President Donald Trump’s sweeping new tariff campaign has jolted global markets, triggering diplomatic urgency and economic recalibration across more than 20 nations. With retaliatory duties reaching up to 50 percent, countries are scrambling to secure exemptions before the August 1 deadline.
Key Developments
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India faces a 26 percent tariff on exports to the US, temporarily reduced to 10 percent for a 90day window ending this week.
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A Commerce Ministry delegation is headed to Washington for final talks on a mini trade deal, focusing on textiles, electronics, and digital trade.
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Agriculture and dairy sectors are excluded from current negotiations.
Global Reactions and Impact
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Brazil was hit with a blanket 50 percent tariff, prompting President Lula to vow retaliation.
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Canada faces 35 percent duties over fentanylrelated concerns.
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Copper imports globally will attract a 50 percent tariff, raising costs for construction and tech sectors.
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The closure of the de minimis rule ends tarifffree imports below $800, affecting ecommerce giants like Shein and Temu.
India’s Strategic Position
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Failure to reach a deal could see tariffs revert to April levels, threatening export competitiveness.
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Analysts warn of inflationary spillovers and supply chain disruptions if tariffs are broadly implemented.
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India’s balancing act between BRICS alignment and US trade diplomacy remains delicate.
Outlook
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August 1 is emerging as a global inflection point in trade diplomacy.
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Businesses worldwide are bracing for cost spikes and policy uncertainty as Trump’s tariff hammer swings.
Sources: Times Now, Economic Times, MSN India, PBS NewsHour, Livemint.