U.S. President Donald Trump said on Tuesday that India will likely face trade tariffs of 20% to 25%, although a deal is yet to be finalized.
The tariff level is far greater than the 15% duties recently imposed on Japan and the European Union, and comes despite earlier signaling from Trump that talks with India were progressing well.
"I think so," Trump told reporters aboard Air Force One when asked if 20% to 25% was a possible tariff rate against India. A Reuters report earlier in the day suggested that India was likely to face the tariffs on some exports as a temporary measure.
The report, along with Trump's comments, come just days before an August 1 deadline for the trade tariffs to take effect. Trump has outlined steep tariffs against several major economies, ranging from 15% to 50%.
Recent reports also indicated that a U.S.-India trade deal may not materialize before August 1, leaving New Delhi exposed to steep U.S. tariffs.
Source: Investing.com
The upcoming Supreme Court ruling on the legality of President Donald Trump's massive tariffs, which rocked markets in April, is one of the next major tests for US stocks and bonds. Equity markets ha...
The US seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday, one of which was sailing under a Russian flag, as part of President Donald Trump's aggressive efforts to regulate oil...
France is working with partners on a plan on how to respond should the United States act on its threat to take over Greenland, a minister said on Wednesday, as Europe sought to address U.S. President ...
The world community must make clear that U.S. intervention in Venezuela is a violation of international law that makes the world less safe, the Office of the United Nations High Commissioner for Human...
US President Donald Trump threatened on Friday to come to the aid of protesters in Iran if security forces open fire on them, days after unrest that has killed several people and posed the biggest int...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...