The Indian Rupee continued to weaken on Tuesday, 5th August, as it came under pressure due to continuous dollar demand from importers and persistent foreign institutional investor (FII) outflows
US stock markets faced heavy selling pressure on Friday (local US time) after President Donald Trump implemented fresh reciprocal tariffs on 70 countries, including India.
India may face an annual export loss of USD 5 to USD 6.75 billion if demand declines by 20 to 30 per cent because of 15 per cent tariff imposed by US, said a report by Ventura Securities.
The executive order signed by President Donald Trump on Thursday has imposed flat 25 per cent tariff on all goods from India, with no product-level exemptions, according to a report by the Global Trade Research Initiative (GTRI).
The new tariffs imposed by the United States are expected to significantly impact American households, with average bills likely to rise by around USD 2,400 in the short term due to inflation driven by these tariffs, according to a research report by the State Bank of India (SBI).
The Indian Rupee is likely to weaken further to 88.5 per U.S. dollar following the imposition of fresh tariffs by U.S. President Donald Trump, according to a report by ICICI Bank.
Terming the move by US President Donald Trump to impose 25 per cent tariffs on India on as a "setback for the country", Congress leader Jairam Ramesh on Wednesday said that Prime Minister Narendra Modi "should not be scared" and "this is blackmail by the United States".
Claiming that the US-Indonesia trade deal was a "clear example of how aggressive US pressure can force" countries to ink one-sided agreements, think-tank Global Trade Research Initiative (GTRI) suggested India to be careful and not "fall into the same trap".
US President Donald Trump on Wednesday hinted at reaching a new trade deal with India soon. While adding "maybe", he said that currently the US is in negotiations with India.
Trump, while speaking to reporters during a bilateral meeting with Bahrain's Crown Prince Salman bin Hamad bin Isa Al Khalifa, emphasised that August 1 will be a significant day, when a lot of money will come into his country.
India could see a significant boost in its apparel exports to the United States amid ongoing tariff tensions involving key Asian exporters, according to a recent report by the State Bank of India (SBI).