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India Today
01-08-2025
- Business
- India Today
Donald Trump reignites global trade war with tariffs
WHAT'S NEWTrump imposed tariffs on dozens of US trading partners, including 69 countries, while finalising deals with the UK and EU. The tariffs varied, with Syria facing the highest rate at 41% and Canada receiving a 35% levy starting August IT MATTERSThe US now has one of its most protectionist trade regimes in nearly a century, with average tariffs six times higher than last year. Some partners get modest relief, but others face higher costs to sell in the US. This will disrupt global supply chains and fuel trade tensions. advertisementIN NUMBERSSixty-nine countries face new US tariffs.41%: Highest rate, applied to Syria.25%: Tariff on select Indian exports.10%: Global minimum rate.~15%: New average US tariff rate — six times higher than last year.19 countries see higher duties; 42 get reductions; 8 DEPTH: The United States has changed tariff rates on some of its biggest trade partners. Several Asian economies, including Japan, South Korea, Taiwan, and Vietnam, will see lower duties. India's rate is trimmed slightly to 25%. The UK and Brazil remain at 10%. Switzerland faces a sharp rise to 39%, the highest among major partners. Thailand's rate is cut nearly in half. The new rates take effect on August 7 as part of the US push to reset trade some, the revisions offer relief. Forty-two trading partners will see lower rates than earlier proposals, reflecting concessions in negotiations. But 19 countries face steeper tariffs. The White House says the measures reward cooperation and punish resistance to US trade demands. Markets reacted cautiously. Asian currencies and stock indexes dipped, with the Taiwan dollar down for a seventh straight day and the Swiss franc slipping. But the muted response suggests traders had already priced in much of the shift ahead of the August 1 deadline Trump had signalled. BIG PICTUREThe US targets countries based on their trade balance. Countries that buy more US goods face a 10 per cent tariff, while those with a small surplus face 15 per cent. Others face higher new rates are one of the biggest protectionist moves in US policy since the 1930s. Trump's negotiations ended with new rates similar to or lower than those on April THEY SAIDDonald Trump, U.S. President: "America will no longer be the sucker at the table. These tariffs will bring fairness back to trade."Lai Ching-te, Taiwan President: "We hope the 20% rate will be temporary. Our goal is to reach an agreement that protects our key industries."US Trade Representative's Office: "This is a calibrated approach to reward cooperation and push back against unfair trade practices."- EndsTune InMust Watch
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Business Standard
29-07-2025
- Business
- Business Standard
India braces for higher US tariffs, eyes broader trade deal: Report
India is preparing to face higher US tariffs likely between 20 per cent and 25 per cent on some of its exports as a temporary measure, as it holds off on fresh trade concessions ahead of Washington's August 1 deadline, two Indian government sources said. Instead, New Delhi plans to resume broader trade negotiations when a US delegation visits in mid-August, with the goal of finalising a comprehensive bilateral agreement by September or October, one of the Indian officials told Reuters. "Talks are progressing well, and a delegation is expected in Delhi by mid-August, one of the Indian government officials said, adding that President Donald Trump could issue a tariff letter imposing duties of 20 or 25 per cent in a "worst-case scenario". "However, we assume it would be a temporary measure, considering the five rounds of trade talks that have taken place. A deal will soon be worked out, the official said. US Trade Representative Jamieson Greer told CNBC on Monday that talks with India required more negotiations as Trump was more interested in good deals than quick deals. India has shown "strong interest in opening portions of its market" though its trade policy had long focussed on protecting domestic interests, Greer said. Piyush Goyal, India's trade minister, told Reuters last week India is making "fantastic" progress in US trade talks. Indian officials said New Delhi has offered tariff cuts on a wide range of goods and is working to ease non-tariff barriers. However, agriculture and dairy remain no-go areas, with India unwilling to allow imports of genetically modified soybean or corn, or to open its dairy sector. Total bilateral goods trade reached about $129 billion in 2024, with India posting a trade surplus of nearly $46 billion. India is holding back on fresh offers while calibrating its strategy amid broader US tariff threats targeting BRICS nations, including India, over issues such as de-dollarisation and purchases of Russian oil, said another official. "We remain hopeful of securing a deal that gives Indian exporters preferential access compared to our peers," the official said. Officials spoke on condition of anonymity as they were not authorised to speak to media. India's commerce ministry and the US Trade Representative's Office did not immediately respond to emailed requests for comments. "We need more negotiations with our Indian friends to see how ambitious they want to be," Greer said. Analysts said, without a deal, Indian exports could face average US tariffs of around 26 per cent, higher than those faced by Vietnam, Indonesia, Japan or the European Union.
CNA
29-07-2025
- Business
- CNA
India braces for higher US tariffs, eyes broader trade deal, sources say
NEW DELHI: India is preparing to face higher US tariffs – likely between 20 per cent and 25 per cent – on some of its exports as a temporary measure, as it holds off on fresh trade concessions ahead of Washington's Aug 1 deadline, two Indian government sources said. Instead, New Delhi plans to resume broader trade negotiations when a US delegation visits in mid-August, with the goal of finalising a comprehensive bilateral agreement by September or October, one of the Indian officials told Reuters. "Talks are progressing well, and a delegation is expected in Delhi by mid-August,' one of the Indian government officials said, adding that President Donald Trump could issue a tariff letter imposing duties of 20 or 25 per cent in a "worst-case scenario". "However, we assume it would be a temporary measure, considering the five rounds of trade talks that have taken place. A deal will soon be worked out,' the official said. Trump said on Monday (Jul 28) that most partners that do not negotiate separate trade deals would soon face tariffs of 15 per cent to 20 per cent on their exports to the United States, well above the broad 10 per cent tariff he imposed in April. His administration will notify some 200 countries soon of their new "world tariff" rate. US Trade Representative Jamieson Greer told CNBC on Monday that talks with India required more negotiations as Trump was more interested in good deals than quick deals. However, agriculture and dairy remain 'no-go' areas, with India unwilling to allow imports of genetically modified soybean or corn, or to open its dairy sector. Total bilateral goods trade reached about US$129 billion in 2024, with India posting a trade surplus of nearly US$46 billion. India is holding back on fresh offers while calibrating its strategy amid broader US tariff threats targeting BRICS nations, including India, over issues such as de-dollarisation and purchases of Russian oil, said another official. "We remain hopeful of securing a deal that gives Indian exporters preferential access compared to our peers," the official said. Officials spoke on condition of anonymity as they were not authorised to speak to media. India's commerce ministry and the US Trade Representative's Office did not immediately respond to emailed requests for comments. "We need more negotiations with our Indian friends to see how ambitious they want to be," Greer said. Analysts said, without a deal, Indian exports could face average US tariffs of around 26 per cent, higher than those faced by Vietnam, Indonesia, Japan or the European Union.
South China Morning Post
24-03-2025
- Business
- South China Morning Post
Proposed China ship fee sparks clash with lawmakers; US businesses say they hurt already
A new proposal to impose substantial fees on US port calls by vessels made in China or linked to Chinese ownership has set up a clash between US lawmakers and representatives from American maritime, export and agriculture sectors in Washington this week. Advertisement Last month, the US government began drafting a measure to boost domestic ship manufacturing by proposing taxes of up to US$1.5 million on China-linked vessels or those from fleets that include Chinese-made ships. The action by the US Trade Representative's Office (USTR) under US President Donald Trump builds on a determination by former president Joe Biden's administration that China's efforts to dominate the maritime, logistics, and shipbuilding sectors can be challenged under US trade laws due to its subsidies to Chinese manufacturers. The findings were released just as Trump assumed office on January 20. Framing the fee as critical for national security, the USTR argues that Chinese government subsidies to its shipbuilding sector harm American businesses by limiting competition and investment opportunities, while also posing economic and national security risks by creating dependencies that Beijing could weaponise in a potential conflict. The move, which enjoys bipartisan support in Congress, is aimed at discouraging shippers and ocean carriers from buying Chinese vessels, and funds collected from the fee would be used to help revive the US shipping industry. 02:36 China hits back at Trump with reciprocal tariffs, sanctions on US firms China hits back at Trump with reciprocal tariffs, sanctions on US firms USTR held a public hearing on Monday and will convene another on Wednesday to assess the impact of this measure on American businesses and workers, as importers, exporters, and maritime industry groups have already expressed concerns.
South China Morning Post
24-03-2025
- Business
- South China Morning Post
Proposed China ship fee sparks concern as US businesses say they are feeling the impact
A new proposal to impose substantial fees on US port calls by vessels made in China or linked to Chinese ownership has brought together representatives from American maritime, manufacturing, and agriculture industries in Washington this week. Advertisement Last month, the US government began drafting a measure to boost domestic ship manufacturing by proposing taxes of up to US$1.5 million on China-linked vessels or those from fleets that include Chinese-made ships. The action by the US Trade Representative's Office (USTR) under US President Donald Trump builds on a determination by former president Joe Biden's administration that China's efforts to dominate the maritime, logistics, and shipbuilding sectors can be challenged under US trade laws due to its subsidies to Chinese manufacturers. The findings were released just as Trump assumed office on January 20. Framing the fee as critical for national security, the USTR argues that Chinese government subsidies to its shipbuilding sector harm American businesses by limiting competition and investment opportunities, while also posing economic and national security risks by creating dependencies that Beijing could weaponise in a potential conflict. The move is aimed at discouraging shippers and ocean carriers from buying Chinese vessels and use the funds collected from the fee to help revive the US shipping industry. 02:36 China hits back at Trump with reciprocal tariffs, sanctions on US firms China hits back at Trump with reciprocal tariffs, sanctions on US firms USTR held a public hearing on Monday and will convene another on Wednesday to assess the impact of this measure on American businesses and workers, as importers, exporters, and maritime industry groups have already expressed concerns in their written comments.
