Daily Briefing: Can India avoid 50% tariffs?
As India faces a 50 per cent tariff on its goods in the United States, a lot rides on the so far elusive bilateral trade deal. Speaking publicly for the first time, without specifying the trade negotiations, Prime Minister Narendra Modi said that though he would 'personally' have to 'pay a very heavy price', he would 'never compromise on the interests of farmers, livestock rearers and fisherfolk'. Crucially, India has drawn red lines around sensitive sectors like agriculture and dairy in its talks with the US.
Zoom in: These high tariffs, set to take effect later this month, are a way for Trump to 'punish' India for its purchase of Russian oil. He is also motivated by his desire to eliminate the trade deficit with all US partners. So, how do these tariffs affect India? Since tariffs typically raise the cost of goods for consumers in the country imposing them, Indian consumers may not feel a direct price increase. However, the real damage will come in terms of loss of livelihoods and employment. If American companies shift their sourcing to countries facing lower tariffs, Indian exporters could lose significant business.
Way ahead: Our Managing Editor, P Vaidyanathan Iyer, reports that the government has adopted a wait-and-watch strategy. Sources have said that the government won't compromise on India's sovereign decisions, such as trading with Russia or being part of the BRICS coalition. The Indian side has also noted that the stance of the US negotiators keeps changing, and that the talks have been hindered by non-trade and diplomatic issues.
The government had also sought suggestions from industry executives for ways to sweeten the deal for the US. Some of these suggestions include allowing duty-free market access to US cotton and accepting agricultural items under limited quotas.
Watch out: Trump hopes that he can pressure his Russian counterpart, Vladimir Putin, into agreeing to a ceasefire in Ukraine with secondary tariffs on its trading partners. However, Nandan Unnikrishnan, a Distinguished Fellow at the Observer Research Foundation, opines that Putin is unlikely to succumb to economic pressure. As Trump and Putin prepare to meet next week, the hope is that they will agree on a roadmap for peace, which could bring relief for India.
🎧 For more on Trump's tariffs, tune in to today's '3 Things' podcast episode.
On that note, let's get to the rest of today's edition.
In Part 2 of the Express Investigation into the 'illegal surveillance' under the BRS regime in Telangana, my colleague Nikhila Henry zeroes in on the 'RR module' or the 'Revanth Reddy' module. According to investigators, an entire module was dedicated to illegally surveilling the Chief Minister, who was then the chief Opposition member as president of the Telangana Pradesh Congress Committee. Read our report for more details.
In case you missed Part 1 of the Investigation, read it here.
Misuse? In July, Maharashtra transport minister Pratap Sarnaik came down heavily on Rapido for operating bike taxis in Mumbai 'without permission'. His department launched raids and confiscated 78 bike taxis operating for the ride-hailing platform. A month later, Rapido has emerged as the main sponsor of Pro-Govinda League 2025, a Dahi Handi competition in Mumbai organised by Sarnaik's son. The Opposition has accused Sarnaik of misusing his power.
'Vote chori': Leader of Opposition Rahul Gandhi has accused the Election Commission and the BJP of perpetrating a 'huge criminal fraud' in elections. Gandhi has alleged that votes were stolen from the Congress in Karnataka's Mahadevpura Assembly seat through duplicate voters, fake and invalid addresses, and bulk voters in a single address, among others. The EC has asked Gandhi to submit a written declaration to the Chief Electoral Officer of Karnataka.
'Who needs couples therapy when you can watch two fictional people break up and reunite every 47 minutes?'
Though recent romance OTT shows, like When Life Gives You Tangerines, Nobody Wants This and Too Much, may hit the right emotional chords, binge-watching them may not be the best idea. These stories serve heartbreak, lust, and the relief of reconciliations on loop, in algorithm-approved portions. The storylines may span years, but we watch them in mere hours. I leave you with the latest Fresh Take, which dives into the risks of binge-watching romance shows and how that may be skewing our sense of real relationships.
That's all for today, folks! Happy weekend-ing!
Sonal Gupta
Sonal Gupta is a Deputy Copy Editor on the news desk. She writes feature stories and explainers on a wide range of topics from art and culture to international affairs. She also curates the Morning Expresso, a daily briefing of top stories of the day, which won gold in the 'best newsletter' category at the WAN-IFRA South Asian Digital Media Awards 2023. She also edits our newly-launched pop culture section, Fresh Take.
... Read More
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
17 minutes ago
- Economic Times
Born before India's Independence: 7 desi brands that we keep on loving
Synopsis India Independence Day 2025: From humble beginnings before India's independence to navigating the complexities of globalization, several iconic brands have become deeply ingrained in the nation's collective memory. Boroline, Rooh Afza, Keventers, Parle-G, Cipla, Godrej, and Vadilal have adapted to changing consumer tastes while retaining their core values. ET Online From Boroline to Vadilal, several iconic Indian brands have stood the test of time since pre-independence era India's journey since 1947 has been nothing short of a transformation. However, throughout these rapid changes, globalisation, opening of new markets and the arrival of shiny new names, there are certain brands that have stayed with us like good-old that were born in the days before our tricolour first flew over an independent India, that weathered the consequences of partition, and yet adapted to changing consumer tastes, carving their way out to remain relevant across generations. From creams that healed the cuts and scrapes of childhood to biscuits that sweetened our teatimes, from the cool comfort of a rose-scented drink to the sturdy locks that guarded the family heirlooms, these brands are woven into our collective memory. These brands are like shared stories or maybe a passed-down recipe reminding us that while the world moves forward, some bonds only deepen with time. Also Read: Tryst with Growth: India's economic journey from Nehru to now Boroline "The miracle cure for any ailment"- doesn't the line remind you of a white, thick-textured cream? Well, Boroline's story began in 1929 in West Bengal, when India's Swadeshi movement was at its peak. Its founder, Gour Mohan Dutta, crafted the cream as a distinctly Indian alternative to imported antiseptic ointments. Packaged in its iconic green tube, the elephant logo quickly became familiar on shelves and in homes. Away from being just another balm, Boroline symbolised defiance - an everyday product tied to the idea of self-reliance and national the decades, Boroline navigated new challenges that came with globalisation. International brands targeting middle-class consumers began flooding the market. Yet…Boroline held firm!The cream remained affordable and unpretentious, emphasising value and trust rather than other brands' glitzy packaging. The distinctive elephant mark and green tube maintained shelf visibility, while regional marketing reinforced its heritage appeal in smaller towns and in today's time, Boroline has been rediscovered as a retro cult favourite, not just a functional ointment, but a statement of authenticity and media chatter often refers to 'grandmother's cream,' and even lifestyle influencers include it in their skincare routines. It's now a beauty-heritage crossover, beloved for its storied past as much as its smooth, antiseptic utility. This dynamic blend of trust and trend keeps Boroline firmly relevant even after nearly a century of its birth. Also Read: Narco-colonialism: How Britain exploited Indians for its drug trade with China Rooh Afza Be it your roadside falooda, or delightful cup of pudding, Rooh Afza has always been a part of these desserts. Originated in Old Delhi in 1907, Rooh Afza was developed by Hakim Hafiz Abdul Majeed, the founder Hamdard, as a Unani herbal cooling tonic. Composed of rose, kewra, herbs and floral extracts, it offered a fragrant antidote to the sweltering Indian summer. Its formulation, both aromatic and refreshing, made it an instant hit, which was seen as a fixture of households in pre-Independence divided not just people but also brands. Rooh Afza's makers ended up across India, Pakistan, and later Bangladesh. Despite geographical divisions, the pink-coloured syrup sustained its cultural role. It served across Ramadan iftars, summer family get-togethers, and festive each country's Hamdard branch tailored the recipe subtly to suit local palates, the core rosy, fragrant refreshment remained constant throughout the Rooh Afza is much more than a drink - maybe a vessel of nostalgia. Its flavour immediately brings back the childhood summers and cross-border shared enduring popularity is a testament to how a product can transcend commerce to become a cultural emblem despite modern beverage trends and newer alternatives. Also Read: The 'Hindu-German conspiracy' that nearly shook the British Raj Keventers Keventers' story began in 1889 when Swedish dairy entrepreneur Edward Keventer arrived in India. By 1894, he had taken over the Aligarh Dairy Farm, producing milk, butter, and cheese. The brand was formally established in 1925, earning a reputation for quality dairy productsOriginally supplying milk and condensed milk, the brand quickly became known for quality and innovation. In 1940, Ram Krishna Dalmia acquired it from the Swedish owners. After that Keventers expanded to supply hospitals, the army, and government offices, becoming an emblem of reliable, industrial-scale dairy as the decades rolled on, regulatory challenges and economic shifts caused the brand to fade from prominence. Its core operations were eclipsed by state expansion and competitors, and the once-vibrant brand nearly disappeared. But the emotional imprint had lingered, especially among Delhi's older residents who remembered its glass-bottled milk and creamy texture.A nostalgic revival occurred in 2014 when Agastya Dalmia (grandson of R.K. Dalmia) relaunched Keventers as a retro milkshake chain. Vintage interiors, pastel aesthetics, and Instagram-friendly presentation turned it into a youth favourite, once again!The brand's revival proved that heritage could be transformed into an experiential offering, appealing to both nostalgia and modern sensibilities simultaneously, revitalising a century-old name into a contemporary success. Also Read: Bank of Azad Hind: When Netaji gave India its own currency Parle-G Say 'G maane Genius' and generations of Indians will picture the little girl on the yellow packet. Parle-G's origins trace back to the late 1930s when the Parle Products company launched its Gluco biscuits. By 1939, they had become a hit across India, and in the early 1980s, the name was officially shortened to Parle-G. The 'Parle-G Girl' quickly became one of India's most recognisable brand the start, Parle-G was made to be accessible. It was affordable, had a long shelf life, and reached deep into rural markets. Whether as a school snack, a tea-time staple, or a quick breakfast for workers, it was present in every corner of the country. Its strength lay in its ubiquity rather than even with a crowded biscuit market, Parle-G continues to be seen and consumed. Its brand equity is deeply embedded in Indian memory from childhood to office desks. Generations grew up with its taste, and no amount of glossier competitors has unseated its position as the nation's trusted, crunchy, comforting companion. Cipla Cipla was founded in 1935 by Khwaja Abdul Hamied as Chemical, Industrial & Pharmaceutical Laboratories. The idea was to manufacture affordable medicines for Indians, reducing dependency on expensive British imports. Its early mission was rooted in public health more than World War II, Cipla scaled production to meet urgent medical needs. In the years following, under the leadership of Yusuf Hamied (who succeeded his father in the 1970s), Cipla gained international recognition by launching generic versions of critical drugs, especially for HIV/AIDS treatment. This humanitarian pricing model earned the company global credibility and solidarity from health-rights Cipla remains a major pharmaceutical player. Its brand identity balances heritage with innovation. It is still viewed through the lens of service and social purpose, while investing in R&D, emerging therapies, and new brand stands as a rare Indian business where ideals and enterprise have remained deeply intertwined for nearly ninety years. Godrej Godrej began in 1897 when Ardeshir Godrej set out to make locks and safes in India that could rival European craftsmanship. His products quickly earned a reputation for quality and durability, laying the foundation for a brand built on trust. In 1918, the company launched the world's first vegetable oil soap, breaking away from animal-fat-based soaps and appealing to a growing number of vegetarian brand's reliability was dramatically proven in 1944 when an explosion at the Victoria docks destroyed much of the area, yet Godrej safes were found intact. By 1951, the company was even manufacturing ballot boxes for India's first general elections, further cementing its role in national the years, Godrej diversified into furniture, appliances, chemicals, real estate, and more, yet it has kept its core promise of trust and quality. Becoming synonymous with steel almirahs, it is a name that has grown with the country, adapting to modern needs while holding on to values that have spanned generations. Vadilal What began in 1907 as a small soda fountain in Ahmedabad by Vadilal Gandhi would go on to become one of India's most beloved ice cream brands. In 1926, his son Ranchod Lal Gandhi opened the first Vadilal Soda Fountain store, later importing a modern ice cream machine from Germany to improve quality. By independence, the brand had already established a strong presence in 1970s saw a rapid expansion under Ranchod Lal's sons, Ramchandra and Laxman Gandhi, followed by the fourth generation in the 1990s who took Vadilal national. Innovation played a big role in its success, from new flavours to creating one of the world's largest ice cream sundaes, a feat that landed them in the Limca Book of Records in Vadilal remains a leader in frozen desserts, blending traditional favourites like kesar pista and kulfi with fun, modern formats. It has also expanded into frozen foods, showing that a brand can evolve while keeping the warmth and charm of its origins intact.
Economic Times
19 minutes ago
- Economic Times
Swiss gold industry warns against Swatch boss's US gold tax proposal
Synopsis Following U.S. tariffs on Swiss goods, Swatch CEO Nick Hayek proposed a retaliatory export tax on Swiss gold bars destined for the United States. However, the Swiss Association of Manufacturers and Traders in Precious Metals expressed skepticism, fearing economic harm and damage to Switzerland's reputation as a free trade advocate. Reuters Gold bullion bars (file photo) Switzerland's gold industry on Thursday voiced skepticism about a proposal by the boss of watchmaker Swatch to introduce a levy on gold exports to the United States in retaliation for U.S. tariffs on Switzerland. U.S. President Donald Trump last week imposed tariffs of 39% on imported Swiss goods, causing shock and dismay in the Alpine republic, a major refining and transit hub for gold. The U.S. Customs and Border Protection afterwards said Washington might put tariffs on the most widely-traded gold bullion bars in the United States. However, Trump said on Monday that gold would not face tariffs. Swatch CEO Nick Hayek told Swiss newspaper Blick that Trump's announcement indicated that tariffs on gold would be painful for the U.S. president. "Now is the time to go on the offensive. Switzerland should order a 39% export tax on gold bars for the United States," Hayek told the paper. "That's where we have to get at him. That's his Achilles' heel." The Swiss Association of Manufacturers and Traders in Precious Metals (ASFCMP) said that while ideas to better balance bilateral trade were welcome, careful consideration needed to be given to Switzerland's longer-term interests. "An export tax on Swiss gold destined for the USA would not only harm Switzerland economically, but also damage the reputation of a country that has consistently promoted and defended free trade," ASFCMP President Christoph Wild said. The Swiss Economy Ministry declined to comment on the proposal, but said the support of business representatives was in general welcome and helped underscore the close economic ties between the U.S. and Switzerland. Trump justified his 39% tariff by pointing to Switzerland's sizeable trade surplus with the United States. Part of that is due to gold exports. Hayek said that even if a gold levy failed to move Trump, it would cut the U.S. trade deficit with Switzerland. "If Trump doesn't give in to our pressure, we'll at least improve the trade balance with the U.S. if the Americans no longer import gold bars via Switzerland," he told Blick. Switzerland is continuing to hold talks with U.S. officials aimed at lowering the U.S. tariffs.
Mint
19 minutes ago
- Mint
Indian Investors Show Cautious Optimism Ahead of US-Russia Summit
(Bloomberg) -- Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at: Good morning, this is Chiranjivi Chakraborty, an equities reporter in Mumbai. There's not much to cheer for equity bulls on a rainy Thursday morning in the city. Nifty futures are trading steady, and Asian markets haven't managed to sustain Wednesday's rally. The focus is shifting to the weekly expiry of Nifty options, especially with a long weekend ahead and a highly anticipated meeting between Donald Trump and Vladimir Putin. Meanwhile, foreign funds seem to be toning down their bearish bets. This, combined with still hopeful retail investors and local institutions sets the stage for a surprise move in the days ahead. Cautious optimism ahead of the long weekend Odds favor the Nifty 50 Index breaking its six-week losing streak — the longest since 2020. Despite a dip on Tuesday, the benchmark is up for the week. With Nifty options expiring and an extended weekend ahead, some short covering could give the market an extra lift. Local traders and global funds may also keep positions lighter than usual ahead of the upcoming US-Russia summit on the Ukraine war, mindful of the past market jolts from the unpredictable Donald Trump. REITs quietly building momentum While equity markets wobble, India's listed real estate investment trusts are on a tear. Driven by the boom in global capability centers and steady demand for high-quality office and retail space, the four listed REITs distributed 15 billion rupees ($172 million) to investors in the June quarter, up 13% from last year, according to the Indian REITs association. The sector's stability and income potential are making REITs a regular feature in investment portfolios. Derivatives traders switching lanes? Another corner of the market is drawing increased interest from traders. With derivatives trading volumes falling, margin trading exposure — or leveraged bets — in the cash market is up nearly 30% since April to 911 billion rupees, according to data from the National Stock Exchange. The surge suggests that some options traders may have switched tracks due to stricter regulations in the derivatives segment since November. While the jump hasn't yet shown up in cash market turnover, brokers are benefiting from the higher commissions such trades generate. Three great reads from Bloomberg today: Over in bond land, benchmark 10-year yields have burst past the 6.5% mark for the first time since April, climbing about 15 basis points since the RBI dashed rate-cut hopes. Big buyers are staying away, waiting to see if fiscal measures can soften the blow from steep US tariffs. And just to keep things interesting, a fat-finger trade briefly sent yields tumbling Wednesday morning, only for them to snap right back up. To read India Markets Buzz every day, follow Bloomberg India on WhatsApp. Sign up here. --With assistance from Kartik Goyal and Savio Shetty. (Corrects year in second paragraph.) More stories like this are available on
