Donald Trump Tariffs News Highlights: Trump warns of '1929-style Great Depression' if court rules against tariffs

Whitmer told Trump in private that Michigan auto jobs depend on a tariff change of course

Michigan Gov Gretchen Whitmer met privately with President Donald Trump in the Oval Office to argue that his tariffs were harming the very auto industry he claims to support. Armed with a visual slide presentation, Whitmer sought to protect Michigan’s economic interests while balancing her opposition to Trump’s broader agenda, a challenge she has approached more directly than many Democratic governors.

The meeting, her third with Trump since his return to office in January, was notable for its privacy compared to a previous April encounter that turned into an impromptu news conference. Political analysts say Whitmer’s ability to make direct appeals to Trump in such a politically polarized moment is rare, especially for a potential 2028 Democratic presidential contender.

New tariff on 'transshipped' goods mystifies importers

As President Donald Trump’s global tariffs take effect, confusion is mounting over how the rules apply to goods assembled in one country using parts from another. While each country now has its own tariff rate, the policy also adds a 40% penalty for goods “transshipped” to avoid higher duties, even though such mislabeling is already illegal. Industry groups say the measure seems to legalize, but tax, a banned practice, and fear it could be used to impose higher tariffs on all products containing Chinese components, regardless of where they are assembled.

Champagne growers hope for US tariff shift

Champagne producers warn that President Donald Trump’s new tariffs on European goods, including up to 15% on EU products, will hurt sales to the US, their largest export market. While growers like Christine Sevillano say the US accounts for a significant share of their revenue, many hope ongoing EU-US trade talks could spare the sector from the new duties.

Açai berry producers are concerned as Donald Trump imposes tariffs on Brazil's exports

In July, US President Donald Trump imposed a 50% tariff on Brazilian exports, sparking concern among acai producers, particularly in the Amazon region. The US, the largest importer of Brazil’s 70,000-ton annual acai output, now faces likely price hikes for acai products, while Brazilian producers fear a domestic oversupply that could sharply lower local prices. Smaller producers in Pará state say they are already feeling the impact as unsold stock grows, and even major exporters like São Paulo-based Acai Tropicalia Mix report steep losses, with US buyers suspending orders and negotiations.

The tariffs, Trump says, are linked to the trial of former Brazilian President Jair Bolsonaro, who faces charges over an alleged coup attempt to cling to power after losing to current President Luiz Inácio Lula da Silva. While some Brazilian exports have been exempted, acai berries remain subject to the higher duty. Brazil’s industry ministry has not confirmed whether acai will be discussed in ongoing trade negotiations with US officials, leaving the country’s acai sector in limbo.

Dubbing India the "Maharaja of Tariffs," US Donald Trump's minions are unloading on New Delhi amid growing signs that beyond the trade dispute, the MAGA supremo is jettisoning stated US objective voiced by three previous presidents of supporting the rise of India as a counterweight to China.

In scabrous remarks to reporters, Trump's trade counselor Peter Navarro on Thursday accused India of using US dollars to buy oil from Russia, which in turn "uses those dollars from India to finance weapons to kill Ukrainians and American taxpayers are being asked to pay for weapons to defend Ukraine from Russian weapons bought with US dollars from India."

When US President Donald Trump imposed tariffs of 50 per cent on Brazilian exports in July, acai producer Ailson Ferreira Moreira felt immediately concerned.

After all, who was going to eat all of that Amazon berry, globally famous as a delicious, refreshing and nutritious superfood, if American consumers suddenly could no longer afford it?

As the main importer of the Brazilian berry, prices of acai smoothies and bowls look certain to go up in the United States.

“The acai that's all produced here ... If only people here eat it, it's going to be a lot of acai, right?” Moreira told The Associated Press outside of Belem, an Amazon city of 1.4 million residents that will host this year's UN climate summit COP30 climate summit in November. “If there's too much acai here, people won't be able to eat it all and the price will drop.”

Donald Trump's 100% tariff likely to shift more Taiwan's semiconductor industry to US

A proposed 100% US tariff on semiconductor imports could push Taiwan’s chipmakers to expand production in the US, shifting from incentive-based policies to punitive measures, experts warn, potentially raising costs across the semiconductor supply chain and consumer electronics.

US President Donald Trump on Friday issued a warning to American courts, urging them not to undermine the International Emergency Economic Powers Act (IEEPA) - a Cold War-era law he has invoked to justify imposing tariffs on several countries, including a 50 per cent tariff on India.

In a post on Truth Social, Trump claimed tariffs were driving unprecedented economic gains.

Donald Trump tariffs: Gold jumps to record high as US slaps 39% tariff on Swiss bullion

Gold prices on the US futures market hit a record high on Friday after US customs confirmed that President Donald Trump’s new tariffs will apply to certain gold bars, raising concerns over global bullion trade. The clarification, reported by the Financial Times, states that one-kilogram and 100-ounce bars are subject to tariffs, contrary to earlier expectations they would be exempt. December gold futures on the Comex surged to an all-time high of $3,534.10 an ounce.

Analysts warned the decision could disrupt the gold market, with Switzerland — a key supplier — already facing hefty US tariffs. Commerzbank’s Carsten Fritsch said the affected bars would carry a 39% duty, one of the steepest in Washington’s latest tariff wave. Switzerland’s refineries produce most of the bars traded on Comex. Saxo Bank’s Ole Hansen noted that US futures are a crucial hedging tool for bullion banks worldwide. The tariffs took effect on Thursday.

Donald Trump tariffs: 'President Trump’s tariffs are hurting Americans,' says Canada's Doug Ford

In a post on X, the Premier of Ontario said: "President Trump’s tariffs are hurting Americans. The U.S. has lost 37,000 manufacturing jobs. American auto makers are paying $6.2 billion more. Costs on everyday, hardworking Americans are up $2,400. It’s time for President Trump to drop his tariffs and work with Canada to build a more prosperous future."

Donald Trump tariffs: US Prez took to social media and warned against any rulings against his imposed tariffs

In a post on Truth social, the MAGA chief said: Tariffs are having a huge positive impact on the Stock Market. Almost every day, new records are set. In addition, Hundreds of Billions of Dollars are pouring into our Country’s coffers. If a Radical Left Court ruled against us at this late date, in an attempt to bring down or disturb the largest amount of money, wealth creation and influence the U.S.A. has ever seen, it would be impossible to ever recover, or pay back, these massive sums of money and honor.

Furthermore, Trump claimed that, "It would be 1929 all over again, a GREAT DEPRESSION! If they were going to rule against the wealth, strength, and power of America, they should have done so LONG AGO, at the beginning of the case, where our entire Country, while never having a chance at this kind of GREATNESS again, would not have been put in 1929 style jeopardy."

Donald Trump tariffs: Trump warns of ‘1929-style Great Depression’ if court rules against tariffs

Donald Trump tariffs: Average US tariff rate rises to 20.1%, highest since 1910s, says WTO and IMF

Donald Trump tariffs: Wall Street gains despite Trump’s new tariffs weighing on market mood

US stocks rose on Friday, putting Wall Street on course for weekly gains as this earnings season winds down with stronger-than-expected results.

With most major companies having reported, S&P 500 earnings are now set to grow more than 8%, compared with the 2.2% growth forecast before results began, according to CFRA Research.

CFRA’s Sam Stovall said the figures had eased market concerns, with investors betting that the US economy is performing better than feared.

In early trading, the Dow Jones Industrial Average rose 0.2% to 44,064.76, the S&P 500 gained 0.5% to 6,369.29, and the Nasdaq Composite added 0.5% to 21,354.56.

Markets had closed mixed on Thursday as investors assessed the impact of President Donald Trump’s latest tariff hikes.

Among notable movers, Expedia jumped 4.3% after raising its annual earnings and revenue forecasts, driven by strong advertising sales and business-to-business bookings.

Donald Trump tariffs: Tariff blow from US met with optimism by Indian exporters

Donald Trump’s move to raise tariffs on Indian products by 25% has drawn sharp words from Mohit Singla, who calls it unfair. He believes India has legal and strategic options. Industry leaders like Deepak Shetty and Prashant Girbane remain positive, trusting the government to secure a balanced trade agreement soon.

Donald Trump tariffs: Trump’s 100% chip tariff may shift Taiwan production to US, warns researcher

A proposed 100% tariff on semiconductor imports to the US, announced by President Donald Trump, could reshape Taiwan’s chip industry by pushing more production to American soil, Focus Taiwan reported.

Liu Pei-chen, a researcher at the Taiwan Institute of Economic Research, said the move marks a change from offering incentives to using pressure. “Now he is using the ‘stick’ strategy, imposing heavy tariffs unless companies invest in the US,” she said.

Liu added that the mix of tax breaks for US-based production and import tariffs could accelerate global chipmakers’ shift to America. But she warned this could increase c

Donald Trump tariffs: 'Two things President Trump loves, tariffs and Nobel Prize,' says former diplomat Rakesh Sood

After the US put a 50% tariff on Indian goods, citing national security and foreign policy concerns over India’s continued imports of Russian oil, former diplomat Rakesh Sood suggested there may be another reason behind it.

Speaking to ANI, Sood said, “There are two things that President Trump loves – One is tariffs, and the second is the Nobel Peace Prize, so he will do anything to get to the bottom of these two. He has repeatedly said how he stopped the war between India and Pakistan and prevented a nuclear war. We’ve not given him comfort on the Nobel, so I guess we are facing the tariffs. We’ll see how we deal with it.”

Donald Trump tariffs: Japan tells US Prez Trump to correct 'extremely regrettable' error in tariff order

Japan’s top trade negotiator said in Washington on Thursday that the Trump administration has agreed to fix an “extremely regrettable” mistake in carrying out its trade deal with Japan.

Last month, Japanese officials believed they had secured an agreement that, in exchange for pledges to invest hundreds of billions of dollars in the US and open Japan’s market to more American goods, would set a standard 15% tariff on all Japanese products shipped to the US.

Donald Trump tariffs: ‘Our industry will find its way’; India reacts to US tariff hike

A 25% tariff hike by the US has unsettled Indian exporters, but leaders remain confident. Mohit Singla criticised the move, suggesting exploring other markets. JCB India’s Deepak Shetty praised global reception to Indian goods, while Prashant Girbane lauded the government’s calm stance and expressed hope for sensible talks with America.

India has put on hold plans to buy new US weapons and aircraft in what officials say is the first tangible sign of discontent after US President Donald Trump imposed steep tariffs on Indian exports, Reuters reported, citing three officials familiar with the matter.

Donald Trump tariffs: Trump’s 25% tariff hike on Indian goods sparks concern, but industry stays hopeful

Indian exporters expressed concern after US President Donald Trump announced an extra 25% tariff on Indian goods. Trade body head Mohit Singla called it “unjustified” and hinted at shifting markets. JCB India’s Deepak Shetty and MCCIA’s Prashant Girbane trust the government’s calm approach to negotiate a fair solution.

Donald Trump tariffs: Global backlash grows over Trump’s 50% tariff on Indian imports

US President Donald Trump’s executive order doubling tariffs on Indian goods has drawn fire from China, which called it an “abuse of tariffs”, and US Democrats, who warned of harm to US-India relations. Indian trade bodies criticised the move but stayed hopeful, noting strong overseas demand and government efforts to resolve tensions.

Donald Trump tariffs: Trump doubles Indian tariffs, draws anger from Beijing and US Democrats

Donald Trump’s order raising tariffs on Indian goods to 50% over Russian oil imports has been blasted by China and House foreign affairs committee Democrats. Beijing accused the US of politicising trade, while industry leaders in India condemned the move but trusted New Delhi’s approach to find solutions through dialogue.

US tariff hit on India: China slams US ‘abuse of tariffs’ as Trump hikes duties on Indian goods to 50%

China’s Guo Jiakun criticised Washington’s 25% tariff hike on India, calling it an “abuse of tariffs” linked to Russian oil imports. Trump now refuses talks until the dispute is settled. Indian exporters call the move unfair, but remain hopeful the government can negotiate a balanced trade outcome despite growing tensions.

US tariff hit on India: Electronics sector to lose $20–30 billion? Semiconductors could be next in line

India's electronics sector is facing potential challenges, with industry experts and company executives warning of possible losses amounting to $20-30 billion in future business opportunities due to US tariffs. These tariffs may soon extend to include semiconductors. While major players like Apple and Samsung are expected to receive exemptions from these tariffs, including a 100% tariff on semiconductors, due to their planned investments in the US and existing manufacturing operations in India, the broader electronics industry could suffer significantly.

An executive quoted by the Economic Times highlighted that these developments could increase India's reliance on smartphone exports, potentially harming the rest of the electronics sector and affecting the entire ecosystem. In the fiscal year 2025, India's electronics exports to the US totaled $14.6 billion, with smartphones making up $10.5 billion, or 72% of the total. Other exports included electric inverters, battery chargers, and transformer parts. Read full story

Donald Trump tariffs: How much will India’s fuel bill rise if it stops Russian crude oil imports & where would it buy from? Explained

Faced with the potential imposition of a 50% tariff on its exports to the US by Donald Trump, India is considering the impact of halting crude oil imports from Russia. The State Bank of India (SBI) has estimated that such a move could significantly increase India's crude oil import costs. If India ceases purchasing Russian crude oil, the country's import expenses could rise by $9 billion to $12 billion. Specifically, the analysis suggests that stopping Russian oil imports for the remainder of FY26 could lead to a $9 billion increase in the fuel bill for that fiscal year. Furthermore, FY27 might see an even greater escalation, with costs potentially rising by $11.7 billion due to anticipated price increases. Read full story

Donald Trump Tariff Live: Orders to US put on hold, cancelled overnight – Indian exporters recount ‘harrowing night’ after Trump’s 50% tariffs

US buyers urgently reached out to Indian exporters with concerning updates. Orders were being suspended or canceled due to US President Donald Trump's decision to raise tariffs on Indian goods to 50%. The CEO of a Rs 600 crore garment export company, who preferred to stay anonymous, reported to the Economic Times that US buyers were also inquiring about Russian oil. "In the middle of the night, a US buyer asked, why do you need the Russian oil?" said an Indian CEO. Read full story

Trump Tariffs Live: Modi trying to portray himself as farmers' champion, says Cong

Following Trump's imposition of doubled trade tariffs on India to 50 per cent regarding Russian crude oil imports, Prime Minister Narendra Modi asserted on Thursday that India would steadfastly protect its farmers' interests, expressing willingness to accept personal consequences if required.

The Congress party has criticised Modi's stance, stating that whilst he now presents himself as "bruised and battered" by the "Trump onslaught" and positions himself as a defender of farmers' interests, "nobody is fooled" by this narrative.

Jairam Ramesh, Congress general secretary responsible for communications, highlighted the contrast in Modi's approach, referencing his parliamentary speech from five years ago where he referred to protesting farmers as 'andolanjeevi'.

Ramesh further pointed out on X that Modi had shown no sympathy or remorse when over 700 farmers lost their lives during protests against the three agricultural laws that were subsequently withdrawn.

Trump Tariffs Live: What happens if India stops Russia crude imports?

India’s crude oil import bill could rise by $ 9–12 billion if the country stops purchasing Russian crude, according to a State Bank of India (SBI) report. It estimates that halting Russian oil imports for the remainder of FY26 would push the fuel bill up by$9 billion this year and $11.7 billion in FY27, driven by higher prices.

Donald Trump Tariff Live: Three-pronged strategy to protect exporters

The government is implementing a comprehensive approach to mitigate the effects of elevated tariffs. "Work is going at a fast pace to bring some relief to exporters," stated an official.

Officials indicated that the Export Promotion Mission would include customised programmes to support sectors facing challenges. These initiatives aim to establish long-term stability in trade operations. "Another element pertains to diversion of goods to other geographies. Exporters are working on this and the government is examining opportunities to assist this diversion," an official told ET.

The strategy's final element involves identifying sectors experiencing reduced export orders that can be redirected to fulfil domestic requirements.

"This way production will not be impacted and our domestic demand, which is otherwise met through imports, would be taken care of," the official further elaborated.

Donald Trump Tariff Live: US calls India tariffs ‘national security issue’

White House Trade Adviser Peter Navarro has said that the implementation of an additional 25 per cent duty on India stems from a "national security issue" linked to New Delhi's "abject refusal to stop buying Russian oil".

US President Donald Trump announced reciprocal tariffs of 25 per cent on India, effective from August 7. Subsequently, on Wednesday, he signed an executive order imposing an additional 25 per cent levy on India due to Russian oil purchases, bringing the total duties to 50 per cent, ranking amongst the highest US-imposed tariffs globally.

During a White House press briefing on Wednesday, Navarro emphasised that the reasoning behind the India tariffs differs from reciprocal tariffs. He explained that this decision was purely based on national security concerns regarding India's continued Russian oil purchases.

Navarro further elaborated that Americans should understand the trade implications, noting that India is the 'maharaja' of tariffs, imposing the world's highest rates on American products. He also highlighted India's substantial non-tariff barriers that restrict US product entry into their market.

Trump Tariffs Live: US partners seek relief as Trump tariffs upend global trade

US President Trump's heightened international tariffs took effect on Thursday, causing numerous US allies to urgently seek exemptions from the elevated duties that are transforming international trade practices.

Prior to implementing the new rates, Washington announced an increase in India's tariffs to 50 percent. The president's trade strategy demonstrates economic authority intended to boost domestic manufacturing, although economists warn it could trigger inflation and reduce economic growth.

In this recent action, import duties were increased from 10 percent to varying rates between 15 percent and 41 percent for different trading partners.
Products from the European Union, Japan and South Korea now incur a 15-percent tariff, despite agreements with Washington to prevent more substantial threatened increases.

The implementation details of these arrangements remain unclear.

Several nations, including India, face a 25-percent duty - scheduled to double within three weeks - whilst Syria, Myanmar and Laos are subject to rates of 40 or 41 percent.


The Swiss administration, unable to persuade Trump against implementing a 39-percent tariff, reaffirmed its dedication to dialogue focused on reducing trade barriers following a special session on Thursday.

Trump's newest round of "reciprocal" tariffs, which expands upon actions taken since his return to office, comes as a reaction to what Washington considers unjust trade practices.

Donald Trump Tariff Live: India still hoping for trade deal with US soon

The government is conducting a fresh assessment of its market access proposals to the United States, as American trade negotiators prepare to visit later this month, sources familiar with the matter told ET.

India remains optimistic about finalising the Bilateral Trade Agreement this month, despite US President Donald Trump's decision to double tariffs. The country aims to conclude negotiations before the additional 25% duty takes effect in 21 days.

Senior government officials are spearheading this evaluation, with economic ministries tasked to examine their respective sectors and assess potential improvements to India's offer. However, sources indicate that India maintains its firm stance against concessions in agriculture and dairy sectors. Prime Minister Narendra Modi has explicitly stated his commitment to safeguarding farmers' and dairy industry interests.

The United States seeks enhanced access for its agricultural products, including corn, soyabean, apples, almonds and ethanol, alongside dairy products. However, India continues to oppose these requests, citing potential adverse effects on its farming community.

Trump Tariffs Live: US President blind to economic links beyond trade

Donald Trump Tariff Live: Asian shares are mostly lower, while Tokyo's Nikkei jumps 2%

Most Asian shares declined on Friday, whilst Tokyo's benchmark surged beyond 2% after Japanese authorities confirmed resolution of queries regarding US export tariffs. Japanese officials indicated that the US had agreed to rectify discrepancies between newly implemented tariffs and the previously agreed 15% rate established in bilateral discussions.

The Nikkei 225 advanced 2.2% to 41,977.65, approaching record territory. Notable gains included Toyota Motor Corp. at 3.9% and Honda Motor Co. at 4%. The automotive sector remains particularly sensitive to US export conditions.

Asian markets largely tracked downward, following US market performance. The Hang Seng index in Hong Kong decreased 0.7% to 24,916.15, as the Shanghai Composite showed minimal movement, rising less than 0.1% to 3,642.10.

South Korea's Kospi reduced by 0.7% to 3,206.86, whilst Australia's S&P/ASX 200 declined 0.2% to 8,813.70. Taiwan's Taiex registered a 0.2% increase, while India's Sensex dropped 0.5%.

Trump Tariffs Live: Risk to India-US relations?

House Foreign Affairs Committee Democrats expressed concerns on Friday about the potential impact of President Trump's tariff decisions on the established US-India relationship.

US Representative Gregory Meeks highlighted the importance of addressing bilateral issues with mutual respect. The statement was made in Washington DC [US] on August 8.

The Committee posted on X platform, "RM Gregory Meeks: Trump's latest tariff tantrum risks years of careful work to build a stronger US-India partnership. We have deep strategic, economic, and people-to-people ties. Concerns should be addressed in a mutually respectful way consistent with our democratic values."

Trump Tariffs Live: Long-term 50% duty could cut India’s growth by up to 0.8%; next round of trade talks ‘important’, says Morgan Stanley

India's economic growth might experience a significant slowdown if the 50 percent tariffs imposed by US President Donald Trump continue for an extended period, as per a report by Morgan Stanley. The potential impact on growth could range from 0.4 percent to 0.8 percent, according to the bank's analysis cited by ANI.

The US recently raised tariffs on Indian goods to 50 percent. Morgan Stanley cautioned that if these tariffs persist at current levels for a year, growth could encounter "downside risks," assuming no mitigating measures are taken. The report emphasized the importance of monitoring geopolitical developments and high-frequency growth data. Additionally, the upcoming sixth round of trade negotiations between India and the US, scheduled for August 25, will be crucial to observe. Read full story

Donald Trump Tariff Live: 50% 'penalty' tariffs threaten India's manufacturing goals, warns Moody's; GDP growth could slow by 0.3%

Moody's has issued a warning regarding US President Donald Trump's decision to increase tariffs on Indian goods to 50%. This move could significantly impact New Delhi's manufacturing goals. The ratings agency highlighted that the substantial tariff disparity compared to other Asia-Pacific countries might undermine India's recent progress in drawing global investment, potentially affecting both economic growth and inflation. Moody's emphasized that India's reaction to these changes will be crucial in determining the overall impact on its growth, inflation, and external economic position. Read full story

Trump Tariffs Live: Nifty50 opens in red; BSE Sensex down over 120 points as Donald Trump's tariffs hit sentiment

The Indian equity benchmark indices, Nifty50 and BSE Sensex, opened in the red due to concerns over Donald Trump's imposition of 50% tariffs on India, which could potentially impact exports and the overall economy. Nifty50 was hovering around 24,550, while BSE Sensex experienced a decline of over 120 points. By 9:18 AM, Nifty50 was trading at 24,568.60, down by 28 points or 0.11%, and BSE Sensex was at 80,500.27, down by 123 points or 0.15%. Market experts predict that trading may remain sideways, influenced by ongoing US-Russia diplomatic negotiations, India's response to the US tariffs, and trends in corporate earnings. Read full article

Donald Trump Tariff Live: India’s growth to take a big hit?

Morgan Stanley's analysis suggests prolonged US tariffs could significantly affect India's economic growth, with potential reduction ranging from 0.4 to 0.8 per cent, as detailed in their recent report.

The United States has elevated tariffs on Indian products to 50 per cent. The report indicates that a 12-month continuation of these heightened tariffs could adversely impact India's growth trajectory, barring any counterbalancing measures.

"To assess the impact of tariffs on India's GDP, we use inferences from the input-output table modelled by our global team," the report stated.

Their assessment shows that with a 50 per cent tariff on all goods exports, the direct growth impact would likely be 60 basis points, with comparable indirect effects over a 12-month duration.

For the 67 per cent of non-exempted goods, calculations indicate a direct impact of 40 basis points, with equivalent indirect consequences, resulting in a total effect of 80 basis points.

The analysis assumes a straightforward correlation between external demand changes and impact, without accounting for potential offsetting factors such as domestic policy adjustments or export market diversification.

Donald Trump Tariff Live: Doubled US tariffs increase risks to India's growth and inflation

“On 6 August, US (Aaa stable) President Donald Trump signed an executive order that imposed an additional 25% “penalty” tariff on imports from India (Baa3 stable) for continuing to purchase oil from Russia. The additional tariff increases the potential strain from the 25% rate for the so-called reciprocal tariff that was announced the previous week because it widens the gap compared with the 15-20% tariff rates for other countries in Asia-Pacific. Countries in Asia-Pacific are vying for a greater share of trade and investment flows amid a restructuring of supply chains set off by US policy shifts. The executive order stipulates an effective date of 21 days after the signing of the order, indicating room for negotiations in coming weeks. India's response to these developments will ultimately determine the effect on its growth, inflation and external position.

Since 2022, India has increasingly ramped up its crude oil imports from Russia as demand from the latter's traditional offtakers dried up amid sanctions tied to its invasion of Ukraine (Ca stable). India has been able to procure at least some of its purchases of Russian oil at below global prices, which has helped insulate India's inflation from the pass-through of global commodity price movements, while preempting pressures on its current account deficit. India's imports of Russian crude rose to $56.8 billion in 2024 from $2.8 billion in 2021, corresponding to a rise in India's share of total crude oil imports to 35.5% from 2.2%. In 2024, China (A1 negative) was the only country that imported more oil from Russia, with China and India far surpassing Russia's other export destinations by several magnitudes,” Moody’s has said.

Donald Trump Tariff Live: 100% computer chip tariff sparks confusion

US President Trump's unclear stance on implementing 100% tariffs on non-US manufactured computer chips has created uncertainty amongst businesses and trade allies. This policy has led to increased stock values for major semiconductor firms, whilst smaller manufacturers remain uncertain about the consequences.

"We are still waiting for official guidance," said Limor Fried, founder and engineer at Adafruit Industries, a small electronics maker in New York told Associated Press.

Adafruit sources its chips through American distributors and directly from manufacturers in the Philippines and Taiwan. Fried explained that without tariff exemptions, their production costs would rise significantly as semiconductors constitute the costliest component in their assemblies. They typically assess their tariff exposure upon receiving bills and adjust prices accordingly.

The United States imports relatively few standalone chips, as most foreign-manufactured semiconductors enter the country already integrated into finished products or sub-assemblies, ranging from iPhones to automobiles.

"The real question everybody in the industry is asking is whether there will be a component tariff, where the chips in a device would require some sort of separate tariff calculation," said Martin Chorzempa, a senior fellow at the Peterson Institute for International Economics.

Trump Tariffs Live: Setback for leather exporters

The Indian leather sector is experiencing significant difficulties following the US government's implementation of high tariffs on Indian products, severely affecting an industry that relies on international sales for 80 per cent of its revenue.

Industry representatives indicate substantial financial risks, order cancellations and potential business diversions to regional competitors including Bangladesh, Vietnam and Pakistan.

Umakant Dubey, a leather exporter, expressed concerns to ANI about the industry's vulnerability due to its strong reliance on global markets, stating that major contracts could be lost to competing nations.

"It will cause a huge loss to the leather industry. We will not be able to export goods and products. There is only 20% consumption of leather products in India; the rest of the business is completely international. Now, the orders will be given to Bangladesh, Vietnam and Pakistan instead of India," he said.

Mohd Shamim Azad, another exporter, highlighted that increased tariffs would result in higher costs, leading to the cancellation of current orders with broader economic implications.

"It will have a huge negative impact on the leather industry in the nation...The businessmen who have got advance orders will be at a loss. Now, the parties (customers) will not take their orders that are being prepared here, as the cost will be high now...It is a big loss for not only the leather industry but also for the whole nation," he said.

Trump Tariffs Live: PM Modi’s stand on agriculture

At an event commemorating the centenary of M S Swaminathan, the architect of India's 'Green Revolution', the PM made his "whatever-it-takes" declaration. The Green Revolution had freed India from its reliance on US foodgrains and eliminated its status as a "ship-to-mouth" economy.

The PM's willingness to accept a "personal price" demonstrated an intensified Indian stance, elevating the trade disagreement to a matter of national dignity and self-sufficiency.

The PM's leadership in this resistance effectively diminished Trump's earlier assertions about securing a tariff agreement in exchange for India's pause of Operation Sindoor, particularly given Trump's demanding approach.

During the event, the PM presented his agricultural outlook for India, advocating the fusion of India's traditional farming methods with contemporary scientific approaches. He stressed the importance of nutrition security, varied crop production and developing varieties that can withstand climate changes. He additionally promoted the incorporation of AI and machine learning technologies in farming systems.

The PM stated, "Govt has always considered the strength of farmers as the foundation of national progress," highlighting that recent policy decisions were aimed not just at providing support, but at building farmer confidence.

Donald Trump Tariff Live: India hardens stance on trade deal ‘no-go’ areas

In trade deal talks with India, the United States continues to press for reduced tariffs on agricultural products including corn, soybeans, apples, cotton, almonds and ethanol, whilst also seeking market access for its genetically modified crops such as maize, soy, canola & cotton in India. Additionally, it seeks approval for beef and cattle feed containing bones & other animal parts, both of which remain "no-go" zones for the Indian government.

India has stood firm during trade talks, refusing to reduce tariffs on these agricultural items, as such concessions would adversely affect domestic farmers who cultivate maize, soybean, pulses, cotton and fruits and nuts. The country has also maintained its opposition to American genetically modified products, citing concerns about biosafety.

Donald Trump Tariff Live: To beat 50% duty, exporters rush shipments

Exporters from India are expediting their deliveries to the US before August 27, when the customs duty will rise to 50%. Many export companies have reallocated their workforce to fulfil orders from American customers ahead of schedule. Indian suppliers have negotiated agreements with numerous buyers to share the 25% additional cost burden equally between both parties.

Donald Trump Tariff Live: PM Narendra Modi strikes a defiant note

On Thursday, responding to US President Donald Trump's increase in tariffs against India to 50%, PM Modi stood firm against making concessions to American business interests in agriculture, dairy and fishery sectors, expressing his readiness to accept any personal consequences for maintaining this stance.

"For us, the interests of our farmers is top priority. India will never compromise on the interests of its farmers, dairy farmers and fishermen. I know I will personally have to pay a heavy price but I am prepared for it," Modi said.

The Prime Minister's statement followed Trump's announcement of an additional 25% tariff on Indian goods, allegedly due to India's purchase of Russian oil, escalating the total duty to 50% and intensifying trade tensions. India has remained resolute regarding US demands for access to agriculture, dairy and fishery sectors, which remains a significant point of contention. "For the farmers of my country, for the fishermen of my country, for the livestock rearers of my country, Bharat stands ready today," he said.

Donald Trump News Live: Trump says would meet Putin without Zelensky sit-down

US President Donald Trump indicated on Thursday that he would proceed with Vladimir Putin discussions regarding the Ukraine conflict, regardless of whether the Russian leader had met with Ukrainian President Volodymyr Zelensky.

This announcement reversed previous statements suggesting that a Putin-Zelensky meeting was necessary before the summit. It followed Trump's ultimatum to Moscow to achieve a ceasefire by Friday or confront additional sanctions.

When questioned by journalists in the Oval Office about the status of this deadline, Trump provided an ambiguous response.

"It's going to be up to (Putin)," Trump said. "We're going to see what he has to say."

Since his White House return in January, Trump has been exerting pressure on Moscow to cease Russia's military operations in Ukraine.

Donald Trump Tariff Live: India a strategic partner with whom we engage in full and frank dialogue, says US State Department

The United States maintains a strategic alliance with India, engaging in open and direct discussions. The US administration has voiced its apprehensions regarding India's Russian oil acquisitions and the trade deficit with the US, as confirmed by a State Department representative.

"What I can say in terms of India is that the President has been very clear in terms of the concerns he has regarding the trade imbalance, regarding the concerns he has when it comes to the purchase of Russian oil. You have seen him take action directly on that," State Department Principal Deputy Spokesperson Tommy Pigott stated during a Thursday press briefing.

The statement came in response to queries about Prime Minister Narendra Modi's attendance at the Shanghai Cooperation Organisation summit in China from August 31 to September 1, his first visit to the nation since 2018.

"India is a strategic partner with whom we engage in a full and frank dialogue. That will continue," Pigott noted, referencing US Secretary of State Marco Rubio's similar statements.

"Like anything in foreign policy, you are not going to align 100 per cent of the time on everything. But it is very clear. The President has been clear (about) the concerns that he has with the trade imbalance, the concerns he has with India purchasing Russian oil. He has taken action," Pigott emphasised.