Use of tariffs stems from the urgency to curb rising US trade imbalance. US trade deficit in goods widened to $1.2 trillion in calendar year 2024 from $1.06 trillion in 2023.
Import tariffs are not an economic consideration for the government of India anyway, with data from Budget 2025-26 showing that customs duty isn’t a key revenue source.
He also said he will announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost immediately, applying them to all countries & matching the tariff rates levied by them.
After an additional 10% US tariff on Chinese exports took effect, Beijing announced it was imposing tariffs on imports of U.S. oil, coal, gas, cars and farm equipment to take effect on 10 Feb.
While the deal eases the pressure for now on Mexico, prospects for Canada and China appeared dim, as Trump and his team kept up their criticism of their northern neighbour in particular.
Mexico has been preparing possible retaliatory tariffs on imports from the US, ranging from 5% to 20%, on pork, cheese, fresh produce, manufactured steel and aluminum.
Central bank communication now holds as much significance as central bank action. A single clause in a press conference can move markets more than a 25-basis-point adjustment.
Order for 87 MALE drones will be split between 2 Indian firms in 64:36 ratio to ensure there are 2 independent manufacturing lines with at least 60% indigenous components.
The India-South Africa series-defining fact is the catastrophic decline of Indian red ball cricket where a visiting team can mock us with the 'grovel' word.
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