China's exports are struggling as US tariffs intensify, with business leaders and economists warning of significant economic consequences. Many companies have shifted production to other countries, while business confidence remains low.
The European Commission expressed regret over US decision to impose US tariffs, calling them "unjustified, disruptive to transatlantic trade, and harmful to businesses and consumers, often resulting in higher prices."
In response to US President Donald Trump's decision to impose tariffs on Canadian steel and aluminium on Wednesday morning, Canada's federal government hits back with tariffs on USD 29.8 billion worth of American goods effective March 13 morning.
Union Commerce and Industry Minister Piyush Goyal, days after holding talks with the US counterpart in Washington, has called a meeting with the export councils and trade representatives starting on Thursday, sources say.
Indian pharma companies like CDMOs (Contract Development and Manufacturing Organizations) will not see major disruptions from the proposed US tariffs of 10-25 per cent, according to a report by B&K Securities.
The Indian chemical industry is set to gain from the United States recent decision to impose strict tariffs on China, Canada, and Mexico, according to a report by Prabhudas Lilladher.
Union Finance and corporate Minister Nirmala Sitharaman on Thursday said that the impact of the US tariffs will be felt on India, adding that Union Minister Piyush Goyal is going to America and holding talks with the government there.
Canadian Prime Minister Justin Trudeau on Monday (local time) announced that retaliatory tariffs on US goods will go into force at midnight on Tuesday if the US tariffs on Canadian imports take effect.
In the first week of February, Trump announced 25 per cent tariffs on imports from Canada and Mexico and an additional 10 per cent on goods from China. Later on February 4, he paused tariffs on imports from Canada and Mexico for 30 days, saying that he had secured new commitments from the
In absence of major domestic events next week starting from Monday, the investors in the Indian stock markets will watch trends of foreign sellings, developments around the US tariffs, geopolitical risks, and upcoming Purchasing Managers' Index (PMI) releases.
Canadian Prime Minister Justin Trudeau on Friday issued a warning regarding the potential imposition of tariffs by the United States, stating that "Canada will have an immediate and extremely strong response."
The new tariff plans of US President Donald Trump will lift near-term inflation and hurt growth in the medium term according to a report by Standard Chartered.