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News18
12-08-2025
- Business
- News18
US President Trump extends China tariff suspension until November
Washington [US], August 12 (ANI): US President Donald Trump has signed an executive order 'further modifying reciprocal tariff rates to reflect ongoing discussions with the People's Republic of China (PRC)."Citing authority under the Constitution and several US laws, including the International Emergency Economic Powers Act and the National Emergencies Act, President Trump said the measure was necessary in light of continuing talks with China to address 'the lack of trade reciprocity in our economic relationship and our resulting national and economic security concerns."The order builds on Executive Order 14257 of April 2, 2025, in which Trump declared that 'conditions reflected in large and persistent annual U.S. goods trade deficits… constitute an unusual and extraordinary threat to the national security and economy of the United States" and imposed certain ad valorem duties. Subsequent orders in April 2025, Executive Orders 14259 and 14266, raised tariff rates on PRC imports after Beijing announced retaliatory May 2025, through Executive Order 14298, Trump suspended for 90 days the additional ad valorem duties imposed on the PRC, replacing them with a revised rate of duty. That suspension was due to expire at 12:01 a.m. EDT on August 12, to the new order, 'the PRC continues to take significant steps toward remedying non-reciprocal trade arrangements and addressing the concerns of the United States relating to economic and national security matters." Based on recommendations from senior officials, Trump determined 'that it is necessary and appropriate to continue the suspension effectuated by Executive Order 14298 until 12:01 a.m. eastern standard time on November 10, 2025."The order states that 'heading 9903.01.63 and subdivision (v)(xiv)(10) of U.S. note 2 to subchapter III of chapter 99 of the HTSUS shall continue to be suspended" until that Secretary of Commerce, the Secretary of Homeland Security, and the United States Trade Representative, 'in consultation with the Secretary of State, the Secretary of the Treasury, the Assistant to the President for National Security Affairs, the Assistant to the President for Economic Policy, the Senior Counselor to the President for Trade and Manufacturing, the Chair of the United States International Trade Commission, and the Postmaster General," have been directed to take all necessary actions to implement the further stipulated that the measure 'shall be implemented consistent with applicable law and subject to the availability of appropriations" and 'is not intended to, and does not, create any right or benefit… enforceable at law or in equity by any party against the United States." (ANI)
Time of India
07-08-2025
- Business
- Time of India
US will replace India as the tariff champion by 2x: Niti Aayog's Arvind Virmani takes a dig at Trump's Maharaja of tariff remark
Former President Trump's imposition of a 25% tariff on Indian imports, escalating the total to 50%, has sparked criticism. NITI Aayog Member Arvind Virmani suggests this move could position the U.S. as the world's leading tariff imposer, surpassing India. Trump defends the action by citing India's continued oil imports from Russia, invoking national security concerns and emergency powers. Tired of too many ads? Remove Ads Trump imposes 25% more, taking total tariff on India to 50% Tired of too many ads? Remove Ads US cites India's Russia oil link, invokes emergency powers India: 50% Brazil: 50% Myanmar (Burma): 40% Laos: 40% Sri Lanka: 20% Switzerland: 39% South Africa: 30% Algeria: 30% Libya: 30% Serbia: 35% Iraq: 35% Cambodia: 19% Indonesia: 19% Malaysia: 19% Philippines: 19% Thailand: 19% Vietnam: 20% Taiwan: 20% Bangladesh: 20% South Korea: 15% Japan: 15% Israel: 15% Jordan: 15% Kazakhstan: 25% Pakistan: 19% Nigeria: 15% United Kingdom: 10% European Union: Various, typically 0% to 20% depending on goods. India hits back: 'We're being unfairly targeted' Tired of too many ads? Remove Ads What the order means for Indian exporters An additional 25% ad valorem duty on top of existing tariffs. No exemptions unless shipments are already in transit by August 27. Scope for further action if the U.S. decides India retaliates or continues energy trade with Russia. Broader monitoring of countries importing Russian oil, including via intermediaries. What lies ahead A day after former US President Donald Trump slapped a fresh 25% tariff on Indian imports, taking the total to 50%, NITI Aayog Member Arvind Virmani took to social media to point out the irony. He said that if the move goes ahead, the US will soon overtake India as the world's top tariff a post on X, Virmani wrote: 'If this goes through, USA will replace India as the tariff champion of the World by 2x. Congratulations will then be due to the US leadership.'His remarks came as a response to Trump's sharp criticism of India's oil imports from Russia, which the former US President claimed posed a national security August 6, Trump signed an executive order levying an additional 25% tariff on Indian imports. This raises the overall tariff burden to 50%, making India one of the most heavily taxed trading partners under the Trump administration's trade order cites India's continued direct and indirect imports of Russian oil as justification, invoking national emergency powers under U.S. trade and security to the order, Indian goods arriving in the U.S. after August 27 will attract the new duty, unless they were already in transit before that defended the move by pointing to India's purchases of Russian oil amid the ongoing war in Ukraine. The executive order uses the International Emergency Economic Powers Act, the National Emergencies Act, and sections of the Trade Act of 1974 to justify the action.'I find that the Government of India is currently directly or indirectly importing Russian Federation oil,' Trump said in the had earlier warned of 'substantial tariffs' on India during multiple media appearances and social media posts over the past is a list of tariffs imposed under the Trump administration by country, highlighting the respective tariff rates:India responded strongly to the tariff move. In a statement issued by the Ministry of External Affairs, the government said it was being singled out unfairly, even as other countries continued trading with Russia without facing similar penalties.'It is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion [for them],' the statement government emphasized that its energy imports are driven by national interest and affordability concerns, especially in the current global energy executive order lays out multiple layers of implementation. Indian exporters must now factor in:Agencies such as the U.S. Departments of Commerce, State, and Treasury have been empowered to enforce, expand or revise the order as the new tariffs in place, India-U.S. trade tensions appear set to escalate. India has not indicated any immediate retaliatory measures but has underlined that it views the move as the political heat rises, trade observers are watching closely to see if Trump's tariff strategy widens into a broader protectionist push ahead of the U.S. elections — or if pressure from American industry forces a now, Arvind Virmani's tongue-in-cheek observation captures the emerging irony: the U.S. could soon wear the very 'tariff champion' badge it once pinned on stay updated on the stories that are going viral follow ET Trending
Time of India
06-08-2025
- Business
- Time of India
Donald Trump raises tariff on Indian imports to 50% over Russian oil; India fires back, calls it ‘selective & unfair'
US President Donald Trump has signed an executive order imposing an additional 25% tariff on Indian imports. The new measure, which comes into effect on August 27, 2025, takes the total U.S. tariff on Indian goods to 50%. The decision follows what Trump described as India's continued direct and indirect import of Russian oil, despite repeated warnings and existing trade penalties. Trump justifies action through executive powers In his August 6 executive order, Trump cited national security concerns stemming from the ongoing war in Ukraine and India's oil trade with Russia. The order invokes legal provisions such as the International Emergency Economic Powers Act, the National Emergencies Act, and sections of the Trade Act of 1974. Trump stated: 'I find that the Government of India is currently directly or indirectly importing Russian Federation oil.' Donald Trump has now imposed additional 25 Percent tariff on India. Now it is 50 + MIGA = 50% Tarrif Abki Baar Trump Sarkar 🔥#TrumpTariff The order adds a 25% ad valorem rate of duty on Indian imports entering the U.S. customs territory. Goods already in transit by 12:01 a.m. EDT, 21 days after August 6, and arriving before September 17, 2025, are exempt from the additional duty. Trump's warning was public and repeated The latest order follows multiple public warnings from Trump over the past week. He posted on Truth Social about raising tariffs substantially on India due to its 'massive' oil imports from Russia. Speaking to CNBC's 'Squawk Box,' Trump said: 'If they're going to do that, then I'm not going to be happy.' He had earlier mentioned a penalty for India, though it wasn't clear what form it would take. The August 6 executive order now clarifies that penalty in the form of additional tariffs. India responds: 'We're being targeted' India has expressed strong concerns about the move. The Ministry of External Affairs responded on Monday, saying India is being unfairly singled out for importing Russian oil. Donald Trump's 'substantial tariff' plan for India! #TrumpTariffs Their statement read: 'It is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion [for them].' The ministry suggested that India's import practices are based on national needs, in contrast to other countries with more flexible options. Statement by Official Spokesperson⬇️🔗 What the order says: Full scope and implementation The executive order lays out the full scope of duties, exemptions, monitoring procedures, and the authority granted to U.S. agencies to enforce the new tariff. Key sections include: Section 2: The 25% duty applies unless goods were in transit before the effective date. Section 3: The new duty stacks with existing ones unless exemptions apply under other trade acts or executive orders. Section 4: Trump reserves the right to modify or expand the order depending on new information or retaliation by other countries. Section 5: U.S. agencies like the Departments of Commerce, State, and Treasury will monitor other countries for similar oil imports from Russia. Section 6: Government departments are granted authority to update regulations, administer tariffs, and make necessary changes to enforce the order. Section 7: Defines 'Russian Federation oil' as including crude oil and refined petroleum products, even if imported through intermediaries. Section 8–9: Outline technical, legal, and administrative provisions, including severability and the scope of the order's legal effects. What's next? The additional 25% tariff takes effect from August 27, 2025, unless exempted. With the cumulative tariff now at 50%, India becomes one of the most heavily taxed U.S. trading partners under Trump's trade strategy. While the U.S. administration focuses on curbing Russia's global oil trade, this move may test its economic relationship with India further, especially given the broader context of global energy dependencies and foreign policy tensions. India's response suggests that it sees this action as politically motivated and discriminatory, potentially setting the stage for further diplomatic pushback in the weeks ahead. To stay updated on the stories that are going viral follow Indiatimes Trending.
Time of India
01-08-2025
- Business
- Time of India
Trump signs executive order to raise tariffs on key trading partners citing trade deficit, national security
United States President Donald Trump on Thursday (local time) issued an Executive Order further modifying reciprocal tariff rates, building upon the national emergency declared under Executive Order 14257 earlier this year, in an effort to address what he described as large and persistent U.S. goods trade deficits that pose a threat to national security and the economy. Invoking authority under the International Emergency Economic Powers Act (IEEPA), the National Emergencies Act, and the Trade Act of 1974, Trump said the new measures respond to additional recommendations received from senior officials on foreign trade practices and their impact on U.S. exports, manufacturing, and supply chains. Explore courses from Top Institutes in Please select course: Select a Course Category Public Policy Project Management healthcare Healthcare Artificial Intelligence Operations Management Cybersecurity MBA Others PGDM Leadership Technology Digital Marketing Management Design Thinking CXO Data Analytics Product Management others Data Science Degree MCA Data Science Finance Skills you'll gain: Economics for Public Policy Making Quantitative Techniques Public & Project Finance Law, Health & Urban Development Policy Duration: 12 Months IIM Kozhikode Professional Certificate Programme in Public Policy Management Starts on Mar 3, 2024 Get Details Skills you'll gain: Duration: 12 Months IIM Calcutta Executive Programme in Public Policy and Management Starts on undefined Get Details "In Executive Order 14257 of April 2, 2025, I found that conditions reflected in large and persistent annual U.S. goods trade deficits constitute an unusual and extraordinary threat... I declared a national emergency... and imposed additional ad valorem duties that I deemed necessary and appropriate," the order stated. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 Most Beautiful Female Athletes in the World Click Here Undo The latest order imposes adjusted ad valorem duties on goods from specific trading partners, replacing earlier rates. Goods from other countries will continue to face a 10% duty under Executive Order 14257, as amended. According to the order, the revised Harmonized Tariff Schedule of the United States (HTSUS) will be updated accordingly and take effect seven days after the order's issuance. Goods in transit prior to the deadline and entered before October 5, 2025, will be exempt. Live Events Among the adjusted rates, Iraq will face a 35% duty, Laos and Myanmar 40%, Switzerland 39%, and Syria 41%. India's rate has been set at 25%, while Brazil and the United Kingdom will face a 10% duty. The European Union will be subject to a conditional structure: goods with a Column 1 Duty Rate of less than 15% will see the rate increased to 15%, while those with rates of 15% or higher will not face any additional duty. Trading partners currently negotiating trade and security agreements with the United States will continue under the new tariff structure until new orders are issued. The Executive Order also imposes steep penalties on transshipment schemes. Goods determined by U.S. Customs and Border Protection (CBP) to have been transshipped will be subject to a 40% ad valorem duty in addition to other applicable penalties. A list of countries and facilities involved in such schemes will be published every six months to aid procurement and security reviews. Implementation will be overseen by the Secretary of Commerce, Secretary of Homeland Security, the United States Trade Representative, and other senior officials, who are authorized to take all necessary actions, including updates to the HTSUS and issuance of guidance. The Commerce Secretary and the USTR have been directed to continue monitoring the national emergency situation and recommend further action if foreign partners fail to take adequate steps or engage in retaliatory measures. "This order shall be implemented consistent with applicable law and subject to the availability of appropriations. The cost of publication will be borne by the Office of the United States Trade Representative," the order stated.
Axios
16-07-2025
- Politics
- Axios
Scoop: House Dems seek to bypass GOP on ending Trump tariffs
House Democrats are introducing what is known as a discharge petition to try to force a vote on quashing President Trump's "Liberation Day" tariffs, Axios has learned. Why it matters: The long-shot effort to kill the president's initial round of tariffs comes as he is unleashing a new slate targeting top allies including Japan, South Korea and Brazil. But it has little chance of succeeding after House Speaker Mike Johnson (R-La.) effectively disempowered discharge petitions earlier this year by using a procedural maneuver to kill one related to proxy voting. Still, Democrats hope to at least put Republicans in the difficult position of once again having to choose between their loyalty to Trump and trying to mitigate the economic damage his tariffs inflict on their districts. What they're saying: "It is time for Republicans to do the right thing, sign my discharge petition, and end this tariff tantrum," House Foreign Affairs Committee ranking member Greg Meeks (D-N.Y.) said in a statement first shared with Axios. The petition, led by Meeks, aims to force a vote on his resolution to end the national emergency declaration upon which Trump's April 2 tariffs were based. It is Democrats' last option to force such a vote after the House approved Johnson's procedural motion to block them from bringing up the measure under the National Emergencies Act. Reality check: The petition would need 218 signatures to pass, meaning at least a handful of House Republicans would have to sign on in addition to most Democrats. Some Republicans have expressed unease with Trump's tariffs, but few have been willing to go as far as retiring Rep. Don Bacon (R-Neb.) in openly opposing them. And Meeks won't necessarily be able to rely on every Democrat to sign on: Rep. Jared Golden (D-Maine) is one of Congress' most fervent advocates for tariffs in either party. Even if the petition manages to get 218 signatures, Johnson may still be able to slip language into an unrelated, party-line procedural measure to kill it anyway.
