Front-loading by major Asian economies ahead of the US reciprocal tariffs has significantly altered global export patterns, according to a Nomura report.
Jayesh Patel, a diamond manufacturer and trader, believed that every country has its own policy, and as the US is a large market, the diamond industry will face certain challenges. He further stated that if the tariffs continue in the future then they will find markets in other countries.
"This is an attack on our sovereignty. Their decision will not impact our country's economy and development. It would be beneficial if the US president refrained from such ideology, decisions and commentaries... We are capable enough. Whether it is 50% or 100%, it will make no difference..."
He further hoped for a solution from the Union Government, stating that the gems and jewellery trade from Jaipur to the US is worth Rs 11 to 12 lakh crores.
Shamim Azad, a leather exporter, stated that the United Kingdom is currently experiencing a recession and had some work in the US, but it has completely "flopped" at present. He mentioned that the US customers have asked them to put the orders on hold due to the tariffs.
In a post on X, Ramesh said, "The Trump double tariff has come into effect. This will undoubtedly hit our labour-intensive exports to the US - especially textiles, gems & jewellery, leather, marine products, and engineering as well."
Former Foreign Secretary and Rajya Sabha MP Harsh Vardhan Shringla remained hopeful that India will soon conclude a "satisfactory mutually beneficial" Free Trade Agreement (FTA) with the US as 50 per cent tariffs are set to kick in on Wednesday.
Brazil's President Lula da Silva condemned the US for revoking Justice Minister Ricardo Lewandowski's visa, calling it "irresponsible." The move escalates tensions as the US, under President Donald Trump, continues to pressure Brazil over the trial of former president Jair Bolsonaro and impo
US President Donald Trump said his administration has secured historic trade deals with several nations, including the UK, China, Japan and the EU, adding that foreign countries are paying hundreds of billions of dollars into the US treasury, with revenues reaching trillions.
Criticising the additional 25 per cent tariffs to be imposed by the US on Indian goods as "grossly unfortunate and highly condemnable", CPI(M) MP John Brittas on Tuesday stated that Washington is treating India like a colony, noting that the tariffs were either " a sanction or an embargo".
Chief of Integrated Defence Staff (CISC) of India, Air Marshal Ashutosh Dixit, on Tuesday held a productive bilateral discussion with Commander of the US Indo-Pacific Command (INDOPACOM), Admiral Samuel Paparo, on the sidelines of the Chiefs of Defence (CHOD) Conference 2025 in Thailand.