US President Donald Trump's decision to impose an additional 25 per cent tariff on Indian goods has drawn criticism and concern, even as Industry stakeholders expressed confidence in their long-term resilience.
Globally, gold prices edged up marginally 0.3 per cent in July at USD 3,299, when a stronger US dollar contributed to positive returns in all major currencies, according to World Gold Council.
"I don't buy this for a minute that tariffs have been imposed on us because we trade with Russia. There is a far more sinister reason for this, and I believe that the Pakistan Army, through its commercial corporations, has a very strong commercial relationship, perhaps with the Trump admi
India's strong domestic demand and the robust performance of its services sector will help cushion the economic impact of steep new US tariffs imposed as a penalty for continued imports of Russian crude oil, according to a report by Moody's Ratings.
The recent move by the U.S. President to raise tariffs on Indian goods to 50 per cent, on top of the existing Most Favoured Nation (MFN) import duties, is set to hit several Indian export sectors hard, according to a report by the Global Trade Research Initiative (GTRI).
Persistent tariff pressure and continued selling by foreign portfolio investors (FPIs) dented investor sentiment on Friday, with both benchmark indices opening lower.
If the recently announced US tariffs on Indian goods persist for a longer period, the impact on India's economic growth could be between 0.4 per cent and 0.8 per cent, Morgan Stanley has said in a report.
Indian leather exporters are facing serious challenges after the United States imposed steep tariffs on Indian goods, hitting an industry that depends on exports for 80 per cent of its business.
On being asked whether China and other BRICS nations are trying to take the lead in organising a push against US trade measures, the US State Department said the dialogue with India "will continue".
When pressed by ANI at the Oval Office,whether he expected talks to resume in light of the new 50% tariff. "No, not until we get it resolved," he replied.