Trump Tariffs Announcement Highlights: Trump unleashes sweeping tariffs, India carefully examining its implications

US President Donald Trump speaks during a tariff announcement in the Rose Garden of the White House in Washington, DC, US, on Wednesday, April 2, 2025. Trump plans to roll out tariffs on global trading partners, the centerpiece of his effort to bring back manufacturing to the US and reshape a world trade system he has long decried as unfair. Photographer: Kent Nishimura/Bloomberg | Photo Credit: KENT NISHIMURA

• 21:58 | April 3, 2025

  Trump Tariff Live: US stocks, US dollar tumbles as Trump tariffs fuel economic worries

  

  US stocks, US dollar tumbles as Trump tariffs fuel economic worries

  S&P 500 plunges over 4% as dollar weakens, bonds rally amid global recession fears and trade tariffs impact.

• 20:49 | April 3, 2025

  US tariffs: Different strokes for pharmaceuticals and medical devices

  An uneasy calm hovers over the pharmaceuticals and medical devices segments, although both have been treated differently by US President Donald Trump’s “reciprocal tariff” plan.

  Pharmaceuticals have been exempted, for now, but medical device -makers will face the 27 percent tariff outlined for India’s exports to the US.

  

  US tariffs: Different strokes for pharmaceuticals and medical devices

  US-India pharmaceutical and medical device industries navigate Trump's tariff plan, with potential impacts on exports and manufacturing strategies.

• 20:44 | April 3, 2025

  Trump’s Tariff Live: Leather industry has a good opportunity to increase exports to the US

  

  Leather industry has a good opportunity to increase exports to the US

  Indian leather exporters see opportunity in US tariffs, but must act quickly to capitalize on short-term advantage.

• 20:43 | April 3, 2025

  Trump Tariff Live News Updates: Leather industry has a good opportunity to increase exports to the US

• 20:43 | April 3, 2025

  US tariff: Spices exporters say buyers may shift sourcing pattern

  

  US tariff: Spices exporters say buyers may shift sourcing pattern 

  All-India Spices Exporters’ Forum concerned over US tariff hike impacting export competitiveness, supply chain economics, and trade relationships.

• 20:43 | April 3, 2025

  US tariffs: Tyre makers closely observing developments

  The Indian tyre industry is closely monitoring developments related to the US tariff scenario though it is slightly premature to assess the same, according to Automotive Tyre Manufacturers Association (ATMA).

  “As a responsible global player, we believe in fair trade practices and a level playing field for all stakeholders”, said Arun Mammen, Chairman ATMA

  

  US tariffs: Tyre makers closely observing developments 

  Indian tyre industry monitoring US tariffs, emphasizing fair trade practices, quality, and diversifying export destinations for sustainability and value.

• 20:42 | April 3, 2025

  Trump Tariff Live News Updates: Trump’s tariff to deal a major blow to Indian gherkin farmers, exporters

  

  Trump’s tariff to deal a major blow to Indian gherkin farmers, exporters

  Indian gherkin exports face challenges due to Trump's 27% tariff, impacting competitiveness in the US market.

• 20:42 | April 3, 2025

  Trump Tariff Live News Updates: US tariff gives Indian textile cos an edge over Asian competitors

  

  US tariff gives Indian textile cos an edge over Asian competitors

  Trump's textile tariffs create opportunities for India, impacting global trade dynamics and US consumer behavior.

• 19:28 | April 3, 2025

  Trump Tariff Live News Updates: Can India turn this crisis into an opportunity?

  Asked can India turn this crisis into an opportunity, Rajan said, “We can certainly bring down the tariffs we have been raising -- that would be beneficial to India regardless of whether it will help us negotiate down US tariffs.” He said that more generally, India needs to understand the world has become much more protectionist, so “we have to be more clever about trade”.

  For example, Rajan said, looking east toward the ASEAN and Japan, looking southwest to Africa, and looking northwest to Europe all make sense.

  While noting that working out a more equitable relationship with China should be a priority, he said, “equally, let us build stronger bridges within SAARC, our neighbours”.

  “That means overcoming political differences. As the world breaks up into regional blocks, South Asia should not be the odd region out,” he said. (PTI)

• 19:23 | April 3, 2025

  Trump Tariff Live News Updates: Former RBI governor Raghuram Rajan on reciprocal tariffs

  US President Donald Trump has announced the imposition of additional ad-valorem duties ranging from 10 per cent to 50 per cent on imports from all trading partners.

  “Let us recognise that in the short run, this will adversely affect the US economy first and foremost -- it is a self-goal as footballers would say. Coming to the effects on other countries, the direct effect of any tariff on India’s exports will be to raise prices for US consumers, reducing their demand, and hence Indian growth,” 

• 19:22 | April 3, 2025

  Trump Tariff Live News Updates: US tariffs hike a self goal; impact on India will be smaller: Raghuram Rajan

  Former RBI governor Raghuram Rajan on Thursday described the reciprocal tariffs on about 60 countries by the Trump administration a “self goal” and said its impact on India will be “smaller”. (PTI)

• 18:09 | April 3, 2025

  Trump Tariff Live News Updates: US trade tariff: Gem, jewellery industry stares at job losses

  The US reciprocal import duty of 26 per cent will have a major impact on gem and jewellery exports, which are already down 23 per cent this fiscal.

  The slowdown in exports and weak demand in the domestic markets will lead to job losses in the highly labour-intensive industry. Exports to the US at $11 billion a year, account for 30 per cent of India’s overall jewellery shipments.

  

  US trade tariff: Gem, jewellery industry stares at job losses

  US import duty impacts Indian gem and jewellery exports, leading to job losses and urging bilateral trade talks.

• 17:48 | April 3, 2025

  Trump Tariff Live News Updates: Breaking down Trump’s tariffs: What’s in store for India?

  Listen to the podcast episode which discusses President Trump’s newly announced reciprocal tariffs, set to take effect from April 5th.

  

  Breaking down Trump’s tariffs: What’s in store for India?

  Podcast episode discussing Trump's reciprocal tariffs on India, impact on sectors, ongoing trade negotiations with the US, and global implications.

• 16:50 | April 3, 2025

  Trump Tariff Live News Updates: Trump’s trade war backfires: US Assets hurt more than other big economies

  President Donald Trump’s shake-up of the global trading system is hurting US assets more than those in many of the big economies he has just slapped with additional tariffs.

  US equity index futures tumbled more than 4% after Trump announced a sweeping series of tariffs following the market close on Wednesday, and a gauge of the dollar slumped. But the impact elsewhere was less extreme. The Stoxx Europe 600 was down 1.9%, while the euro was up 2.2% against the dollar, hitting its highest level since October. A broad gauge of Asian stocks fell as much as 1.7%.

• 16:45 | April 3, 2025

  Trump Tariff Live News Updates: US Emerges as Biggest Loser in Markets From Trump’s Tariffs (Bloomberg)

• 16:17 | April 3, 2025

  The race to get gold bars to the US is screeching to a halt

  A massive arbitrage trade that has drawn tens of billions of dollars’ worth of gold and silver to the US came to an abrupt halt with Wednesday’s announcement that precious metals would be exempt from Donald Trump’s sweeping tariffs.

  For several months, prices in New York have traded at large and unusual premiums to global benchmarks as traders weighed the risk that precious metals could be caught up in tariffs. The differential created an incentive for banks and traders to load planes and ships with so much bullion that it distorted US trade data in the process.

  On Thursday, US premiums for precious metals tumbled after a list of exemptions from the tariffs included gold, silver, platinum and palladium. The difference between front-month Comex gold and spot gold in London dropped to $23 an ounce, from over $62 on Wednesday. For silver, the differential — known by precious metals trader as the “exchange for physical” or EFP — tumbled from more than $1 an ounce to just 24 cents.

  “Yesterday’s announcement effectively puts an end to the massive flow of precious metals into the US over the last few months as the EFPs collapse,” said Anant Jatia, chief investment officer at Greenland Investment Management, a hedge fund specializing in commodity arbitrage trading.

  US precious metals markets never fully priced in major tariffs, but the mere risk of them being imposed caused traders to cover short positions in the US markets, driving a persistent differential. That, in turn, created an incentive to ship physical metal to the US. - Bloomberg

• 16:16 | April 3, 2025

  Singapore won’t retaliate against US tariffs, seeks engagement - Bloomberg

• 16:09 | April 3, 2025

  Trump Tariff Live News Updates: The funny math behind Trump’s reciprocal tariffs

  As US President Donald Trump held up a large board unveiling the list of America’s trade partners and tariffs he was going to slap them with, he emphasised that the tariff was entirely ‘reciprocal’ in nature and was a reflection of how they had treated American goods over the years. 

  

  The funny math behind Trump’s reciprocal tariffs

  US President Trump's reciprocal tariffs based on trade deficits, not actual rates, as experts reverse engineer the methodology.

• 15:36 | April 3, 2025

  Indian steel sector escapes brunt of tariffs; fears around cheap imports linger

  Indian Steel sector dodges US reciprocal tariffs but cheap import influx fears loom

• 14:59 | April 3, 2025

  Trump Tariff Live Updates: India Inc sees limited impact of US tariffs, expects major realignment in global trade

  US President Donald Trump’s announcement of 27 per cent reciprocal tariffs on India would bring a major realignment in global trade and manufacturing value chains, while the country’s resilient economy may feel a marginal impact, industry bodies said on Thursday.

  India Inc. believes the real impact of the announcements may be gauged only after a proper assessment.

  “Tariffs unveiled by President Trump last night would bring a major realignment in global trade and manufacturing value chains. India has been placed somewhere in the middle of the tariff rates at 27 per cent in addition to 10 per cent baseline duties, which needs to be assessed for real impact”, said ASSOCHAM President Sanjay Nayar.

  ‘’Net-net, it appears India’s export competitiveness to the US market stands far less impacted on a relative basis. Yet our industry should make concerted efforts to increase export efficiency and value addition, to mitigate impact of these tarriffs,’‘ he said.

  India’s robust industrial competitiveness will balance the impact of US tariffs, and GDP will see only a 0.1 per cent impact in the short term, said PHDCCI President Hemant Jain.

  However, in the medium term, as the policy takes full effect, this shortfall will be negated, he added.

  Going ahead, given India’s sustained economic development and strategic importance, we expect continuing collaboration with the US through a well-negotiated bilateral trade agreement, the ASSOCHAM President said.

• 14:49 | April 3, 2025

  Trump Tariff Live News Update: Govt carefully examining implications of US reciprocal tariffs on India

  The Department of Commerce is carefully examining the implications of the US reciprocal tariffs on India and is engaged with all stakeholders, including domestic industry and exporters to seek their feedback on the issue, an official statement said on Thursday.

  The commerce ministry said that it is also studying the opportunities that may arise due to this new development in the US trade policy.

  US President Donald Trump has announced the imposition of additional ad-valorem duties ranging from 10 per cent to 50 per cent on imports from all trading partners.

  The baseline duty of 10 per cent will be effective from April 5 and the 27 per cent from April 9. Certain sectors are exempted from these duties include pharma, semiconductors and energy products. (PTI)

  “The Department of Commerce is carefully examining the implications of the various measures/ announcements made by the President of the USA,” it said.

  It also said that discussions are ongoing between Indian and US trade teams for the expeditious conclusion of a mutually beneficial, multi-sectoral Bilateral Trade Agreement (BTA).

  The BTA will cover a wide range of issues of mutual interest including deepening of supply chain integration.

  The ongoing talks are focused on enabling both nations to grow trade, investments and technology transfers.

  “We remain in touch with the Trump Administration on these issues and expect to take them forward in the coming days,” it said.

  It added that India values its Comprehensive Global Strategic Partnership with the United States and is committed to working closely with the US for the benefit of the people of both the countries.

  cloud_download

  info

  dx_variants

  Information

  more_horiz

• 14:45 | April 3, 2025

  India’s IT sector unfazed by US tariffs, but manufacturing and exports face hurdles, say experts

  While India’s IT services sector remains shielded from the latest US tariff hikes, industry experts warn of broader economic ramifications. 

  Experts also stress that India’s IT services sector, a major economic driver with $205.2 billion in exports in FY24, remains resilient, buoyed by strong US-India collaboration and demand for AI, cybersecurity, and enterprise tech solutions. However, reciprocal tariffs may pressure industries reliant on IT spending, prompting businesses to optimise costs and automate processes.

  

  India’s IT sector unfazed by US tariffs, but manufacturing and exports face hurdles, say experts

  India's IT sector resilient to US tariffs, emphasizing AI, cybersecurity, and enterprise tech solutions, but reciprocal tariffs may pressure industries.

• 13:57 | April 3, 2025

  French PM Bayrou says Trump tariffs are catastrophic for the world economy; “We are living in ‘grave times’” - Reuters

• 13:50 | April 3, 2025

  Israel to formulate ‘necessary steps’ in response to US tariffs, finance minister says

  Israeli Finance Minister Bezalel Smotrich said on Thursday he was convening ministry officials to formulate a course of action to protect Israel’s economy in the wake of President Donald Trump’s decision to impose U.S. import tariffs.

  As part of a sweeping new tariff policy, Israeli goods exports to the United States face a 17% tariff.

  Smotrich said he would discuss with ministry officials, after speaking with economic leaders, how to “analyse opportunities and risks and formulate courses of action, both in relation to President Trump and his team and regarding the necessary steps to strengthen Israel’s industry”.

  Trump’s move came after Israel on Tuesday cancelled its remaining tariffs on U.S. imports.

  Israel and the U.S. signed a free trade agreement 40 years ago and around 98% of goods from the U.S. are now tax-free. The finance ministry noted that tariff collection from U.S. imports - mainly in the agricultural sector - stands at about 42 million shekels ($11.3 million) a year.

  Ron Tomer, president of Israel’s Manufacturers’ Association, said the tariffs could harm Israel’s economic stability, deter foreign investments, weaken the competitiveness of Israeli companies in the U.S. market, and set back trade and investment relations between the countries.

  “We hope and believe that the decision will be short-lived, and we will work with the Ministries of Finance and Economy to reverse it,” Tomer said. - Reuters

• 13:48 | April 3, 2025

  UK to keep pushing for trade deal after Trump’s 10% tariffs

  The UK refrained from retaliation and will maintain its pursuit of a US trade deal after President Donald Trump slapped 10% tariffs on all imports from the country as part of a wider package of global levies.

  The tariffs on Britain are the minimum level for any country, with some Downing Street officials believing it validates the pragmatic approach taken by Prime Minister Keir Starmer toward the White House. Starmer has held regular phone calls with Trump and emphasized the two countries’ close relationship over recent decades.

  Nonetheless, the extra tariffs still pose a threat to key British sectors including cars and pharmaceuticals, while the steel industry was hit by previously announced tariffs. The Labour government has so far failed to deliver the economic growth it promised ahead of last year’s election victory, and a global trade war threatens to throw Chancellor of the Exchequer Rachel Reeves’ budget plans off track.

  Business Secretary Jonathan Reynolds described Trump’s move as a “very big moment” on Thursday morning, adding that the UK economy, which is particularly exposed to global factors, will feel the knock-on effects of extra tariffs between other countries. A 20% US levy has been imposed on the UK’s neighboring countries in the European Union.

  “It’s important that there is nobody who is in a better position than the UK,” he told BBC radio. Nevertheless, he added: “I don’t think there is an argument for the imposition of any barriers.”

  Reynolds told Sky News a 10% tariff was not “a fair reflection of how we currently trade with the US.” Downing Street had emphasized Britain’s relatively even trade in goods during talks with White House officials in recent weeks.

  Starmer assured British business chiefs this morning that he would keep trying to secure an “economic prosperity deal” with the US, but added that the government could react in other ways. “Nothing is off the table,” Starmer said, according to remarks released by Downing Street, while stressing the government’s calm response.

  “One of the great strengths of this nation is our ability to keep a cool head. I said that in my first speech as Prime Minister and that is how I govern.”

  The 10% levy placed on British goods is equal to the rate at which Trump’s team calculated Britain charges on American products — even as other countries were given “discounted” rates for what the president termed “kind reciprocal” tariffs. Trump said 10% was a “minimum baseline” for all countries.

  Capital Economics has estimated that the US imposition of 10% tariffs on UK goods would shave between 0.01% and 0.06% off Britain’s gross domestic product, while the indirect impact from changes to global trade flows could further knock economic output by between 0.01% and 0.13%. That’s damaging for Starmer’s Labour Party, which was elected on a promise to boost economic growth.

  Even if the UK secures a deal excluding British exports from US tariffs, the country will still be affected by global repercussions of Trump’s trade policies, including retaliatory action taken by other countries, Chancellor of the Exchequer Rachel Reeves told a panel of lawmakers earlier on Wednesday.

  “It doesn’t mean that somehow we are therefore out of the woods and not impacted by tariffs,” Reeves told the House of Commons Treasury Committee. “The specific tariffs on the UK are less relevant to the growth and inflation impacts than the global picture because we are an open trading economy, and depressed demand from overseas because of tariffs, higher inflation overseas because of tariffs has a direct impact on the UK.” - Bloomberg

• 13:23 | April 3, 2025

  Trump tariffs: Indian cashew set to gain in US as Vietnam faces higher duty

  The 26 per cent Trump tariff is expected to make Indian cashew more competitive in the US market in the short term, but exporters anticipate increased competition in the long run from African producers, who face a lower duty.

  Bola Rahul Kamath, President, All India Cashew Association, said the US has levied a tariff of 46 per cent on Vietnam, while it has levied 26 per cent on India. As a result, Indian cashew will be 20 per cent cheaper compared to that of Vietnam in the US. bout 90 per cent of the US cashew imports come from Vietnam, while India’s share is very small, Kamath said.

  

  Trump tariffs: Indian cashew set to gain in US as Vietnam faces higher duty

  Indian cashew exporters benefit from 26% US tariff on Vietnam, but face long-term competition from Africa.

• 13:18 | April 3, 2025

  Trump Tariff Live Updates: European Stocks Sink as Trump Tariffs Threaten Economic Growth

  European stocks slumped after US President Donald Trump announced the steepest American tariffs in a century against its trading partners, including a 20% rate for the European Union, which vowed to retaliate.

  The Stoxx Europe 600 Index sank 1.7% to 527.63 at 9:13 a.m. in Paris, with basic material, consumer product and industrial shares falling the most. Germany’s DAX Index declined 2.4% and Sweden’s OMX Stockholm 30 Index dropped 2.6%.

  The move marks a dramatic escalation in Trump’s global trade war, and as far as Europe is concerned, threatens to wipe out much of the euro-area expansion that the European Central Bank forecasts for this year and next.

• 13:17 | April 3, 2025

  Trump Tariff Live News Updates: Euro zone yields fall, markets boost bets on ECB rate cuts after US tariffs

  Euro zone government bond yields dropped and markets increased their bets on future European Central Bank rate cuts on Thursday as the U.S. tariff announcement by President Donald Trump boosted fears of a trade war which would hurt global growth.

  Money markets priced in a 92% chance of a 25 basis point (bps) ECB rate cut in April from around 80% the day before, and a depo rate at 1.8% in December from around 1.9%. Trump on Wednesday unveiled sweeping global tariffs of at least 10% on goods imported from most U.S. trading partners. The U.S. administration’s tariff hikes should not derail an ongoing decline in inflation in Europe, ECB policymaker Francois Villeroy de Galhau said on Wednesday, adding that the recent fall boosted the case for a fresh interest rate cut.

  Germany’s 10-year yield, the euro area’s benchmark, fell 8.5 bps to 2.64%, after hitting 2.625%, its lowest since March 4. On March 5, German yields recorded the biggest daily rise in decades as German parties reached an agreement for a massive ramp-up in fiscal spending on infrastructure and defence.

  German 2-year yields, more sensitive to the ECB policy rates, dropped 9.5 bps to 1.95%. It hit 1.924%, its lowest since December 12.

  UBS now expects the U.S. economy to grow closer to, or below, 1% and the Federal Reserve to cut rates by 75-100 bps in 2025.

  “In the weeks ahead, we expect the White House’s executive authority to be challenged in the courts,” said Mark Haefele, chief investment officer at UBS Global Wealth Management, recalling Trump used the International Emergency Economic Powers Act (IEEPA), which hasn’t previously been used to announce such sweeping changes to economic policy.

  The yield gap between U.S. Treasuries and Bunds was at 141.3 bps after dropping briefly to 132.6 bps, its lowest since March 12. Some investors expected this spread to shrink further, luring more cash to Europe.

  Italy’s 10-year yields dropped 6 bps to 3.76%. The yield gap between BTPs and Bunds -- a gauge of risk premium investors ask to hold Italian debt -- stood at 111.5 bps.

  The yield gap between French and German bonds was at 72.5 bps, after recently hitting its lowest levels since last summer at around 65 bps. - Reuters

• 13:01 | April 3, 2025

  Semiconductor dodges US tariff bullet, underlines its foundational role: Industry

  Semiconductors have been “spared” from US tariffs, a recognition of the foundational role they play in global supply chains, industry body IESA said on Thursday, but added that headline reciprocal tariffs do present a significant challenge to India’s overall exports, given that the US is the largest trading partner for New Delhi.

  US President Donald Trump announced sweeping reciprocal tariffs, redrawing the terms of America’s engagement on global trade and economics on April 2, a date he dubbed - with much fanfare - as America’s ‘Liberation Day’. The US has slapped a 27 per cent tariff on imports from India.

  Ashok Chandak, President of India Electronics and Semiconductor Association (IESA) said the speed and scale of tariff hikes could further slow global growth, create market uncertainty, and pressure businesses worldwide.

  “While India is better positioned than many other economies, these tariffs can potentially impact domestic industries, disrupt trade flows, and squeeze profit margins,” Chandak said.

  As the geopolitical and economic landscape evolves, India must strategise swiftly, leveraging trade diplomacy, domestic policy shifts, and industrial resilience to mitigate risks and maintain its competitive edge in global trade.

  Semiconductors and Pharmaceuticals have been spared from tariffs, recognising their foundational role in global supply chains and public health, Chandak noted.

  On the Electronics and Electricals sector, IESA said tariffs may impact India’s booming exports, but that the country could remain competitive as China, Vietnam, Taiwan and Thailand face even higher tariffs.

  “Trump’s tariffs are expected to generate billions in US customs revenue and support his vision of a ‘golden age’ for American jobs and manufacturing. However, (there are) warning signs of inflationary pressures, global trade disruptions, increased good prices for US consumers and recession risks,” he said. (PTI)

• 12:53 | April 3, 2025

  Trump Tariff Live Updates: US President Donald Trump’s “discounted” reciprocal tariffs

  US President Donald Trump has announced “discounted” reciprocal tariffs of 27 per cent on India which could affect exports from several sectors, such as textiles, chemicals, gems & jewellery, machinery, electronics, auto parts, and electricals.

  However, reciprocal tariffs announced on some of India’s competitors, such as China, Vietnam, Bangladesh, Indonesia, and Cambodia, are higher, which could give an edge to Indian exporters against suppliers from these countries.

  Image.png

• 12:36 | April 3, 2025

  Indian Pharma, Korea Defense Stocks Shine as Tariffs Hit Markets - Bloomberg

  US President Donald Trump’s fresh tariffs brought some unexpected stock winners to the fore in Asia, even as equity markets tumbled across the region.

  Pharmaceutical firms in India, defence manufacturers in South Korea and Malaysian glove makers are among sectors bucking the trend on Thursday, as the regional equity benchmark slumped as much as 1.7% to its lowest level since Feb. 4. 

  Trump said he will impose a baseline tariff of 10% on imports into the US and slap additional duties on countries with large trade imbalances. Traders rushed to hunt for potential winners, with select items being excluded from additional levies and some industries benefiting from stricter penalties on competitors.

  Pharmaceuticals

  India’s pharma stocks led a rally in Asian drugmakers after they were unexpectedly exempt from the duties. The MSCI index tracking Asian healthcare was the only sectoral gauge to advance. Shares of Sun Pharmaceutical Industries Ltd. and Lupin Ltd. jumped as drugs are among the nation’s biggest exports to the US. Korean contract drug manufacturer Samsung Biologics Co. also rallied. 

  Malaysian Glove Producers

  A higher levy on China brightened prospects for Malaysia’s glove manufacturers as it widened the tariff differential between the competitors. Chinese gloves exported to the US are now subject to a total levy of 104%, according to RHB Investment Bank. Supermax Corp. and Hartalega Holdings Bhd. advanced.

  Korean Defense Stocks

  Expectations of heightened geo-political tensions boosted defense stocks in Korea. “As the world is going through a reversal of free trade, the likelihood of geopolitical tension will only increase in the longer term,” said Jung In Yun, chief executive officer at Fibonacci Asset Management Global.

  Hanwha Aerospace Co. and Korea Aerospace Industries Ltd. were among the gainers.

  Gold Producers

  Shares of gold producers rose after the metal hit a record high as tariffs stoked fears of a global economic slowdown. Bullion was one of the few commodities exempted from the duties, according to a White House factsheet. In Australia, Ramelius Resources Ltd., De Grey Mining Ltd. were among advancers. In Hong Kong, Zhaojin Mining Industry Co. and Zhongjin Gold Corp. gained.

  India Textiles

  Textile stocks in India rose on bets higher tariffs on competitors such as Vietnam, Bangladesh and China will help the country’s exporters gain market share. Shares of Vardhman Textiles Ltd. and KPR Mill Ltd. jumped. Vietnam’s exports to the US will attract a 46% tariff, while the levy is 37% for Bangladesh, compared with 26% for India.

• 12:35 | April 3, 2025

  Trump Tariff Live Updates: Spain to take action to protect companies, consumers from U.S. tariffs, Economy Minister says

  Spanish Economy Minister Carlos Cuerpo said on Thursday his government is ready to take action to protect the country’s companies and consumers from the effects of the new tariffs announced by United States President Donald Trump.

  The new tariffs are “unfair and unjustified,” he said in an interview with radio station RNE.

  The European Union is eager to negotiate to avoid a trade war though would have to retaliate if there is no room for negotiation, Cuerpo said. - Reuters

• 12:31 | April 3, 2025

  Oil, copper slide as Trump tariffs rattle markets; gold hits record high

  Spot gold hit an all-time high of $3,167.57 on Thursday. Gold, a hedge against political and financial instabilities, has surged more than 19% year-to-date, mainly driven by tariff jitters, rate cut possibilities, geopolitical conflicts, and central bank buying. - Reuters

• 12:29 | April 3, 2025

  UK most worried about its auto sector, business minister says

  British business minister Jonathan Reynolds said on Thursday the impact of U.S. President Donald Trump’s tariffs on the country’s automotive manufacturing industry was one of the government’s main concerns.

  “The impact on the automotive sector of that particular tariff is one of our principal concerns,” Reynolds told the BBC. - Reuters

• 12:28 | April 3, 2025

  Short positions build on Asian currencies as tariff mayhem escalates - Reuters

• 12:27 | April 3, 2025

  Oil and gas got off easy on Trump’s Liberation Day: Bousso

  President Donald Trump’s reveal of sweeping import tariffs further darkened the outlook for the global economy and left many questions unanswered. But amid all the policy fog, oil and gas traders can point to a few bright spots.

  At an event in the White House Rose Garden, Trump announced tariffs on imports from many major trading partners, including a 20% fee on the European Union, 24% on Japan, 27% on India, 10% on Britain and 34% on China. He also set a baseline 10% tariff on all imports.

  The move intensified a trade war and drew condemnations from world leaders.

  The obvious conclusion is that this is all highly bearish for energy markets, as the expected retaliation from governments around the world should weigh on global economic prospects, putting more downward pressure on oil and gas prices.

  Indeed, financial markets and benchmark crude oil prices were sharply lower on Thursday, with Brent losing around 2.5% to $73 a barrel. However, that is still higher than prices were a month ago, before the ratcheting up of Middle Eastern tensions, U.S. tariffs on Venezuela and threats of secondary tariffs on Russia and Iran.

  Energy markets may remain volatile in the short term as traders absorb the tariff sticker shock, but once the dust settles, the oil and gas industry may find that the outlook isn’t so grim.

  SILVER LININGS

  First, these announcements provide the industry with some clarity. True, the proposed tariffs are likely to shift around in the coming months as Trump tries to wring concessions out of trading partners. But at least now everyone knows the baseline they’re working with.

  And the fact that all U.S. imports of oil, gas and refined products were exempted from the tariff plans should let the industry breathe a partial sigh of relief.

  It is good to remember that despite the huge growth in U.S. energy production and exports over the last decade, it continues to import a large amount of oil due to its large domestic refining capacity of 18.4 million barrels per day.

  The U.S. imported 6.6 million bpd in 2024, including 4 million bpd from neighbouring Canada and 464,000 bpd from Mexico.

  If Trump had slapped onerous tariffs on Canadian crude, refiners may have struggled to source the heavy grade they need. They are already paying up for Canadian crude due to the previously announced measures against Venezuela.

  Second, traders can assume that, despite all the changes these lofty and oddly designed tariffs might bring, they probably won’t dislodge the United States from its dominant position in global energy markets.

  The United States was the world’s top exporter of liquefied natural gas (LNG) in 2024, ahead of Qatar and Australia, with the majority of U.S. volumes going to the European Union.

  Additionally, it exported 4.1 million bpd of crude last year, according to the Energy Information Administration, more than 10 times the total one decade prior. Europe imported 48% of the volumes in 2024, followed by South Korea at 12%, and India and Taiwan at 6% each.

  In theory, the concentration of oil and gas in the U.S.’s export basket could be considered a vulnerability. But in reality, governments will likely think twice before hitting U.S. energy imports with tariffs.

  Why? Because these countries have very few alternative sources of supply, and higher energy costs would make it very challenging for them to boost their economies to offset the tariff pain.

  If anything, countries under fire from Trump’s trade war will seek to purchase more U.S. energy to placate the administration.

  Indeed, European Commission President Ursula von der Leyen has in recent months already suggested the EU could increase its purchases of U.S. LNG at the expense of Russian fuel in order to reduce the bloc’s trade deficit with the United States.

  BRAVE NEW WORLD

  Finally, following Wednesday’s announcements, the world now knows that Trump isn’t bluffing about this trade war. This may ultimately push more countries to reduce their reliance on the U.S. by making long-needed investments, spurring growth domestically and ultimately increasing demand for oil and gas.

  Germany’s rapid U-turn on defence and infrastructure spending and China’s accelerated push to boost domestic consumption and catch up in the artificial intelligence race may just be the beginning.

  Of course, any fragmentation of the global economy will likely create manufacturing and trade inefficiencies and increase consumer prices. But this could simply lead to duplications of industries and new transportation routes.

  So as governments around the world weigh their responses to Trump’s tariff barrage, energy traders may continue to fret about the potential impact on oil and gas consumption. But, at least for now, it looks like the industry may have made it through “Liberation Day” relatively unscathed.

  The opinions expressed here are those of the author, a columnist for Reuters.

• 11:56 | April 3, 2025

  Trump Tariff Live Updates: US tariffs: China threatens retaliation; Taiwan, S. Korea, Vietnam, France, Switzerland fear for local economies

  Governments in countries across the world have either gone into a huddle to figure out how best to respond to the US’s tariff announcements. US President Donald Trump has imposed tariffs on virtually every trade partner with rates going as high as above 50%.

  Vietnamese Prime Minister Pham Minh Chinh held an urgent cabinet meeting early on Thursday, state media reported, hours after the Trump administration said Vietnam would be hit with U.S. tariffs of 46%, according to a Reuters report.

  

  US tariffs: China threatens retaliation; Taiwan, S. Korea, Vietnam, France, Switzerland fear for local economies

  Global governments respond to US tariffs, with Vietnam, Taiwan, China, and the EU preparing countermeasures in trade war.

• 11:26 | April 3, 2025

  Trump Tariff Live Updates: India not so badly impacted by US tariffs: ASSOCHAM president Sanjay Nayar

  India is not so badly impacted by the imposition of tariffs by the US, which were announced by President Donald Trump on April 2, said ASSOCHAM president Sanjay Nayar.

  Speaking to ANI on the possible impact of the tariffs, Nayar highlighted the fact that the Indian economy is more inward-looking compared to its peer Asian markets. “Looking at the tariffs, I think we are not as badly impacted; the 26 per cent tariff number looks steep, but when you look at it relative to other Southeast Asian countries, then it looks better,” he said.

  

  India not so badly impacted by US tariffs: ASSOCHAM president Sanjay Nayar

  India's economy less impacted by US tariffs; potential for realignment in intra-Asia trade and supply chains.

• 11:08 | April 3, 2025

  Trump Tariff Live Updates: US tariffs: Pharma industry needs long-term measures to reduce US dependence, says Pharmexcil ex-DG Uday Bhaskar

  Even though pharma imports from India into the US have been exempted from the levy of reciprocal tariffs by the US administration, caution and long-term measures are the need of the hour, according to R Uday Bhaskar, former director general of Pharmaceutical Exports Promotion Council (Pharmexcil).

  “At the moment, the strengths of Indian Pharmaceutical industry might have led to exemption of pharma from the list of reciprocal tariffs announced by the US administration,’‘ he told businessline on Thursday. 

  

  US tariffs: Pharma industry needs long-term measures to reduce US dependence, says Pharmexcil ex-DG Uday Bhaskar

  Former Pharmexcil director emphasizes caution and long-term strategies for Indian pharma industry amid US tariff exemptions.

• 10:48 | April 3, 2025

  Trump Tariff Live Updates: Global markets plunge as Trump unveils steeper-than-expected tariffs

  Global stock markets tumbled Thursday morning as U.S. President Donald Trump announced sweeping reciprocal tariffs on major trading partners, triggering fears of an escalating trade war that could derail global economic growth. The announcement, made late Wednesday from the White House Rose Garden, imposed tariffs significantly higher than market expectations.

  Indian markets opened sharply lower. Sensex opened down at 75,811.86 compared to its previous close of 76,617.44 and is currently at 76,275.78, down by 341.66 points or 0.45 per cent. Meanwhile, the Nifty opened lower at 23,150.30 against its previous close of 23,332.35 and declined to 23,237.80, losing 94.55 points or 0.41 per cent in early trade. The decline followed Trump’s announcement of a baseline 10 per cent tariff on all U.S. imports plus additional levies on countries with trade surpluses against the U.S.

  

  Global markets plunge as Trump unveils steeper-than-expected tariffs 

  Global stock markets tumble as Trump announces tariffs, sparking fears of trade war and impacting Indian markets.

• 10:46 | April 3, 2025

  Trump Tariff Live News Updates: US tariffs could impact domestic industries, disrupt trade flows and squeeze profit margins: IESA

  The India Electronics and Semiconductor Association (IESA) on Thursday stated that the 26 per cent tariffs imposed by the United States can impact domestic industries, disrupt trade flows and squeeze profit margins, especially impacting exports of auto components and the electronics and electrical goods from India.

  

  US tariffs could impact domestic industries, disrupt trade flows and squeeze profit margins: IESA

  IESA warns of US tariffs impacting Indian industries, urges strategic planning, negotiations, and trade diplomacy for competitive edge.

• 10:45 | April 3, 2025

  Trump Tariff Live Updates: Crude oil futures sink as Trump imposes sweeping tariffs on trade partners

  Crude oil futures sank more than 2 per cent on Thursday morning after the US President Donald Trump announced a base tariff of 10 per cent on imports from all trading partners.

  At 9.54 am on Thursday, June Brent oil futures were at $73.28, down by 2.23 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $70.01, down by 2.37 per cent. April crude oil futures were trading at ₹6,012 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹6,147, down by 2.20 per cent, and May futures were trading at ₹5,993 against the previous close of ₹6,124, down by 2.14 per cent.

  

  Crude oil futures sink as Trump imposes sweeping tariffs on trade partners 

  Crude oil futures drop over 2% as Trump announces 10% tariff on imports, impacting global energy demand concerns.

• 10:27 | April 3, 2025

  Trump tariff Live updates: EU leader says Trump’s tariffs are major blow to world economy, will hurt vulnerable people most

  US President Donald Trump’s announcement of a new 20% tariff on the European Union drew a sharp rebuke from European Commission President Ursula von der Leyen.

  She said it was a major blow to the world economy and the consequences “will be dire for millions of people.” Groceries, transport and medicines will cost more, she said, “And this is hurting, in particular, the most vulnerable citizens.” Von der Leyen acknowledged that the world trading system has “serious deficiencies” and said the EU was ready to negotiate with the US but also was prepared to respond with countermeasures. - AP-PTI

• 10:26 | April 3, 2025

  Trump tariff live updates: China vows resolute countermeasures against US reciprocal tariffs

  China on Thursday said it will resolutely adopt countermeasures after President Donald Trump imposed 34 per cent tariffs on over USD 438 billion Chinese imports to America, which is China’s third largest export market. Trump announced tariffs on Chinese imports on Wednesday, unveiling them as part of a sweeping “Liberation Day” package aimed at reshaping American trade policy.

  China firmly opposes the US “reciprocal tariffs” and will resolutely adopt countermeasures to safeguard its rights and interests, a spokesperson for the Ministry of Commerce said after Trump’s announcement.

  The tariffs brought the total levies on China to 54 per cent, close to the 60 per cent Trump threatened during his poll campaign.

  Trump had earlier imposed two rounds of 10 per cent tariffs on Chinese goods, first in February and then in March this year. - PTI

• 10:23 | April 3, 2025

  Trump Tariff Live: Pharma stocks flout market slump on US tariffs exemption

  Pharma index surged over 4 per cent in early trade on Thursday after US President Donald Trump’s administration exempted pharmaceutical products from reciprocal tariffs. Market and industry experts see this as positive sign for Indian pharma companies.

  Only Nifty Pharma and healthcare traded in the positive territory among all sectoral indices.

  As at 10.06 am, Nifty pharma was up 3.18 per cent at 21,619.85 and Nifty midsmall healthcare index rose 1.93 per cent to 41,045.35.

  

  Pharma stocks flout market slump on US tariffs exemption

  Pharma stocks surge after US exempts products from tariffs, Nifty Pharma and healthcare indices show positive gains.

• 10:09 | April 3, 2025

  Trump tariff Live updates: Gem and Jewellery industry faces job losses as US imposes retaliatory tariffs

  

  Gem and Jewellery industry faces job losses as US imposes retaliatory tariffs

  US reciprocal import duty threatens Indian gem and jewellery exports, impacting market share and potentially leading to job losses.

• 09:55 | April 3, 2025

  Stock market live today: Tariffs | Sectoral Shockwaves & Stock Impact in India

  From Pharma’s resilience to Autos’ vulnerability, here’s a sharp take on the sectoral & stock-specific fallout as of April 02, 2025. Pharma & Metals ride a relative advantage, while IT & Autos brace for turbulence. Stocks like Aurobindo, Infosys & JSW Steel shine; Tata Motors & EPL falter. As the trade routes shift, India’s adaptability will dictate the winners. Buckle up - Volatility is the New Normal!

  Sector-Wise Impact

  ====================

  Pharma: Tariff-Proof for Now

  - Impact: Exempted from tariffs (for now), but a 232-style probe looms. Tariffs could lift U.S. generic prices, favouring Indian players. China’s 20% tariff burden tilts the scale further.

  - Stocks: Aurobindo (U.S. heavyweight), Dr. Reddy’s, Cipla, Lupin, Zydus, Sun, Glenmark, Ipca, Alembic, Gland, Alkem, Marksans.

  - Edge: Cash-rich Indian firms outmuscle debt-laden U.S. peers like Teva and Viatris.

  Autos: Rough Road Ahead

  - Impact: 25% tariffs slam Tata Motors (JLR: 33% U.S. vols) & Sona BLW (43% NA revenue). SAMIL dodges, CEAT (10% hit if tires included), Balkrishna (15% NA risk).

  - Stocks: Tata Motors (EPS cut 23-25%), Sona BLW (15-16% EPS hit), SAMIL (resilient). 

  EMS: Largely Spared

  - Impact: Avalon (40-50% U.S. sales) loses cost edge; Dixon (<10% U.S.) may gain from China’s higher tariffs; Amber - nil impact.

  - Stocks: Avalon (risk), Dixon (potential upside). 

  Azad Engineering: Niche Resilience

  - Impact: 80-90% exports (big U.S. chunk) hold firm on capability, not just price. Risk: OEMs may shift in-house. 

  IT Services: Indirect Bruising

  - Impact: No direct tariffs, but client spending takes a hit - think manufacturing, retail, BFS, & Apple’s supply chain. Healthcare holds steady. Guidance season may see conservative 2.5-4.5% growth (Infosys, HCLT).

  - Stocks: TechM, Infosys (better risk-reward); Wipro (negative bias); Mphasis, Zensar, KPIT (midcap winners); TCS, HCLT, LTIM (higher risks). 

  Metals & Materials: Mixed Bag

  - Impact: India’s lower tariffs vs. China help Al (0.2mt to U.S.) and steel (100kt). Cement, wood, plastics - negligible exposure. Ceramics face U.S. substitution hiccups.

  - Stocks: Vedanta, Hindalco (watch Novelis if Canada’s exempted), JSW Steel. 

  Power & Utilities: Steady as She Goes

  - Impact: Minor duty on U.S.-bound solar modules, but India outshines China on cost. 

  Oil & Gas: Ripple Effects

  - Impact: Tariffs on Russian/Venezuelan crude push India to pricier options, squeezing margins.

  - Stocks: Reliance, OMCs (negative). 

  Consumer: Mostly Unscathed

  - Impact: FMCG, QSR, alcobev - minimal U.S. exposure. Titan’s <1% jewelry exports shrug it off. EPL’s 20% U.S. laminate biz faces margin pressure.

  - Stocks: EPL (negative margin hit). 

  Consumer Durables, Electricals, Paints: No Sweat 

  - Impact: W&C (2-4% U.S. rev) sees export hopes dim; rest untouched.

• 09:50 | April 3, 2025

  Trump tariffs live updates: Indian auto components subject to 25% import tariff in US, sector awaits detailed list

  

  Trump tariffs: Indian auto components subject to 25% import tariff in US, sector awaits detailed list

  ACMA awaits detailed list of US auto component tariffs, hopeful for balanced resolution in India-US trade relations.

• 09:48 | April 3, 2025

  Trump tariff live updates: Govt analysing impact of 26% Trump tariff on India; it’s mixed bag, not setback: Official

  The commerce ministry is analysing the impact of 26 per cent reciprocal tariffs or import duties imposed by the US on India, a senior government official said on Thursday.

  According to the official, the universal 10 per cent tariffs will come into effect on all imports into the US from April 5 and the remaining 16 per cent from April 10.

  “The ministry is analysing the impact of the announced tariffs,” the official said, adding there is a provision that if a country would address the concerns of the US, the Trump administration can consider reducing the duties against that nation.

  India is already negotiating a bilateral trade agreement with the US. The two countries are aiming to finalise the first phase of the pact by fall (September-October) of this year.

  “It is a mixed bag and not a setback for India,” the official said.

• 09:46 | April 3, 2025

  Trump tariff live updates: India’s farm exports may withstand US tariffs as competitors face steeper duties, says economist

  India could maintain or even expand its agricultural exports to the United States despite newly announced tariffs, as competing nations face even steeper duties, agricultural economist Ashok Gulati said on Thursday.

  US President Donald Trump has announced reciprocal tariffs on countries across the board, declaring a 26 per cent “discounted reciprocal tariff” on India.

  Trump’s 26 per cent tariff on Indian goods would have a limited impact on key agricultural exports like seafood and rice when compared to higher duties imposed on regional competitors, Gulati said.

  “We should not look at the tariff increase in absolute terms, but see relative tariff increases with our competitors,” Gulati told PTI.

• 09:45 | April 3, 2025

  Trump tariff live updates: Rupee falls 26 paise to 85.78 against US dollar in early trade on Trump tariffs

  The rupee slumped 26 paise to 85.78 against the US dollar in early trade on Thursday, after US President Donald Trump unleashed reciprocal tariffs on about 60 countries.

  The US has announced 27 per cent reciprocal tariffs on India, saying New Delhi imposes high import duties on American goods, as the Donald Trump administration aims to reduce the country’s trade deficit and boost manufacturing.

  The move is expected to impact India’s exports to the US. However, experts say that India is better-placed than its competitors, who also face increased levies.

  Forex traders said, Trump’s reciprocal tariffs sent shockwaves through the market, and investors sought for safe haven. - PTI

• 09:44 | April 3, 2025

  Trump tariff live today: ‘Pharma’s exemption from reciprocal tariffs underscores generic medicines’ critical role globally’

  The US Administration has exempted pharmaceuticals from reciprocal tariffs underscoring the critical role played by generic medicines globally, Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain said on Thursday.

  President Donald Trump, in a historic measure to counter higher duties on American products imposed globally, on Wednesday announced reciprocal tariffs on about 60 countries. He announced 27 per cent reciprocal tariffs on India saying New Delhi imposes high import duties on American goods.

  However, pharmaceuticals and other essential items are exempted from the increased import duty.

  The decision underscores the critical role of cost-effective, life-saving generic medicines in public health, economic stability, and national security, Jain said in a statement. - PTI

• 09:40 | April 3, 2025

  Trump Tariff Live Updates: Indian pharma heaves a sigh of relief, for now

  Indian drugmakers are heaving a sigh of relief, for now, as United States President Donald Trump unveiled his “reciprocal tariff” plans.

  “Pharmaceuticals have been exempted from tariffs. The decision underscores the critical role of cost-effective, life-saving generic medicines in public health, economic stability, and national security,” the Indian Pharmaceutical Alliance said on Thursday, as the full implications of the tariff plan are still being digested.

  The IPA represents close to two dozen top drugmakers from India, including Sun Pharma, Dr. Reddy’s Laboratories, Zydus, Lupin, and Cipla, which have major exports to the US.

  

  US tariffs: Indian pharma heaves a sigh of relief, for now

  Indian drugmakers relieved as Trump exempts pharmaceuticals from tariffs, highlighting critical role of generic medicines in healthcare and economy.

• 09:29 | April 3, 2025

  Trump tariff live today: Tariffs exceed expectations, posing inflation risk and impacting market sectors, says Marcellus Investment’s Arindam Mandal

  The announced tariffs are more severe than anticipated. While the market had expected the effective tariff rate to be in the high teens, the actual rates are now projected to be in the mid-to-high 20% range – possibly the highest we have seen in a century, a significant increase from the previous 2.5–5% levels. There are some temporary exemptions—such as for pharmaceuticals, semiconductors, and energy—but their impact may be limited. For instance, in the case of semiconductors, the supply chains are deeply interconnected with China and Taiwan, raising questions about how much the exemption can truly mitigate disruptions. In the short term, these tariffs function as a tax on consumers, contributing to inflationary pressures. However, weaker demand might temper inflation and prevent interest rates from rising too sharply. Year-to-date (YTD), markets have been partially pricing in these risks, as evidenced by the outperformance of defensive sectors. This trend is likely to persist until potential earnings downgrades from these trade actions are fully reflected in the valuations of riskier assets and sectors.

• 09:26 | April 3, 2025

  Trump Tariff Live Updates: Trump tariffs threaten India’s slowdown-hit auto parts makers

  Indian auto parts makers, already struggling with weak domestic demand, now face the risk of losing sales in their top overseas market as US President Donald Trump’s looming import tariffs ripple through global car manufacturing.

  Trump had initially taken aim at fully assembled vehicles, with a 25 per cent import duty set to take effect on April 3, but additional levies on car parts such as engines, transmissions and electrical systems are slated to begin by May 3. That’s kicked off frantic lobbying by major carmakers Ford Motor Co., General Motors Co. and Stellantis NV to get certain components excluded, and left Indian suppliers stuck in limbo.

  

  Trump tariffs threaten India’s slowdown-hit auto parts makers

  Stay updated on India's auto industry impact from US tariffs with exclusive content from Bloomberg India on WhatsApp.

• 09:25 | April 3, 2025

  Trump tariff live updates: Brokerages on Trump Tariffs for India

  UBS

  India reciprocal tariff of 26% higher than expected

  26% tariff is negotiable and takes effect from 9-Apr-2025.

  Pharma (~10% of exports) is not included but separate review on it

  Extent of tariff is high and could render some exports unviable

  Thus negative event for market. US exports = 2% of GDP

  Bernstein

  26% tariffs imposed on India higher than what India levies on most US items

  IT services and Pharmaceuticals untouched by this announcement

  Apparels and auto parts see major tariff raises but India seems protected vs competition

  PL India Strategy

  US Slaps 26% Tariff But Opportunity Knocks

  India is one of the Least-Tariffed Asian Exporters

  Textiles & Apparel - Tariff Edge Creates Opening for India in U.S. Market

  Footwear - Tariff Shock to Vietnam Opens Window for India

  Light Manufacturing - Tariffs on Rivals Open Door for India in Toys, Textiles, Leather

  Electronics - iPhone-Led Surge Faces 26% Tariff Hit, But India Still Favoured Over China

  Machinery Exports Under Pressure

  Chemicals - Mixed Outlook as Tariff Hits, But India May Gain vs China in Key Niches

  Gems & Jewellery - High-Risk Sector as 26% Tariff Threatens India’s $10B U.S. Mark

  Kotak Securities on Pharma

  Tariffs saga: Exempt for now, yet too early to rejoice

  Uncertainty doesn’t end; to prevail even once pharma tariffs are announced

  Our base case stays that potentially high pharma tariffs are unlikely to sustain

  Key question now is for how long will pharma be exempt

  Expect uncertainty to prevail not just till the formal announcement on pharma but also post that

  Focus will be on trade treaties and subsequent timing/extent of any rollback

  Jefferies on Pharma

  US Tariffs on India Pharma: Breathe Easy for Now

  Sweeping reciprocal tariffs exempted the pharma industry for now

  But a pharma-specific tariff order on a later date can’t be fully ruled out

  Now see minimal impact to India pharma and a rally in US-focused generic pharma stocks is likely to play out

  Continue to believe the generic pharma industry, a significant contributor to lowering drug costs in the US, may be spared

  CLSA on Pharma

  Pharma exempted for now

  This is positive considering Street expectation of up to a 10% tariff on Indian pharma exports to US

  Key stocks with higher revenue mix from the US are Aurobindo (48%), Zydus (47%) and Dr Reddys (46%)

  CITI on Pharma

  Pharma sector has been excluded from tariffs announced by Trump administration.

  While it is unclear whether this is a short-term or medium-term arrangement, would view it as +ve 

  This is in line with our stance.

  See tariff exemption to align with co’s expectations. 

  Consistently assigned a low probability of tariffs on Indian pharma

  Incred on Shrimp Sector

  ROAR to Meow: Panic Now, but Shortages Will Shift the Game

  Massive Cost Increase – A 45% tariff (ADD, CVD + Trump’s new tariffs) will halt Indian shrimp supplies to the U.S.

  Everyone Loses, U.S. Loses More – Ecuador, Vietnam & Indonesia also face high tariffs. India will shift to China, Europe & the Middle East.

  Supermarkets Will Run Dry – Panic now, but once U.S. grocery stores run low, shrimp prices will adjust.

• 09:07 | April 3, 2025

  Trump tariff live updates: Indian seafood exports to feel the heat on US reciprocal tariffs

  

  Indian seafood exports to feel the heat on US reciprocal tariffs 

  US tariff impact on Indian seafood exports, Ecuador poised to replace India as top supplier to US markets.

• 09:04 | April 3, 2025

  Trump tariff live updates: Madhavi Arora, Chief Economist, Emkay Global Financial Services. Trump tariffs: Prep for the R-word

  ▪️ Trump announced a baseline tariff of 10% on all imports (effective 5th Apr), with specific “reciprocal” tariffs on multiple countries (effective 9th Apr). India faces a 26% tariff, with China at 54% now (20% previously imposed + 34% announced today)

  Trump seems to have used the respective trade deficit of each country with the US as the basis for reciprocal tariff calculations, rather than the actual level of tariffs imposed by each country

  ▪️ Importantly, sector-specific tariffs will also be imposed, but those sectors will not be part of the country-level tariffs. For eg, Indian autos will face a 25% tariff, imposed on all autos globally, and not the country-level tariff of 26% (or 26% +25%).

  Sectors such as pharma, semiconductors, copper, lumber, gold, energy and minerals will all be spared reciprocal tariffs. Mexico and Canada will also not face additional tariffs (25% already imposed previously, with goods under USMCA exempted).

  India’s choices:

  ▫️ Our previous static analysis suggests that India’s exports to the US could drop by $30-33bn (0.8-0.9% of GDP) at 26% tariffs, not adjusting for cross country hits/responses.

  ▪️ However, India has been negotiating with the US recently, and a trade agreement could be in the works. We highlight some “easy wins” that India could offer the US in exchange for tariff concessions (higher energy/defence imports, lower tariffs on specific food/agri commodities and foreign EVs)

  ▫️ Asia has been hit much more than India on tariffs and India is less export-exposed vs EM Asia, but India is unlikely to be non-synced with EM Asia on the cyclical downturn.

  ▪️ China’s survival response to massive tariff blow will matter for India, amid its excess industrial capacity and dumping in the world/Asian mkts. While we negotiate with US/other trade partners, we might have to protect against Chinses responses (read tariffs), which could immediately hit domestic industries, and will have a disinflation impulse.

  Macro and market implications

  ▪️ Trade-led US recession takes everyone down. There is no real winner – not even relative!

  ▪️ US recession probability rises dramatically: Persisting trade-tariff noises and policy uncertainty will be shaping things for worse - a hostile environment for investment spending. 

  ▪️ Higher tariffs will imply some combination of lower US corporate profit margins and higher consumer prices (could go up more than 1.5% +). The journey of the US economy will flow from the recent goldilocks to stagflation in coming quarters to possibly dis/de-inflationary impulse, led by permanently lower output.

  ▪️ This channel could play out over a year. But over this period, Fed’s policy choices will get complicated with too many moving parts.

  Near term + Medium term

  (i) Amid recession fears, expect US dollar smile to make a comeback, fillip to USD given its anticyclical nature

  (ii) Prep for global dirty FX wars ahead for all to survive the trade war

  (iii) Near-term-rise in EM assets risk premia across the board

  (iv) Changing global regime+ Higher expected inflation and growth volatility = higher rates and equity volatility

• 09:00 | April 3, 2025

  Trump tariff live today: Shashi Mathews, Partner, IndusLaw on reciprocal tariff

  The announcement of a 26% reciprocal tariff on Indian imports by President Trump represents a strategic pivot towards aggressive trade protectionism. Positioned as a response to perceived trade imbalances, this move risks unraveling years of bilateral economic cooperation between the U.S. and India. These tariffs could disrupt key sectors like pharmaceuticals, textiles, automobiles etc., and invite retaliatory measures from India, all while unsettling investor confidence in one of the world’s fastest-growing economies.

• 08:59 | April 3, 2025

  Trump tariff announcement live today: ACMA responds to new US executive order on trade and manufacturing

  The Automotive Component Manufacturers Association of India 

  (ACMA) takes note of the recent executive order signed by U.S. President Donald Trump on April 2, 2025, as part of the “Liberation Day” initiative. We understand the intent of the U.S. administration to boost domestic manufacturing and address trade imbalances.

  It is to be noted that autos & auto parts and steel & aluminium articles, already subject to Section 232 tariffs at 25%, announced earlier in President Trump’s order on March 26, 2025, are not covered in the aforementioned order. The detailed list of auto components that will be subject to 25% import tariff in the US is however awaited.

  ACMA remains hopeful that the ongoing bilateral negotiations between the Indian and U.S. governments will lead to a balanced resolution that benefits both economies. We believe that the strong trade relationship between India and the United States, especially in the auto components sector, will encourage continued dialogue to mitigate the impacts of these measures. ACMA is committed to engaging with all stakeholders to ensure the long-term interests of the Indian auto component industry.”, Shradha Suri Marwah, President ACMA and CMD Subros Ltd.

• 08:57 | April 3, 2025

  Trump tariff announcement live today: India stands less impacted by Trump tariffs than rivals: ASSOCHAM

  Sanjay Nayar , President, Assocham

  Tariffs unveiled by President Trump last night would bring a major realignment in

  global trade and manufacturing value chains. India has been placed somewhere in the middle of the tariff rates at 26 per cent in addition to 10% baseline duties, which needs to be assessed for real impact”, said ASSOCHAM President Sanjay Nayar.

  ‘’Net-net, it appears India’s export competitiveness to the US market stands far less impacted on a relative basis. Yet our industry should make concerted efforts to increase export efficiency and value addition, to mitigate impact of these tarriffs’‘ he said. 

  Nayar said that since most of American trading partners have planned to levy reciprocal tariffs, no country gets a winning advantage while consumers may end up paying more leading to inflationary pressures’‘. While we wait and watch for global reaction, for India the way forward could be a quick preferential trade deal keeping in view that President Trump still respects leadership of PM Modi”, he said , adding that India Inc would work closely with the government towards this matter.

• 08:49 | April 3, 2025

  Trump tariff announcement live updates: Arsh Mogre, Economist, PL Capital Institutional Equities Research on US Tariffs, impact on sectors and Indian economy

  The U.S. imposition of a 26% uniform tariff on Indian exports marks a significant yet strategic recalibration of trade dynamics towards bilateralism and the end of multilateralism—less an act of protectionism, more a high-stakes gambit in trade negotiations. While the near-term impact on India’s $75–78 billion U.S.-bound exports is non-trivial, the disruption is sectorally uneven and contextually mitigated by India’s emergent relative tariff advantage over Asian peers. For high-exposure verticals like textiles, footwear, and electronics, the move paradoxically enhances India’s competitiveness in a post-China+1 global sourcing landscape—where Vietnam, Cambodia, and Thailand now face 10–20 percentage-point steeper barriers. Moreover, in sectors like auto components, chemicals, and electronics, India retains cost resilience versus China, which now contends with a prohibitive 54% effective tariff wall. Strategically, this escalation seems designed as a negotiating lever: a prelude to a broader trade realignment likely culminating in a 2025 agreement involving tariff concessions on both sides. India’s optimal response should not be retaliatory but reciprocal—reducing barriers on U.S. autos, agri products, and alcohol in return for GSP reinstatement, tariff rollback, and services access. In net terms, this is a disruption, but not a derailment—India must now pivot from tariff defence to strategic trade diplomacy, leveraging its relative competitiveness to capture displaced market share while negotiating a balanced, forward-looking trade compact with its largest export market.

• 08:47 | April 3, 2025

  Trump tariff announcements live updates: Prabhudas Lilladher on India impact of US tariffs on imports of Automobiles, auto parts - Limited Direct Impact

  The U.S. has imposed a 25% blanket tariff on all foreign-made automobiles—cars, SUVs, motorcycles—as a reciprocal response to India’s steep auto import duties (70–100%). Certain auto parts from India also fall under this 25% duty, alongside earlier tariffs on steel and aluminium inputs. India’s finished vehicle exports to the U.S. are negligible—just $0.2 billion in FY24, mainly niche two-wheelers and tractors. There are no mass-market car shipments. The real exposure lies in auto components, which form ~$2.1 billion of the $2.6 billion total auto-sector exports to the U.S.—including forgings, engine parts, and wheels, integrated into global OEM supply chains. Indian suppliers are not uniquely disadvantaged—the 25% tariff applies uniformly to all exporters, including allies like EU, Japan, and Korea. Chinese suppliers are worse off, facing an effective ~34–50% tariff with existing Section 301 duties. This levels the playing field and could preserve India’s competitiveness in some segments.

• 08:38 | April 3, 2025

  Trump tariff live updates: India gains tariff edge over rivals in US textile market, says ITF

  

  India gains tariff edge over rivals in US textile market, says ITF

  New US tariff structure aims to level trade field, boosting India's textile exports with cost advantage over competitors.

• 08:22 | April 3, 2025

  Trump tariff announcement live today: Pranay Aggarwal, Director & CEO, Stoxkart’s views on Trump’s 26% reciprocal tariff on imports from India 

  The U.S. decision to impose reciprocal tariffs on India, Japan, and others may trigger short-term volatility in global markets, particularly in sectors like autos, steel, and agriculture. Indian equities could face pressure due to potential retaliatory measures, impacting export-driven sectors (e.g., pharmaceuticals, IT). The immediate tariff enforcement (excluding autos, effective April 3) suggests urgency, possibly disrupting supply chains. 

  For India, heightened trade tensions may weaken the INR and deter FDI, though domestic stimulus could offset risks. Japan’s auto exports may face headwinds, affecting Nikkei. Globally, risk-off sentiment could strengthen the USD and Treasuries. Investors should monitor retaliatory actions and sector-specific exposures. Defensive stocks (FMCG, utilities) may outperform, while cyclical sectors (autos, metals) could underperform. Long-term implications hinge on negotiation outcomes, but near-term caution is advised. 

• 08:21 | April 3, 2025

  Trump tariff announcement live updates: Sector-wise snapshot of US Tariffs on India

  US President Donald Trump has unleashed a barrage of reciprocal tariffs to match duties put on US goods by other countries. According to media sources, Government may issue an statement along with an analysis in course of the day. US president imposed 26 percent tariffs on India and impact likely on following sectors according to current structure of tariffs.

  Positive for Pharma, Aquaculture, Manmade textile 

  Negative for Chemicals, Woolen/Cotton Textile, Metals, Technology, Gems and Jewelry, Electricals, Capital goods (Auto, Auto Ancillaries and Metals tariffs already announced)

• 08:02 | April 3, 2025

  Trump tariffs live updates: Nifty set for 300-point gap down as Trump tariff shock hits markets

  

  Nifty set for 300-point gap down as Trump tariff shock hits markets

  Global markets tumble after Trump's proposal, impacting export-oriented sectors; Indian businesses face sectoral impact, US-centric businesses hit with higher import tariffs.

• 07:53 | April 3, 2025

  Trump tariffs live updates: Prabhudas Lilladher on US Tariffs

  US importance for Indian exports: India’s goods exports to the United States have grown rapidly, reaching $75–78 billion in 2023 (about 18% of India’s total exports). The U.S. is India’s largest single-country market. Indian exporters in most categories will face a steep increase in tariff barriers. Prior to this policy, U.S. tariffs on these goods were generally low – often 0–5% for industrial goods. textiles and apparel – a major Indian export ($9–10B/year) – face ~26% tariffs, roughly doubling the import tax on many clothing items. Even categories that already had some tariffs (e.g., apparel at ~14%, jewellery ~5%) see total import taxes roughly 2× to 5× higher than before.

  § Steel/Aluminium: Indian steel exports were already subject to a 25% U.S. Section-232 tariff since 2018 (for national security). The new 26% reciprocal tariff may replace or supersede that, but in effect it is a marginal change (+1%). Thus, Indian steel makers see little new impact (they had been largely priced-out of the U.S. since 2018). However, for aluminium (which had a 10% Section-232 tariff), the jump to 26% is significant.

  § Gems & Jewellery: India is a top supplier of diamonds and gold jewellery to the U.S. (nearly 19% of U.S. imports from India. Polished diamonds were largely duty-free earlier, and gold jewellery faced ~5–6% duty. With 26% tariffs, U.S. retailers will see a ~20%+ increase in cost on Indian fine jewellery.

  § Positive for Pharma Exports & Refined Petroleum due to exemptions from Reciprocal tariffs

• 07:50 | April 3, 2025

  Trump tariff live updates: JP Morgan on Trump tariffs 

  Largest tax increase since Revenue Act of 1968. US recession risk higher, could tip US economy toward recession

  On static basis, newly unveiled policy is estimated to generate just under $400 billion in revenue — equivalent to roughly 1.3% of GDP

  JPM projected that the measures could add between 1.0% and 1.5% to personal consumption expenditures (PCE) inflation in 2025, with the bulk of the upward pressure on prices likely to materialize in the second and third quarters.

  Such a sharp rise in consumer prices would erode household purchasing power, potentially pushing real disposable income growth into negative territory during the middle quarters of the year.

  In turn, real consumer spending — the engine of U.S. economic growth — could contract, bringing the economy dangerously close to recessionary conditions.

• 06:59 | April 3, 2025

  Trump tariff live updates: Rupee drops in NDF market after US levies 26% tariffs on India

  

  Rupee falls in NDF market as US imposes 26% tariffs on India

  Indian rupee weakens after Trump imposes 26% tariff on imports, impacting Asian markets and currency exchange rates.

• 06:51 | April 3, 2025

  Trump tariff live updates: Ankur Sharma, Market Analyst, VT Markets on Trump’s reciprocal tariffs

  Donald Trump announces a 26% reciprocal tax on Indian imports. 

  Here is the view from Ankur Sharma, Market Analyst, VT Markets

  The announcement of reciprocal tariffs by President Donald Trump on India, Japan, and other nations is a significant development in global trade, particularly for emerging economies like India. These tariffs, aimed at counteracting high import duties imposed by these countries on U.S. goods, will have both short-term and long-term implications for India’s economy, trade relations, and currency markets. The U.S. has announced a 25% tariff on imported automobiles and auto parts, effective April 2 for cars and light trucks, and May 3 for auto parts

  Shares of the top U.S. automakers fell sharply in after-hours trading on the announcement, with General Motors down more than 7%, Ford off 4.6% and Stellantis lower by 4%.

  Shares of Asian automakers also fell during trading on Thursday. Japanese automakers Nissan, Toyota and Honda are closing down 2.2%, 2.7% and 3%, respectively. In South Korea, Hyundai Motor and Kia both fell about 4%.

  Now If we consider the Indian Market so Tata Motors, Parent company of Jaguar Land Rover (JLR), which exports vehicles to the U.S, experienced a 5% decline following the tariff announcement.

  Sona Comstar also faces a 4% drop. Nifty Index declined by 1.2%, reflecting concerns. 

  India has historically also charged a 100 percent tariff on US motorcycles, which it reduced to 30-40 percent in 2018, while the US charges a 2.4 percent tariff on Indian motorcycles

  We can even expect a high impact on the Pharma industry. While specific tariff percentages have not been detailed, the U.S. is a significant market for Indian pharmaceutical exports. Increased Tariffs potentially lead to a decline in export revenues. 

  Another Sector which will be highly impacted by this is IT. The U.S. has indicated potential tariffs on IT services, a sector where India has substantial exports.

  The U.S. reciprocal tariffs are set to have a multifaceted impact on India’s economy, with significant effects on key export sectors and associated industries. The magnitude of these impacts will depend on the duration of the tariffs and the ability of Indian industries to adapt to the evolving trade landscape.

• 06:48 | April 3, 2025

  Trump Tariffs Announcement Live, Watch | US President Donald Trump announces 26% reciprocal tariff on Indian exports

  US President Donald Trump announced a 26 per cent “discounted reciprocal tariff” on India, half of the 52 per cent levies imposed by India on American goods, as he described India as “very, very tough.”

• 05:02 | April 3, 2025

  Trump tariff announcements live updates: US Stocks: Nasdaq futures down 4.33%; S&P 500 futures down 3.44%

• 05:01 | April 3, 2025

  Trump tariff announcement live updates: US businesses face fresh challenges as Trump imposes new reciprocal tariffs

  

  US businesses face fresh challenges as Trump imposes new reciprocal tariffs

  Trump announces reciprocal tariffs on trading partners, impacting various industries from automakers to retailers and airlines.

• 04:46 | April 3, 2025

  Trump tariff announcement Live Updates: Canada will impose counter measures on United States, says Carney

  Canada will fight U.S. President Donald Trump’s tariffs with countermeasures, Prime Minister Mark Carney said on Wednesday.

  “It’s essential to act with purpose and with force, and that’s what we will do,” he told reporters ahead of a cabinet meeting to discuss Canada’s response. - Reuters

• 04:42 | April 3, 2025

  Trump tariff announcement Live Updates: Brazil evaluating ‘all possible actions’ after US tariffs

  The Brazilian government said on Wednesday it is evaluating all the possible actions in response to the United States’ decision to impose 10% tariffs on imports from Latin America’s No. 1 economy.

  “The Brazilian government is evaluating all possible actions to ensure reciprocity in bilateral trade, including resorting to the World Trade Organization, in defense of legitimate national interests,” it said in a statement, adding that it remains open to dialogue and believes U.S. claims the tariffs are reciprocal do not “reflect reality.” - Reuters

• 04:37 | April 3, 2025

  Trump tariff announcement Live Updates: Canada, Mexico not subject to new global rates as fentanyl tariff still in place

  Mexico and Canada avoided fresh tariffs on Wednesday with President Donald Trump exempting the United States’ top trading partners from his new 10% global tariff baseline, although previous duties remain in place.

  Goods from Mexico and Canada that comply with the USMCA trade agreement between the three countries will largely remain exempt from tariffs, except for auto exports and steel and aluminum which fall under separate tariff policies.

  Trump previously imposed 25% tariffs on Mexico and Canada for not doing enough to curb migration and fentanyl trafficking, but later issued a carve out for USMCA compliant goods.

  “For Canada and Mexico, the existing fentanyl/migration ... orders remain in effect, and are unaffected by this order,” the White House fact sheet said. - Reuters

• 04:35 | April 3, 2025

  Trump tariff announcement Live Updates: President Trump’s reciprocal tariffs: Key facts you need to know

  

  President Trump’s reciprocal tariffs: Key facts you need to know

  President Trump imposes reciprocal tariffs on imports, raising taxes on foreign goods to benefit the US economy.

• 04:23 | April 3, 2025

  Trump tariff announcement Live Updates: US tariff rate rockets to 22%, highest since 1910, Fitch economist says

  The U.S. tariff rate on all imports has rocketed to 22% from just 2.5% in 2024 under the new global levies imposed by President Donald Trump, Fitch Ratings’ U.S. economic research chief said on Wednesday.

  “That rate was last seen around 1910,” Olu Sonola, Fitch’s head of U.S. economic research, said in a statement after Trump’s announcement for a global baseline import tax of 10%, but much higher rates for many trading partners.

  “This is a game changer, not only for the US economy but for the global economy,” Sonola said. “Many countries will likely end up in a recession. You can throw most forecasts out the door, if this tariff rate stays on for an extended period of time.” - Reuters

• 03:52 | April 3, 2025

  Trump tariff announcement Live Updates: FIEO: Trump’s 26% tariff will impact Indian exporters, but India better placed than peers

  

  FIEO: Trump’s 26% tariff will impact Indian exporters, but India better placed than peers

  FIEO warns of impact of US tariffs on India, but country better placed than competitors, negotiating bilateral trade agreement.

• 03:44 | April 3, 2025

  Trump tariff announcement Live Updates: US Treasury Secretary Scott Bessent: Russia not on tariff list because we don’t trade with Russia; they’re sanctioned

• 03:09 | April 3, 2025

  Trump tariff announcement Live Updates: Trump’s autos tariffs to cover $600 bln in imports, including laptop computers

  

  Trump's autos tariffs to cover $600 bn in imports, including laptop computers

  Trump's 25% autos tariffs to cover $600 billion worth of vehicles, auto parts, and all computer imports.

• 03:08 | April 3, 2025

  Trump tariff Live Updates: French wine, spirits sales expected to fall 20% after US tariff announcement

  Sales of French wine and spirits are expected to slide at least 20% after U.S. President Donald Trump announced global tariffs, Gabriel Picard, chairman of French wine and spirits exporters industry group FEVS said on BFM TV on Wednesday. - Reuters

• 03:07 | April 3, 2025

  Trump tariff announcement Live Updates: Australia says US tariffs not ‘act of a friend’ but rules out reciprocal moves

  Australian Prime Minister Anthony Albanese said on Thursday the decision by U.S. President Donald Trump to impose tariffs was not “the act of a friend,” but said his country would not place reciprocal tariffs against the United States.

  Trump said on Wednesday that he would impose a 10% baseline tariff on all imports and higher duties on some of his country’s biggest trading partners, in a move that ratchets up a trade war that Trump kicked off on his return to the White House. - Reuters

• 03:06 | April 3, 2025

  Trump tariff announcement Live Updates: Trump’s tariff order exempts gold - White House fact sheet

• 03:04 | April 3, 2025

  Trump tariff announcement Live Updates: UK vows to ‘remain calm’ in response to Trump’s 10% tariffs

  Britain’s business secretary vowed to take a calm approach to U.S. President Donald Trump’s decision to impose import tariffs of 10% on the United Kingdom on Wednesday, as the country attempts to reach an economic deal with Washington.

  “The US is our closest ally, so our approach is to remain calm and committed to doing this deal, which we hope will mitigate the impact of what has been announced today,” Jonathan Reynolds said in a statement after the tariffs were announced. - Reuters

• 03:03 | April 3, 2025

  US Stocks: Wall Street ends up, but Trump tariff speech sends futures lower

  Indexes up before speech: Dow 0.56%, S&P 500 0.67%, Nasdaq 0.87%

• 03:03 | April 3, 2025

  Trump tariff announcement Live Updates: Trump signs order that closes duty exemptions for cheap shipments from China

  U.S. President Donald Trump signed an executive order on Wednesday that closes a trade loophole used to ship low-value packages duty-free from China, known as “de minimis,” an aide said. - Reuters

• 02:54 | April 3, 2025

  Trump tariff announcement Live Updates: Trump imposes 26% ‘discounted reciprocal tariff’ on India amid trade dispute

  

  Trump imposes 26% ‘discounted reciprocal tariff’ on India amid trade dispute

  US President announces reciprocal tariffs on countries, including a 26% discounted tariff on India, to boost American industry.

• 02:39 | April 3, 2025

  Trump tariff announcement Live Updates: Trump’s autos tariffs to cover $600 bln in imports, including laptop computers

  U.S. President Donald Trump’s 25% autos tariffs will cover nearly $600 billion worth of vehicles and auto parts and extend to all computer imports into the U.S., including laptops, according to a Reuters analysis of tariff codes included in a federal register notice on Wednesday.

  The update of Trump’s autos tariff proclamation from last week included nearly 150 auto parts categories that will face tariffs starting on May 3, a month after Thursday’s midnight activation of 25% tariffs on vehicle imports.

  The list includes tariff codes for engines, transmissions, lithium-ion batteries and other major components, along with less expensive parts including tires, shock absorbers, spark plug wires and brake hoses.

  But a major surprise was the inclusion of the four-digit tariff code covering all computers, which are among the biggest global import categories into the U.S. at $138.5 billion in 2024, according to U.S. Census Bureau data. - Reuters

• 02:38 | April 3, 2025

  Trump tariff announcement Live Updates: Investors react to Trump tariff announcement

  - U.S. President Donald Trump further escalated a trade war on Wednesday by announcing he would impose reciprocal tariffs to match duties put on U.S. goods by other countries.

  “It’s our declaration of independence,” Trump said at an event in the White House Rose Garden. “We will establish a minimum baseline tariff of 10%.”

  Rates for China would be set at 34% for China, while the European Union and Japan would face 20% and 24%, respectively.

  MARKET REACTION: S&P 500 futures reversed gains and fell to a 1.7% loss, suggesting investors expect deep losses when Wall Street opens on Thursday. Nasdaq futures, reflecting tech companies such as Apple, Nvidia and Microsoft, were down 2.4% after gaining earlier on Wednesday.

  COMMENTS:

  CHRIS ZACCARELLI, CHIEF INVESTMENT OFFICER, NORTHLIGHT ASSET MANAGEMENT, CHARLOTTE, N.C.

  “When the press conference first started the President said tariffs would start with a 10% baseline across the board. That was better than expected, which was why we saw futures rallying. But once he got to specifics and started giving examples which were significantly higher than 10%, that’s when futures turned around and went negative because it was worse than expected.”

  “In the short run tariffs are going to increase costs and reduce corporate profits. If we have a reshaping of the economy, I’m sure markets will have a different judgment but the short term knee-jerk reaction is to the initial price hikes.”

  PETER CARDILLO, CHIEF MARKET ECONOMIST, SPARTAN CAPITAL SECURITIES, NEW YORK “The tariffs are a little bit on the hefty side.” “We’ll just have to wait and see if this trade war ends the way the administration would like it to...It depends on our trading partners now. Are they going to come to the table and negotiate or are they going to retaliate?” “The consequences of inflation will be felt, and that presents a dilemma for the Federal Reserve now, even though Chairman Powell has said that inflation from tariffs would be transitory...The inflation effects could get worse and we could be headed toward recession.”

  “The markets have been under severe pressure and you might say they are somewhat in an oversold condition... I think the markets could rally.”

  FREDERIQUE CARRIER, HEAD OF INVESTMENT STRATEGY, RBC WEALTH MANAGEMENT “Europe will be subjected to steep reciprocal blanket tariffs, 20%, towards the high end of what had been feared by market participants.”

  “The calculation of tariffs includes sales tax (VAT) a tax which is imposed on both domestically and foreign products and do not discriminate against US products. With the VAT being an important source of governments’ revenue, European member states can offer little flexibility. Profit taking in European equity market may well continue tomorrow.” “However, while unhelpful to economic growth, the impact of tariffs on European economies is unlikely to be too painful, simply because Europe does not trade intensively enough with the US...it could be greater depending on how the situation evolves, how the EU responds, and how badly tariffs hurt business and consumer confidence.” “We expect the EU to retaliate swiftly. It had announced specific targeted tariffs on the U.S., but delayed their implementation. We would expect them to be applied in short order.” - Reuters

• 02:37 | April 3, 2025

  Trump tariff announcement Live Updates: Senior White House official

  Tariff baseline floor for all countries aimed at avoiding circumvention.

  Trump to declare national emergency due to national security and economic security concerns over U.S. trade deficits.

  Tariffs based on International Emergency Economic Powers Act.

  Trump plans other sectoral tariffs for semiconductors, pharmaceuticals, and potentially critical minerals; those also won’t be covered by the new regime.

  Trump will respond to retaliation by other countries to ensure that the emergency order is not undermined.

  About 60 or so countries on the ‘worst offender’ list.

  Likely to take a long time for non-tariff barriers to be removed by other countries.

  USMCA-compliant goods will continue to receive exemption from fentanyl-related tariffs.

  Exemption for USMCA-compliant goods from Mexico and Canada will continue.

  Post-World War Two institutions are ‘no longer fit for our times and our economic situation’.

• 02:31 | April 3, 2025

  Trump tariff announcement Live Updates: Senior White House official: Reciprocal tariffs will go into effect on April 9 at 12:01 a.m.

• 02:31 | April 3, 2025

  Trump tariff announcement Live Updates: Senior White House official: Baseline tariff rate will go into effect on April 5 at 12:01 a.m.

• 02:30 | April 3, 2025

  Trump tariff announcement Live Updates: Senior White House official: Will be imposing a 10% baseline tariff on all countries and higher reciprocal tariffs on a list of worst offenders.

• 02:29 | April 3, 2025

  Trump tariff announcement Live Updates: Senior White House official: Will charge countries half the calculated reciprocal tariff rate that factors in tariffs and non-tariff barriers

• 02:28 | April 3, 2025

  Trump tariff announcement Live Updates: Senior White House official: Products covered by Section 232 tariffs, including autos, steel, aluminum, copper, and lumber will not be included

• 02:14 | April 3, 2025

  Trump tariff announcement live updates: Trump unveils sweeping tariff plans, claims America has been “looted” by other nations

  

  Trump unveils sweeping tariff plans, claims America has been “looted” by other nations

  President Trump announces sweeping tariffs, risking economic slowdown and global trade war, with potential consequences for all nations.

• 01:59 | April 3, 2025

  Trump tariff announcement Live Updates: Trump and his Cabinet present new tariffs in grand style

  Trump’s Cabinet is showcasing their presence at the White House event where he is announcing new tariffs. In attendance are Secretary of State Marco Rubio, Health and Human Services Secretary Robert F. Kennedy, Defence Secretary Pete Hegseth, Education Secretary Linda McMahon, Veterans Affairs Secretary Doug Collins, Transportation Secretary Sean Duffy, Housing and Urban Development Secretary Scott Turner, Commerce Secretary Howard Lutnick, Environmental Protection Agency Administrator Lee Zeldin, and Tulsi Gabbard, the Director of National Intelligence. The Rose Garden event features a significant amount of pageantry, highlighted by the president making his entrance against a backdrop of multiple American flags. - Agencies

• 01:56 | April 3, 2025

  Trump tariff announcement Live Updates: Trump announces global reciprocal tariffs in bold new trade order

  US President Donald Trump announced on Wednesday that he is signing an order to impose “reciprocal” or retaliatory tariffs on countries globally. 

  “I will sign a historic Executive Order instituting reciprocal tariffs on countries throughout the world. Reciprocal that means: they do it to us, and we do it to them,” he said at the White House. “This is one of the most important days, in my opinion, in American history.”

• 01:17 | April 3, 2025

  Watch | The likely impact of Trump’s reciprocal tariffs on India’s exports: Key sectors under threat
• 22:18 | April 2, 2025

  ECB’s Villeroy says Trump tariffs shouldn’t significantly impact disinflation in Europe - Reuters

• 22:17 | April 2, 2025

  Mercedes weighs pulling US entry-level cars over tariffs - Bloomberg

• 22:15 | April 2, 2025

  Wall Street steadies ahead of Trump’s tariff plans

  U.S. stock indexes recovered from morning losses to trade modestly higher on Wednesday as investors awaited U.S. President Donald Trump’s sweeping tariff announcements.

  Volatility has gripped U.S. markets in recent weeks as investors speculate about the scope of tariffs and their impact on the global economy, inflation and corporate earnings.

  Trump has kept the world guessing on the details of the tariff plans, which were still being formulated ahead of a White House Rose Garden announcement ceremony scheduled for 4 p.m. ET (2000 GMT).

  The president has said that his reciprocal tariffs aim to equalize the comparatively lower U.S. tariff rates with those imposed by other nations. But the format of the duties was unclear, with reports that Trump was considering a 20% universal tariff.

  “You’re seeing a market that is beginning to slowly rally. That is a read that the news may be more positive than expected,” said Eric Schiffer, chief executive officer of the Patriarch Organization.

  “We’ll have continued volatility in the medium term. It will be about how trade partners decide to counter and what the impact of all this is on supply chains and profits.” - Reuters

• 22:15 | April 2, 2025

  Canadian dollar edges lower ahead of US tariff announcement - Reuters

• 22:14 | April 2, 2025

  Time is high, time is good to develop EU-India FTA: German envoy

  Underling that imposing tariffs on goods is “not to our liking”, German Ambassador Philipp Ackermann here on Wednesday said “time is high, time is good” to develop the EU-India free trade agreement.

  On the sidelines of an event, he was asked about the “reciprocal tariffs” announced earlier by US President Donald Trump, which would come into effect on April 2.

  Trump had recently said that reciprocal tariffs on countries that impose levies on American goods will kick in on April 2.

  “As you certainly know, Germany and the European Union are promoters of free trade, we are sitting together in trying to develop a free trade agreement with India, to shape it, negotiate it.

  “So, it goes without saying that imposing tariffs on goods is not to our liking, we have made it very clear that we think it’s not the right way,” the envoy said, during an interaction with a group of reporters.

  But, it’s the “discretion of any country” to shape its economic policy, Ackermann said.

  “I don’t foresee this as a great success in trade policy, international trade policy, but I think, the good reaction is to...or the right reaction is to...when big markets... India is one, European Union is one, sit together and try to reduce tariffs, as it is done in a free trade agreement,” he said.

  The German ambassador emphasised that “time is high, time is good to develop the free trade agreement and to shape it, and negotiate it as quickly as possible, between India and the EU”.

  Prime Minister Narendra Modi and European Commission president Ursula von der Leyen in February had issued directions to conclude the ambitious free trade agreement by the end of this year as the two leaders vowed to expand the India-EU strategic partnership in areas of defence, security and critical technology.

  In his media statement after talks with Von der Leyen, Modi described the India-EU strategic partnership as “natural and organic” and one that is based on “trust” and shared belief in democratic values.

  Asked if Germany was hopeful of the EU-India FTA being negotiated by the end of this year, the envoy expressed that he was “quite confident” of it.

  “In all honesty, you have the president of the Commission of the European Union, and the Prime Minister of India, sitting together and saying that we commit ourselves that by the end of 2025, this agreement is negotiated and ready to be put on the table.

  “Now, that’s an imperative for which we have to... It comes from the top level, and that’s where we want to see it. So, I am quite confident,” he said.

  Asked how Germany looks at the EU-India FTA prospects, the envoy said, “We think it is a game-changer for our business in India and you will see more investment, no doubt”.

  On the bilateral ties between India and Germany, the envoy said, “We will continue our focus on India, continue to work together with India, we looking forward to intensifying our relationship in the years of come”. - PTI

• 21:45 | April 2, 2025

  Trump Tariffs Announcements: UK won’t jeopardise US trade talks with rushed tariff response, says Reeves

  Britain will not rush into action to counter any import tariffs announced later on Wednesday by US President Donald Trump because it does not want to risk undermining a possible trade deal with Washington, Finance Minister Rachel Reeves said.

  

  UK won't jeopardise US trade talks with rushed tariff response, says Reeves

  Britain cautious on US tariffs to protect potential trade deal with US, focusing on economic partnership and financial services.

• 20:47 | April 2, 2025

  Trump Tariffs Announcements: EU Plans Emergency Measures to Shield Economy from Trump Tariffs

  The European Union is preparing a package of potential emergency measures to support parts of its economy that could be hit the hardest by US President Donald Trump’s sweeping tariffs, according to people familiar with the matter.

  The European Commission, the EU’s executive arm, is working on short-term economic support proposals to go alongside plans to advance reforms and competitiveness in key sectors as well as to improve the functioning of the bloc’s single market, said the people, who spoke on the condition of anonymity. 

• 20:34 | April 2, 2025

  Trump Tariffs Announcements Live: Trump’s Tariff Plans Still in Limbo Ahead of Rose Garden Event

  President Donald Trump’s deliberations over his plans to impose reciprocal tariffs are coming down to the wire, with his team said to be still finalizing the size and scope of new levies he is slated to unveil on Wednesday afternoon.

  In meetings on Tuesday, Trump’s team continued to hash out their options ahead of a Rose Garden event scheduled to begin as US markets close at 4 p.m. on Wednesday, people familiar with the ongoing discussions said. The White House has not reached a firm decision on their tariff plan, said the people, who spoke on the condition of anonymity, even though Trump himself said earlier in the week that he had “settled” on an approach.

  Several proposals are said to be under consideration, including a tiered tariff system with a set of flat rates for countries, as well as a more customized reciprocal plan. Under the first option, countries would see their goods face levies at either a 10% or 20% rate depending on their tariff and non-tariff barriers on US goods.

• 20:31 | April 2, 2025

  Trump Tariffs Announcement Live: Corporate America Hoards Cash for Tariffs Over Buying Back Stock

  US companies last month announced the fewest stock buybacks, in dollar terms, since the Covid pandemic, an early sign of cash hoarding from worries about economic growth and the impact of a global trade war.

  The value of announced buybacks in the US reached $39.1 billion in March, the lowest dollar value since October 2020 and the lowest for March since 2019, according to data compiled by Birinyi Associates. That’s a worrisome sign for investors since buybacks offer a crucial pillar of support for the US stock market, which is already down significantly from February’s all-time highs and is facing pressure from the Trump administration’s tariffs, which will be announced Wednesday afternoon.

  “No one knows what will happen with tariffs,” said Jeffrey Yale Rubin, president of Birinyi Associates. “So how are corporate executives supposed to plan for cash flows? It’s a lot easier to slow buybacks than cut dividends until companies know more about the trade outlook.”

• 20:27 | April 2, 2025

  Trump Tariff Announcement Live: Trump’s Trade War Forces Canada Into Decision on Whether to Hit US Autos

  Vehicle buyers in Canada are trying to beat the price hikes of a trade war, as the government of Prime Minister Mark Carney prepares to strike back against the latest fusillade of import taxes from the White House. 

  US President Donald Trump is set to unveil a new round of tariffs in Washington on Wednesday afternoon, followed by levies on automotive products, which are slated to go into effect on Thursday. Canada has already put retaliatory tariffs on a range of US goods, but so far it hasn’t touched one of the biggest categories — American-made autos. 

  The Canadian government has previously threatened that it might put 25% tariffs on US-made cars and light trucks if Trump escalates his trade actions. Carney hasn’t said yet what the government will do, but he made it clear Tuesday that some form of retaliation will happen: “We will not disadvantage Canadian producers and Canadian workers, relative to American workers.”

  Canadian tariffs on US vehicles would have a big impact. The country is by far the largest export market for American automotive factories, taking in 628,743 vehicles from the US last year — four times the number imported by Mexico — worth more than $23 billion, according to US Commerce Department data. 

• 20:24 | April 2, 2025

  Trump Tariffs Announcement Live: US dollar sags as caution persists

  The U.S. dollar fell against major currencies such as the euro, yen and sterling on Wednesday, as traders awaited details of U.S. President Donald Trump’s plans for tariffs, which could upend the global trading system and shake financial markets. The euro last bought at $1.0825, up 0.3% against the dollar, while sterling edged up 0.1% to $1.2940 ahead of a White House Rose Garden announcement scheduled for 2000 GMT that will likely see the imposition of steep new duties on U.S. imports. 

• 20:22 | April 2, 2025

  Trump Tarifs Announcement Live: Wall Street falls as tariff jitters grip markets

  Wall Street’s main indexes fell on Wednesday as investors worried about the potential impact of U.S. President Donald Trump’s sweeping tariffs on the global economy, corporate earnings and inflation.

  Details of Trump’s “Liberation Day” tariff plans were still being formulated and closely held ahead of a White House Rose Garden announcement ceremony scheduled for 4 p.m. ET (2000 GMT).

  At 09:39 a.m. the Dow Jones Industrial Average fell 156.51 points, or 0.37%, to 41,833.45, the S&P 500 lost 26.55 points, or 0.47%, to 5,606.52 and the Nasdaq Composite lost 99.07 points, or 0.57%, to 17,350.82.

  The domestically focused Russell 2000 index <.RUT

  > was down 1.3%.

  All 11 S&P 500 sub-sectors were in the red, with the consumer discretionary sector leading losses, dragged down by a near 6% drop in Tesla shares after the EV maker reported a 13% drop in first-quarter

  deliveries

  .

  Tech stocks, which have been at the forefront of the selloff this week, slipped, with Nvidia down 1.7% and Amazon.com slipping 1.1%.

  Trump Media & Technology Group slid 6.1% after the operator of Truth Social filed papers with the U.S. Securities and Exchange Commission that would allow President Donald Trump’s trust to sell shares in the company that could be worth $2.3 billion.

• 20:19 | April 2, 2025

  Trump Tariffs Announcement Live: With cellars overflowing, wine makers in Spain’s Rioja fret over US tariffs

  Stockpiles of wine in Spain’s Rioja region have swelled since the pandemic, but producers’ hopes of offloading tannic reds into the U.S. market were dimming ahead of what President Donald Trump is calling his “liberation day” tariffs announcement.

  Adding to their worries, Trump’s threat of slapping 200% tariffs on wine and champagne imports from Europe comes at a time that global demand for the alcoholic beverage is dipping.

  “There’s wine accumulated since COVID-19, there’s quite a bit piled up, and in the end, that’s a burden on the price ... It’s bad for the farmer,” winegrower Enrique Lopez de Alda, 39, told Reuters.

  Sales of Rioja, one of the most prized Spanish wines both domestically and abroad, increased 0.6% in 2024 from the previous year.

• 18:46 | April 2, 2025

  Trump Tariffs Announcement Live: Wall Street set for weaker open as Trump tariffs loom

  Wall Street indexes were on track to open lower on Wednesday as investors awaited details of U.S. President Donald Trump’s tariff plans to assess their impact on the global economy, corporate earnings and inflation.

  U.S. stocks have been volatile in recent days, with investors preferring to hold safer assets such as gold and government bonds over risky equities, as they speculate about the extent of economic damage from the U.S.-led tariff war.

• 18:38 | April 2, 2025

  Video: The impact of Trump’s reciprocal tariffs on India’s exports

  The impact of Trump’s reciprocal tariffs on India’s exports: Key sectors under threat

• 17:37 | April 2, 2025

  Gold trades flat at peak level of Rs 94,150 per 10 g; silver declines Rs 1,000

  Gold price stayed flat at its all-time high level of Rs 94,150 per 10 grams in the national capital on Wednesday amid concerns over imposition of reciprocal tariffs by the US, according to the All India Sarafa Association.

  On Tuesday, the precious metal of 99.9 per cent purity surged by Rs 2,000, the steepest in nearly two months, to hit a fresh peak of Rs 94,150 per 10 grams.

  Gold of 99.5 per cent purity also traded flat at its lifetime peak of Rs 93,700 per 10 grams.

  Traders said gold prices remained flat ahead of the US President Donald Trump’s anticipated announcement of imposing reciprocal tariffs on various countries, including India, which have a trade deficit with America.

  However, silver prices declined Rs 1,000 to Rs 1,01,500 per kg from Tuesday’s closing level of Rs 1,02,500 per kg.

  “There is a high possibility that this event (reciprocal tariffs) will be the cause of a fresh wave of volatility across all financial asset classes,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

  Gandhi further said, “Investors will assess how the next round of levies would affect global trade, the global economy, and the geopolitical front, and will react accordingly. Uncertain times typically benefit precious metals.” On the global front, spot gold went up 0.11 per cent to USD 3,116.86 per ounce. Also, Comex gold futures for June delivery traded flat at USD 3,149.30 per ounce.

  Meanwhile, spot silver rose 0.52 per cent in the Asian market hours to USD 33.87 per ounce.

  According to Kotak Securities’ AVP-Commodity Research Kaynat Chainwala, market participants will also await the release of the US private jobs report which could provide more insights on the Federal Reserve’s monetary policy. - Reuters

• 17:26 | April 2, 2025

  Shipping firm Maersk expects continued US growth but warns of rising uncertainty

  Danish shipping company Maersk has benefited from robust U.S. demand so far this year and expects that to continue, though the outlook could be clouded by U.S. President Donald Trump’s tariff plans, it said on Wednesday.

  Maersk’s regular global market outlook was published before Trump is expected to announce fresh tariffs later on Wednesday against nations that have duties on U.S. goods.

  “U.S. growth is (the) main scenario, but volatile geopolitics cloud economic visibility,” the company said.

  Trump’s new tariff plans have put the shipping industry on edge as it contemplates the possibility of suppressed transport demand in a brewing trade war.

  Maersk, one of the world’s largest container shipping groups, cautioned that the looming U.S. tariffs could curb global trade flows despite the robust start to 2025. The company said it was monitoring early indicators of what could be slowing momentum in global supply chains.

  “With regard to tariffs, the situation remains unpredictable,” Maersk said, adding that February data showed a continuing expansion of U.S. inventory levels.

  Ongoing and potential tariffs are causing shifts in inventory strategies, with some businesses accelerating imports and securing additional storage space, it added.

  The company highlighted declining U.S. consumer confidence over four consecutive months as a specific concern.

  “Consumers reacting to perceived risks and financial uncertainty can ultimately lead to cautious spending, which in turn can bring further ripple effects,” it said, referring to U.S. influence on the global economy.

  The company’s data showed that China’s share of global container exports increased to an estimated 36% in 2024 from 32% in 2019. - Reuters

• 17:22 | April 2, 2025

  Gold climbs to near record ahead of Trump’s latest tariff reveal

  Gold climbed toward a record ahead of US President Donald Trump’s implementation of sweeping “reciprocal” tariffs, which are expected to take effect later Wednesday.

  The precious metal rose as much as 0.7%, and was about $20 an ounce short of its latest high, reached in the previous session. The White House and Trump have been reticent to provide details of the targets and scale of the levies, which will apply right after they are rolled out at a 4 p.m. event in Washington.

  The pending announcement — which will follow tariffs on China, Canada and Mexico, as well as steel and aluminum — has driven a new wave of volatility, including a US stock selloff. While uncertain times are generally good for gold — helping it set more than 15 records this year — investors are keen to see the impact of the next set of levies on trade, the global economy and geopolitics.

  Bullion has been one of the strongest performing commodities this year, rallying 19% in the opening three months to post its best quarter since 1986. The ascent has been fueled by consistent central-bank buying, plus the rising tide of haven demand. Global holdings in bullion-backed exchange-traded funds have surged to the highest since September 2023.

  Spot gold traded 0.5% higher at $3,129.70 an ounce as of 10:40 a.m. in London, after peaking at $3,149 on Tuesday. The Bloomberg Dollar Spot Index edged lower. Silver and palladium rose, while platinum fell. - Bloomberg

• 17:21 | April 2, 2025

  US traders bet on treasuries rallying more on Trump’s trade war

  Options traders are betting that Treasuries will extend their rally as the world braces for President Donald Trump to announce the details of his reciprocal tariff plans on April 2.

  Evidence of investors gearing up for tariffs to shake an already-wobbly US economy could be seen in everything from big options wagers on lower Treasury yields to expectations of deeper-than-expected cuts from the Federal Reserve reflected in interest rate-linked derivatives. 

  Lopsided demand for call options — which are used to bet on higher Treasury prices — is another important indicator. The premium investors are paying for calls relative to put options stands at its highest level since August 2024. 

  “There is a large group of people in the marketplace that are putting much more emphasis right now on a recession than an inflationary episode without a recession or at least a slowdown.” said Thierry Wizman, global currencies and interest-rate strategist at Macquarie Group. “So it’s very difficult to think that bond yields are going to rise.”

  The recent rally in Treasuries paused on Wednesday, and the 10-year yield traded little changed at 4.17%. It touched 4.13% on Tuesday, its lowest level in nearly a month. - Bloomberg

• 17:19 | April 2, 2025

  China restricts companies from investing in US as tensions rise

  China has taken steps to restrict local companies from investing in the US, according to people familiar with the matter, in a move that could give Beijing more leverage for potential trade negotiations with the Trump administration.

  Several branches of China’s top economic planning agency, the National Development and Reform Commission, have been instructed in recent weeks to hold off on registration and approval for firms that are looking to invest in the US, the people said, asking not to be identified discussing sensitive issues. 

  While China has previously placed restrictions on some overseas investments for reasons linked to concerns about national security and capital outflows, the new measures underscore tensions playing out between the world’s two biggest economies as Donald Trump ramps up tariffs. China’s outbound investments into the US totaled $6.9 billion in 2023, according to the latest available figures.

  There’s no sign that existing commitments by Chinese companies in the US and elsewhere, or China’s purchases and holdings of financial products including US Treasuries, would be affected, the people said. It’s unclear what prompted the NDRC to halt the processing of applications or how long this suspension might last. - Bloomberg

• 16:18 | April 2, 2025

  Can American consumers avoid products with tariffs altogether?

• 16:15 | April 2, 2025

  French government says Trump tariffs could be in 20-25 pct range

  The French government expects tariffs to be announced later on Wednesday to be in the range of between 20-25 per cent, said government spokeswoman Sophie Primas on Wednesday.

  “They risk being pretty powerful. People are speaking of tariffs between 20 and 25 per cent,” Primas told reporters. - Reuters

• 16:14 | April 2, 2025

  Political commentator Victor Hanson explains Trump’s tariffs here:

  ​

  ​

• 15:58 | April 2, 2025

  Can Trump’s tariffs widen inequality in the US? Maybe

• 15:57 | April 2, 2025

  ‘Tariffs help protect industries but do not magically create more American jobs or lead to more U.S. production’

• 14:58 | April 2, 2025

  Trump Tariff Announcements Live Updates: Who’s afraid of Trump’s tariffs?

  The weaponisation of tariffs by US President Donald Trump has clearly generated fear and loathing across the world. These threats are not only purely performative; nor are they just transactional in nature.

  The logic of these tariff threats in most cases is questionable at best, and the declared aims are varied: from demanding “parity” of tariffs with trading partners no matter what their level of development, to seeing any bilateral trade deficits with other countries as inherently problematic, to viewing threats of tariffs as a measure to force other policy changes on the part of the trading partner.

  

  Who’s afraid of Trump’s tariffs?

  India and the developing world need to respond strongly to Trump’s tariff threats

• 14:54 | April 2, 2025

  Trump Tariff Live Updates: White House slams India’s 100% tariff on US farm goods ahead of Trump’s reciprocal move

  The White House has said India imposes a 100 per cent tariff on American agricultural products and the high levies charged by other countries make it “virtually impossible” for US products to be exported to those nations.

  President Donald Trump has repeatedly criticised the high tariffs charged by India and other countries on American goods. He plans to roll out a set of reciprocal tariffs on April 2, which he says will be “Liberation Day” for the US.

  

  ‘Reciprocal Move Now’, White House slams India’s 100% tariff on US goods

  The White House has said India imposes a 100 per cent tariff on American agricultural products and the high levies charged by other countries make it “virtually impossible” for US products to be exported to those nations.

• 14:47 | April 2, 2025

  Trump Tariff Announcements Live Updates: India hopes for deferral of Trump’s reciprocal tariff in support of trade pact talks

  India may not be extended a waiver from US President Donald Trump’s threatened reciprocal tariffs on April 2, but it is hoping to get a deferral. A postponement of tariffs would give more time to negotiators of the India-US bilateral trade agreement (BTA) to flesh out the broad contours agreed in the Delhi meeting, sources have said.

• 14:42 | April 2, 2025

  Markets extend gains as Tata Consumer surges over 7%; caution persists ahead of Trump’s tariff plans

  Benchmark indices strengthened their morning gains on Wednesday, climbing steadily as trading progressed amid cautious investor sentiment ahead of US President Donald Trump’s anticipated tariff announcement. The BSE Sensex traded at 76,512.27, up 487.77 points or 0.64 per cent from its previous close, while the Nifty50 rose 139.20 points or 0.60 per cent to 23,304.90 as of 2.40 PM.

• 14:28 | April 2, 2025

  Trump Tariff Announcements Live Updates: Danish prime minister heads to Greenland as Trump seeks control of Arctic territory

  Danish Prime Minister Mette Frederiksen is travelling to Greenland on Wednesday for a three-day trip aimed at building the trust of Greenlandic officials at a time that the Trump administration is seeking control of the vast Arctic territory.

  Prime Minister Mette Frederiksen announced plans for her visit after US Vice President JD Vance visited a US air base in Greenland last week and accused Denmark of underinvesting in the territory.

  Greenland is a mineral-rich, strategically critical island that is becoming more accessible due to climate change. Trump has said that the landmass is critical to U.S. security. It is part of North America but is a semiautonomous territory belonging to the Kingdom of Denmark. - PTI

• 14:24 | April 2, 2025

  Trump Tariff Announcements Live Updates: China ties US talks to tariff removal as stalemate deepens

  China’s top diplomat called on the US to remove tariffs it imposed on Chinese goods for Beijing’s alleged role in America’s fentanyl crisis before holding any talks on the matter, deepening a stalemate weighing on trade ties between the world’s two largest economies.

  “If the US side really wants to solve the fentanyl problem, then it should cancel the unjustified tariff increase and engage in equal consultation with the Chinese side,” Chinese Foreign Minister Wang Yi said in an interview with Russian state-run news service RIA Novosti on Tuesday. - Bloomberg

• 14:20 | April 2, 2025

  Trump Tariff Announcements Live Updates: Gold holds near record peak as investors await Trump tariff plan

  Gold prices held firm on Wednesday after jumping to an all-time high in the previous session, as investors hunkered down and awaited details of U.S. President Donald Trump’s tariff plans.

  Spot gold rose 0.6% at $3,128.41 an ounce, as of 0827 GMT. U.S. gold futures gained 0.4% at $3,159.10.

  Bullion has been a preferred investment choice with economic and geopolitical uncertainties running high. Spot prices are now trading over $400 higher than they were before Trump took office in January and hit a record peak of $3,148.88 on Tuesday. - Reuters

• 14:05 | April 2, 2025

  Trump Tariff Live News Updates: Trump administration targets Ivy League schools: Princeton’s research funding halted

  The Trump administration has halted dozens of research grants at Princeton University, the latest Ivy League school to see its federal money threatened in a pressure campaign targeting the nation’s top universities.

  Princeton was notified this week that several dozen federal grants are being suspended by agencies including the Department of Energy, NASA and the Defense Department, according to a campus message sent Tuesday by Christopher Eisgruber, the university’s president.

  

  Trump administration targets Ivy League schools: Princeton’s research funding halted

  Trump administration halts research grants at Princeton University, part of pressure campaign targeting Ivy League schools.

• 13:53 | April 2, 2025

  Trump Tariff Announcements Live Updates: India to make substantial tariff cuts for American products, says Trump

  India will soon make substantial cuts in tariffs for American products, US President Donald Trump said ahead of his April 2 reciprocal tariff announcement.

  “I heard just a while ago that India is going to be dropping its tariffs substantially. And I said why didn’t somebody do this a long time ago. A lot of countries will be dropping their tariffs,” Trump said in a media briefing on Monday from his Oval office.

• 13:42 | April 2, 2025

  Trump Tariff Live Updates: What could tariffs do to the US economy?

  Nothing good, according to most economists. They say the tariffs would get passed on to consumers in the form of higher prices for autos, groceries, housing and others. Corporate profits could be lower and growth more sluggish. Trump maintains that more companies would open factories to avoid taxes, though that process could take three years or more.

  Economist Art Laffer estimates the tariffs on autos, if fully implemented, could increase per vehicle costs by $4,711, though he said he views Trump as a smart and savvy negotiator. Investment bank Goldman Sachs estimates the economy will grow this quarter at an annual rate of just 0.6%.

  White House trade adviser Peter Navarro told “Fox News Sunday” that the auto tariffs would raise $100 billion annually and the other tariffs would bring in about $600 billion per year, or about $6 trillion over 10 years. As a share of the economy, that would be the largest tax increase since World War II, according to Jessica Riedl, a senior fellow at the Manhattan Institute.

• 13:32 | April 2, 2025

  Explainer. How Trump’s reciprocal tariffs could hit India’s exports: Key sectors at risk

  Indian industry and government officials are uncertain whether US President Donald Trump will proceed with his threat to impose reciprocal tariffs on its key trading partners, including India, on April 2.

  According to a senior government official, the domestic industry is “paranoid” and has been sending communications to the government, seeking protection against the impacts of these tariffs.

  

  How Trump’s reciprocal tariffs could hit India’s exports: Key sectors at risk

  Uncertainty looms as India awaits US decision on reciprocal tariffs, with stakeholders hopeful for negotiation.

• 13:24 | April 2, 2025

  Trump Tariff Live Updates: What exactly does Trump plan to do?

  US President Donald Trump wants to announce import taxes, including “reciprocal” tariffs that would match the rates charged by other countries and account for other subsidies. Trump has talked about taxing the European Union, South Korea, Brazil and India, among other countries.

• 13:24 | April 2, 2025

  Trump Tariff Live Updates: Details are scarce on Trump’s proposed Tariff

  The details of Trump’s next round of import taxes are still sketchy. Most economic analyses say average US families would have to absorb the cost of his tariffs in the form of higher prices and lower incomes. 

• 13:24 | April 2, 2025

  Trump Tariff Live Updates: ‘Liberation Day’ has arrived!

  President Donald Trump says Wednesday will be “Liberation Day” — a moment when he plans to roll out a set of tariffs that he promises will free the United States from foreign goods.

Published on April 2, 2025