Trump's new move could hammer India's factories, and wreck exports and jobs
Two Sharp with ET: Trump's 50% metal tariffs to hurt Indian exports?| RBI rate cut hopes lift Sensex At a rally in Pennsylvania last Friday, US President Donald Trump declared, 'We're going to bring it from 25 per cent to 50 per cent, the tariffs on steel into the United States of America. At 25 per cent, they can sort of get over that fence… At 50 per cent, they can no longer get over the fence.' True to his words, Trump signed a proclamation on Tuesday doubling tariffs on steel and aluminium imports to 50%, a move that could have far-reaching consequences for global trade, including India's export sector. The decision, which excludes the United Kingdom, took effect on June 4 and is seen as part of Trump's renewed 'America First' trade policy ahead of the upcoming election cycle. The UK was officially exempted from the tariffs following a meeting in Paris between British Trade Minister Jonathan Reynolds and US Trade Representative Jamieson Greer at the OECD summit. Also Read: 'Kill the Bill': Elon Musk declares war on Trump's big, beautiful tax and spending bill, warns that it will 'bankrupt America' India exported around $4.56 billion worth of steel, aluminium, and related products to the US in FY25, according to data from the Global Trade Research Initiative (GTRI). These included: $587.5 million in iron and steel products $3.1 billion in articles of iron or steel (up 14.1 per cent year-on-year) $860 million in aluminium and related items Much of this output comes from small and medium-sized manufacturers concentrated in Maharashtra, Gujarat and Tamil Nadu, where job losses may become Ratings, in a note dated February 10, warned that Indian steel producers will face greater difficulty in exporting their products following the tariff hike. "Over the past 12 months, high steel imports into India have already dampened prices and earnings," said Hui Ting Sim, Assistant Vice President at Moody's. 'Indian producers are already struggling due to low-cost imports, and the doubled tariffs could worsen their situation,' noted the Aluminium Association of India (AAI).The Engineering Export Promotion Council of India (EEPC) also warned that the 50% tariffs could pose a serious threat to this key export segment. According to Business Today, EEPC Chairman Pankaj Chadha said, 'The proposed hike could jeopardise engineering exports worth around $5 billion.' Also Read: Under Trump's 'big, beautiful' bill, over 10 million more Americans projected to lose insurance He said that India should seek a waiver similar to the UK's, as part of its ongoing bilateral trade agreement (BTA) talks with the US. 'This may not be the right time for such unilateral tariffs, especially when BTA talks are underway. It could complicate negotiations,' he 2024, the largest steel exporters to the US were Canada ($7.7 billion), Brazil ($5 billion), and Mexico ($3.3 billion). Imports from China and India, on the other hand, stood at $550 million and $450 million, respectively. While India's share is small, it could become strategically exporters are bracing for revenue losses, everyday consumers could soon feel the impact. Higher input costs for products ranging from cars to refrigerators are expected to be passed on to cheap steel that can't enter America floods the Indian market, it could weaken pricing power for domestic producers and trigger volatility in construction and manufacturing, two key sectors.'It is important that India implements necessary trade measures proactively and in time. There is likely to be increased risk of trade diversion into India due to changing global tariffs, and India is very vulnerable due to strong domestic demand,' said Jayant Acharya, Joint Managing Director and CEO of JSW Steel, according to Dhar, Director and Vice President (Sales & Marketing) at AMNS India, added, 'We hope more protection will come for domestic industry. Every country is protecting its industry. India should also do that as long as it focuses on protecting itself from low-priced imports.'Union Minister H D Kumaraswamy played down the broader impact of the move on India. 'Minor impact will be there... A minor problem is there because we are not exporting in a big way. The only thing is, if the consignment, which is already on its way (to the US from India), reaches after 4 June, then there is some problem as they have to pay 50 per cent tariffs,' he said. Also Read: Apple and Alibaba's AI rollout in China delayed by Trump's trade war: Report Despite relatively low export volumes to the US compared with Canada and Mexico, Indian authorities have filed a formal notification at the World Trade Organization (WTO), indicating that retaliatory tariffs may be imposed on US imports if needed. Any such response would aim to match the value of US metal exports into India, currently estimated at around $2 mirrors India's move in 2019, when it imposed additional customs duties on 28 US products in retaliation for Washington's 2018 steel and aluminium tariffs. More than five years later, on July 3, 2023, those duties were lifted after the US removed tariffs on Indian metal imports, only for Trump to now reintroduce Srivastava of GTRI said, 'If Trump follows the same playbook, the return of tariffs on steel and aluminium could be used as leverage in trade negotiations... The latest move, if implemented, could lead to new trade disputes and retaliatory measures from affected countries.'The biggest concern is trade diversion. As countries such as South Korea and Vietnam face similar tariff barriers in the US, they may offload excess metal into India, resulting in a flood of cheap might seem beneficial to consumers in the short term but could severely harm domestic manufacturing, a major source of employment. If countries redirect their steel to India, it could distort local prices and introduce uncertainty in planning and costing, whether one is building infrastructure, assembling cars or manufacturing has been a net steel importer for two consecutive years. In FY25, imports rose 9.2% to 10.5 million tonnes, while exports dropped 27% to 6.3 million tonnes, reversing India's traditional trade surplus in steel. Also Read: Trump travel ban: US imposes entry ban on 12 nations, adds restrictions on 7 others This imbalance has affected domestic producers in several ways: Underutilised manufacturing capacity Margin erosion due to depressed global prices Risks to employment and future investment In response, the Indian government imposed a 12% provisional safeguard duty on flat steel products effective from 21 April 2025, to curb cheap imports and stabilise the domestic duty applies to a wide range of flat steel products including hot-rolled coils, cold-rolled coils and galvanised sheets. These are widely used in infrastructure, automobile manufacturing, shipbuilding, home appliances and heavy products had seen a sharp increase in imports from China, Vietnam and South Korea, often at prices well below the cost of production in India. T V Narendran, CEO of Tata Steel, warned that the financial health of the industry could deteriorate without timely action. 'If current trends continue, we will have to revise our investment plans and reassess our capex strategy,' he said. The tariff hike is viewed as a continuation of Trump's protectionist approach, rooted in national security concerns and efforts to preserve manufacturing jobs. According to the US government's Producer Price Index, steel prices have already increased by 16% since January imports accounting for roughly one-quarter of US steel consumption, mainly from Canada, Mexico, Japan and South Korea, the effects are expected to ripple through global supply Fitch Ratings noted that Indian steelmakers could face pricing and demand pressures if major exporting countries begin redirecting surplus volumes to will now need to act quickly to protect their manufacturers and consumers while managing trade relations with the US to minimise the impact on their economies.
Mint
4 days ago
- Mint
Sensex today snaps three-day losing run, rises nearly 260 points; Nifty holds above 24,600; railway stocks shine
Stock market today: Indian stock market rebounded in Wednesday's trading session, June 4, ending its three-day slide as the rally was largely led by select heavyweights including HDFC Bank, Reliance Industries, Bharti Airtel, and Infosys. The Nifty 50 concluded the session with a gain of 70 points, or 0.3%, to settle at the 24,612 level, while the Sensex closed with a gain of 280 points, or 0.35%, at 81,025. The broader markets outperformed the benchmark indices, with the Nifty Midcap 100 and Nifty Smallcap 100 ending the session up 0.70% and 0.80%, respectively. Today's comeback gave a much-needed boost to Indian equities, which had been under pressure in recent sessions amid investor concerns over global growth, resurfacing trade tensions between the US and China, and the fiscal outlook of the US economy, which analysts expect to worsen if Trump's proposed tax bill gets passed. While investors closely monitored global developments, including the ongoing US–China trade talks and rising trade tensions between the EU and the US, attention also shifted to the upcoming RBI monetary policy meeting. The Street largely expects the central bank to cut the repo rate by 50 basis points on June 6, as inflation cool down to 6-year low in April, along with potential rate cuts by the US Federal Reserve during its June 17–18 meeting. Additionally, the ongoing trade talks between India and the US are expected to conclude soon, as US Commerce Secretary Howard Lutnick expressed optimism about finalizing a trade deal with India before the July 9, 2025, deadline, when a 90-day pause on reciprocal tariffs expires. Meanwhile, India has raised concerns regarding US tariffs on auto parts at the World Trade Organization (WTO). This action is seen as a response to previous tariff hikes imposed by the US, impacting trade relations in the auto sector. On the global front, the OECD has slashed its US growth forecast to 1.6%, citing Trump-era tariffs, policy uncertainty, and global headwinds. It projects global GDP to slow to 2.9% in both 2025 and 2026, with trade barriers and weak business confidence flagged as key risks. US President Donald Trump has signed an order on Tuesday doubling tariffs on steel and aluminum imports from 25% to 50%, which was announced earlier. However, analysts expect this move to have only a minimal impact on India, as the country's exports of these two industry metals are relatively small compared to other nations. The Trump administration, meanwhile, expects countries to submit their best offers in trade negotiations today.
