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

American late-night show host Stephen Colbert said on Saturday night that Trump's tariffs on India will raise the price of items like gauze, bandages, and wading.

“Trump doubled tariffs on India to 50%, which will raise the price of items like gauze, bandages, and wading. Yeah, yeah. Perfect time to introduce my new product, Steve’s wad. What’s in them? What do you care? You’re bleeding. It’s a wad.”

Gold futures in New York declined as traders awaited clarification from the White House over its tariff policy, after a US government agency stunned the market last week by formally ruling that 100-ounce and one-kilogram bullion bars would be subject to tariffs.

Futures were trading about $65 an ounce over the global spot benchmark on Monday, after surging to a record on Friday before erasing gains as the administration told Bloomberg that it would clarify what it called “misinformation” on the tariffing of gold and other specialty products. The price differential between trading hubs in the US and London fell below $60 an ounce, after earlier surging to above $100 in response to the initial levy shock. (Bloomberg)

India tariff news LIVE updates: The US dollar stabilised on Monday after last week's losses, as markets await Tuesday's key US CPI report for July and focus on developments in trade talks between Washington and Beijing ahead of a deadline to avoid the imposition of higher tariffs.

Trade talks were in focus as Trump's August 12 deadline for a deal between the U.S. and China loomed, particularly around chip policy. (Reuters)

India tariff news LIVE updates: Congress MP Shashi Tharoor on Friday again showed hope that India and the US would be able to work out a deal even though President Donald Trump has picked India for the highest tariffs as “penalty” for its oil purchases from Russia.

“A country with which we had close relations, and we were working as strategic partners. It also used to affect our policies. If that country has changed its behaviour, then India will have to think about many things,” Tharoor told reporters outside the Parliament.

“If this is a negotiating tactics…We have all heard of the kind of deal that Trump likes to strike with. His style is different. Perhaps in the coming 2-3 weeks, we can hold talks and find a way out,” Tharoor said. Read more.

The Standing Committee on External Affairs, headed by Congress MP Shashi Tharoor, will be briefed on the latest developments in India's foreign policy tomorrow, ANI reported citing sources.

The panel will be briefed by the representatives of the Ministry of External Affairs and the Ministry of Commerce & Industry on the current developments in India's Foreign Policy with special reference to US-India trade negotiations and tariffs, they said. (ANI)

Late-night show host Jimmy Fallon, during his "The Tonight Show" on Thursday night, said that Trump has imposed tariffs on more than 90 countries and joked that the only places left were North Korea and Epstein Island – a reference to sex offender Jeffrey Epstein's private island Little St. James.

“Today, more of President Trump’s tariffs hit over 90 countries, including Canada, Brazil, and India,” Fallon kicked off his standup. He added, “The only places Trump didn’t charge are North Korea and Epstein’s island.”

Fallon also warned that Trump's tariffs on Brazil could escalate the prices of bananas, mangoes, and pineapples in the country.

“Fifty per cent tariffs on Brazil will skyrocket prices for bananas, mangoes, and pineapples,” he said and joked, “Edible Arrangements are safe, as long as you don’t hike the price of cantaloupe and long toothpicks.”

India tariff news LIVE updates: Union minister Nitin Gadkari on Saturday said that countries indulging in “dadagiri” (bullying) in today's world are able to do so because they are economically strong and have technology, reported PTI.

"If the rate of our exports and economy increase, then I don't think we will need to go to anyone. Those who are indulging in `dadagiri' are doing so because they are economically strong, and they have technology. If we get better technology and resources, we will not bully anyone, because our culture teaches us that welfare of the world is most important," he said, according to PTI.

Union defence minister Rajnath Singh on Sunday took a veiled jibe at US President Donald Trump over tariffs on Indian goods, saying some people are unhappy with the country’s rapid growth and believe, “sab ke boss to hum hain” (we are the boss of all). Speaking at an event in Madhya Pradesh, Singh said that efforts were being made to make Indian-made products more expensive in global markets so they lose their competitiveness.

“There are some people who are jealous of India’s rapid development. They think, ‘we are the boss of all.’ They cannot accept how quickly India is moving ahead,” the defence minister said.

“When goods made by the hands of Indians become costlier than those produced abroad, people around the world will stop buying them,” he added. Read more.