India tariff news highlights: Indian stock market goes from top to least preferred in Asia for fund managers

India tariff news LIVE updates: Indian equities opened lower on Monday as investors awaited a positive outcome from the upcoming US-Russia meeting this weekend.

The Nifty 50 began at 24,563.35, down 21.70 points or 0.09%, while the BSE Sensex opened at 80,508.51, slipping 95.57 points or 0.12%.

Analysts noted continued market volatility, with focus on US President Donald Trump’s next steps and the possibility of tariff relief for India.

India tariff news LIVE updates: India is considering tariff countermeasures on select US commodities in response to Washington’s decision in June to impose a steep 50% duty on steel, aluminium and related products from India, according to people familiar with the matter.

While the steel and aluminium duties have been the subject of a separate trade dispute at the World Trade Organization, the timing would mark India’s first retaliatory step since President Trump’s July 31 announcement of a 25% tariff on all Indian goods entering the US after trade talks broke down, followed by further penalties over Russian oil purchases announced on August 6. Read more

India tariff news LIVE updates: In a policy shift, US President Donald Trump on Monday announced a delay in the planned increase in tariffs on Chinese goods, just hours before the trade truce between Washington and Beijing was due to expire.

According to the executive order published on the White House website, the administration reiterated that there are “large and persistent annual US goods trade deficits” which “constitute an unusual and extraordinary threat to the national security and economy of the United States.”

The order also highlighted Washington's ongoing talks with Beijing "to address the lack of trade reciprocity in our economic relationship" and stated that China has continued to “take significant steps toward remedying” US concerns, AFP reported. Read more

India tariff news LIVE updates: US President Donald Trump has signed an executive order “further modifying reciprocal tariff rates to reflect ongoing discussions with the People’s Republic of China (PRC).”

Citing his authority under the Constitution and various US laws, including the International Emergency Economic Powers Act and the National Emergencies Act, Trump said the move was necessary in light of continuing talks with China to address “the lack of trade reciprocity in our economic relationship and our resulting national and economic security concerns.”

The order states that “the PRC continues to take significant steps toward remedying non-reciprocal trade arrangements and addressing the concerns of the United States relating to economic and national security matters.” Acting on recommendations from senior officials, Trump determined “that it is necessary and appropriate to continue the suspension effectuated by Executive Order 14298 until 12:01 a.m. eastern standard time on 10 November 2025.”

India tariff news LIVE updates: US President Donald Trump’s decision to double tariffs on Indian goods to 50% could significantly impact India’s economy, with analysts warning it may shave up to 1% off the country’s gross domestic product.

Bloomberg Economics noted that the new tariffs, set to take effect in 21 days, are steeper than those applied to India’s export rivals such as Vietnam and even China, and could cut shipments to the US by as much as 60%.

“The overall hit to GDP could be even higher at 1.1% over the medium term,” wrote Bloomberg analysts Chetna Kumar and Adam Farrar, warning that additional duties on sectors like pharmaceuticals and electronics could further deepen the blow.

The Reserve Bank of India has forecast GDP growth of 6.5% for the 2025–26 fiscal year — unchanged from the previous year but well below the average 8% growth seen in earlier years. A loss of a full percentage point would be a notable setback for one of the world’s fastest-growing economies. Read more

India tariff news LIVE updates: A survey by a US-based think tank has found that most Americans believe the United States should not have imposed tariffs on India over its imports of Russian oil.

According to the Democracy Institute poll, 53% of respondents said the move was wrong, while 43% supported it.

Last week, US President Donald Trump announced higher tariffs on Indian goods in response to New Delhi’s continued purchase of Russian oil, opening a fresh front in his trade disputes. The additional 25% duty, due to take effect in three weeks, will be added to an existing 25% levy — bringing the total to 50% on many products, among the highest rates applied to any American trading partner.

India tariff news LIVE updates: Indian equity benchmarks are expected to open flat on Tuesday, in line with broader Asian market trends, as investors await July’s domestic inflation figures and a key US inflation reading that could shape near-term interest rate expectations.

As of 7:53 am IST, Gift Nifty futures were at 24,599.5, signalling the Nifty 50 would open close to Monday’s closing level of 24,585.05.

India tariff news LIVE updates: Foreign Secretary Vikram Misri told Parliament’s external affairs panel on Monday that India will not halt defence deals with the United States, stressing that the two nations share a multi-dimensional relationship in which trade is only a small component.

Government officials informed the panel that imports of Russian oil would continue and that President Vladimir Putin’s forthcoming visit to India, as well as any potential trip by Prime Minister Narendra Modi to China, are pre-planned events rather than moves linked to current developments.

In the first government briefing to a parliamentary panel since the US imposed 50% tariffs on India, Commerce Secretary Sunil Barthwal said the sixth round of trade talks between India and the US is scheduled to go ahead in New Delhi, with Washington yet to cancel the discussions. Read more

India tariff news LIVE updates: Oil prices rose slightly after President Donald Trump extended a pause on steep US tariffs on China, fuelling optimism over improving trade relations between the world’s two largest economies.

According to Bloomberg, brent crude traded just under $67 a barrel, remaining close to a two-month low, while West Texas Intermediate hovered near $64 following a muted session on Monday. Trump signed an order extending the tariff truce with China until 10 November, delaying a hike that had been due on Tuesday.

Oil prices have fallen over 10% this year, with traders contending with an oversupply after OPEC reversed the production cuts made in 2023, despite evidence of slowing economic growth. Markets will now watch for the outcome of Trump’s meeting with Russian President Vladimir Putin later this week for any signs that sanctions on the major oil exporter could be eased, though Trump on Monday played down expectations of a deal to end the war in Ukraine.

India tariff news LIVE updates: US President Donald Trump said his tariffs on India over its purchase of Russian oil were a “big blow” to Moscow’s economy, noting that a 50% duty had been imposed on Delhi and describing India as Russia’s “largest or second largest oil buyer.”

Speaking at a White House press conference on Monday, Trump claimed Russia’s economy has been badly affected by global pressures, including US tariffs on multiple countries. Read more

India tariff news LIVE updates: After the US imposed a 50% tariff on Indian goods, Michael Kugelman, a Washington, DC-based South Asia analyst, stressed that India needed to respond to the move, citing President Donald Trump’s strong remarks.

“India had to respond, given how strong the comments were,” Kugelman told ANI, underscoring the need for New Delhi to hold its ground. “It is important for India to put out its position that it won't be intimidated,” he added.

Kugelman pointed out that “Bangladesh, Pakistan, and Vietnam are competitors of India in textile exports and since they face lower tariffs as compared to India.”

“India could be disadvantaged if it does not adjust. I am sure India has already thought through walk-arounds,” he said.

India tariff news LIVE updates: Ahead of US President Donald Trump’s meeting with Russian President Vladimir Putin, Michael Kugelman, a Washington, DC-based South Asia analyst, highlighted a “strong link” between the talks and tariffs on India.

Speaking to ANI, Kugelman said, “There is potentially a very strong link between this upcoming meeting and the tariffs on India.” He described the meeting as “the last-ditch effort Trump wants to make to get Putin to agree to stop fighting or for a ceasefire (with Ukraine),” adding, “If Putin does agree to the ceasefire or something close, it would potentially take the heat off of India.”

The US tariffs, set at 50% on Indian goods, were imposed by Trump over India’s oil imports from Russia and remain a source of friction between the two nations.

Oil settled flat on Monday after falling more than 4% last week, as investors looked towards talks this week between the US and Russia over the war in Ukraine.

Brent crude futures settled up 4 cents, or 0.06%, at $66.63 a barrel. U.S. West Texas Intermediate crude futures settled up 8 cents, or 0.13%, at $63.96.

US President Donald Trump on Monday suggested he might allow Nvidia to sell a scaled-down version of its next-generation advanced GPU chip in China, despite deep-seated fears in Washington that China could harness US artificial intelligence capabilities to supercharge its military.

US President Donald Trump has signed an executive order extending the China tariff deadline for another 90 days, Reuters reported on Monday, citing a White House official.

US President Donald Trump on Monday said that the imports of gold will not face US tariffs, weighing in after a federal ruling caused chaos and confusion in global bullion markets, Bloomberg reported.

Kerala CM Pinarayi Vijayan said on Monday that the recent Trump tariff hikes would several impact the state's economy, adding that the government would conducted a thorough assessment of the situation.

US President Donald Trump said during a press briefing, "The tariffs have helped, gives us not only the money, but it gives us great power over enemies. We solved five wars- Pakistan and India. Azerbaijan and Armenia- it was raging for 37 years, and the two leaders got up and they said, we never thought this would be solved. Russia tried to solve it. They all tried to solve it. It was a very tough situation, but we got it done."

India tariff news LIVE updates: US President Donald Trump has said that Washington has been "dealing very nicely with China" as a deadline approached for higher tit-for-tat tariffs to return, according to AFP.

"We'll see what happens. They've been dealing quite nicely. The relationship is very good with President Xi (Jinping) and myself," Trump told reporters.

India tariff news LIVE updates: Maharashtra fisheries minister Nitesh Rane has said the recent increase in tariff on shrimp exported to the United States from India should be seen as an opportunity to expand the country's domestic market for prawns and other seafood items, reports PTI.

Advising stakeholders not to worry too much about the US tariffs, Rane noted Europe and Vietnam are good export markets for Indian shrimp, but added the domestic seafood market is big enough to support farmers and fishermen.

India tariff news LIVE updates: Kerala CM Pinarayi Vijayan has said that the United States’ recent tariff hike would severely impact the state’s economy, and the government would conduct a detailed assessment of the situation, reports PTI.

He pointed out that the US is the second-largest importer of Kerala’s agricultural products, with over 20 percent of the state’s exports of cashew nuts, rice, vegetables, processed fruits, and cereal flour destined for America.

India tariff news LIVE updates: Allegations of terror funding, invocation of patriotism, the bogey of “love jihad”, and even destination weddings have made appearances amid a renewed push for ‘swadeshi’ (locally produced) goods in India after American President Donald Trump shocked with high tariffs on its exports to the US.

“Take a pledge on Raksha Bandhan to protect the country; that we will buy swadeshi,” minister Shivraj Singh Chouhan said as he celebrated the Hindu festival centered around brothers protecting women. Read more.

India tariff news LIVE updates: About 55 per cent of India's total merchandise exports to the US will be subject to 25 per cent reciprocal tariff, Minister of state for finance ministry Pankaj Chaudhary has said, according to PTI.

In a written reply to a question in the Lok Sabha, Chaudhary said the government attaches utmost importance to protecting and promoting welfare of farmers, entrepreneurs, exporters, MSMEs, and will take all necessary steps to secure our national interest.

India tariff news LIVE updates: -India is planning to provide credit guarantees for loans overdue up to 90 days to small businesses and exporters, amid higher tariffs imposed by the US, two government sources have told Reuters.

The federal finance ministry has proposed to provide 10-15% credit guarantees to banks for advancing loans to stressed small businesses, with turnover up to 5 billion rupees, that fall under the Reserve Bank of India's (RBI) so-called special mention accounts (SMA), according to them.

South Korea and Vietnam's leaders have pledged to deepen economic cooperation as their export-dependent countries try to shore up longstanding supply chains as US President Donald Trump's tariffs shake up global trade, reports Reuters.

According to the news agency, while there was no public discussion of the levies - 15% on South Korean products going to the U.S. and 20% for Vietnamese goods - as South Korean President Lee Jae Myung hosted Vietnam's To Lam as his first state guest since taking office in June.