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India tariff news LIVE updates: Congress MP Shashi Tharoor-led standing committee on external affairs will be briefed on Monday about the latest developments in India’s foreign policy, with special reference to US-India trade negotiations and tariffs, news agency ANI reported citing sources. The briefing will be done by the representatives of the Ministry of External Affairs and the Ministry of Commerce & Industry.…Read More
Union Minister Rajnath Singh took a veiled jibe at United States President Donald Trump on Sunday over the country’s steep 50% tariffs on Indian goods. “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 at an event in Madhya Pradesh. He added that efforts were being made to make Indian-made products more expensive in global markets so they lose their competitiveness.
The United States has imposed punishing 50 per cent tariffs on Indian goods, half of which are punishment for purchasing oil from Russia. The US’ move comes as it seeks to pressurise Russia into stopping the war in Ukraine.
After the announcement of tariffs last week, US President Trump on Thursday ruled out the possibility of trade talks with India until the issue of tariffs is resolved. When asked by a reporter whether he expects increased trade negotiations with India after announcing 50% tariffs, Trump replied, “No, not until we get it resolved.”
Meanwhile, India is considering to announce tariffs countering the United States’ punishing 50 per cent tariffs on steel, aluminium and their derivatives from India that it imposed in June with , according to people aware of the matter.
US tariffs on India | Key points
- The United States imposed 25 per cent tariffs on India before its August 1 deadline kicked in, followed by additional 25 per cent tariffs that it announced on August 6 as punishment for buying Russian oil, taking the total tariffs on India to 50 per cent.
- While the initial 25 per cent tariffs came into effect on August 7, the remaining 25 per cent will come into effect by August 27.
- India has called US’ move to slap such steep tariffs for doing trade with Russia as “unfair, unjustified, unreasonable”.
- The US’ move to slap India with penalty for buying oil from Russia is also a way for it to push Russia to end the war in Ukraine.
- United States President Donald Trump will meet his Russian counterpart Vladimir Putin on August 15 in Alaska. The announcement of the meeting came after after Trump on Friday claimed that “we’re getting very close” to a peace deal.
- “The highly anticipated meeting between myself, as President of the United States of America, and President Vladimir Putin, of Russia, will take place next Friday, August 15, 2025, in the Great State of Alaska,” Trump said in a post on Truth Social.
- Amid US tariff row, Prime Minister Narendra Modi held a phone conversation with Russian President Vladimir Putin on Friday and discussed a range of issues.
Days after US President Donald Trump described India’s economy as “dead” amid escalating trade tensions between the two nations, PM Modi said on Sunday that India is the world’s fastest-growing major economy and is rapidly moving towards becoming a global leader.
“India is currently the fastest-growing major economy in the world. In the past eleven years, India’s economy has risen from the 10th position to the top five globally and is rapidly progressing towards becoming one of the top three economies,” Modi said on Sunday while addressing a public gathering after inaugurating the 19-kilometre Yellow Line of the Bengaluru Metro.
India tariff news LIVE updates: US Senator Lindsey Graham has urged India to use its “influence” to help President Donald Trump to end the “bloodbath” in Ukraine. Reacting to the phone call between Prime Minister Narendra Modi and Russian President Vladimir Putin on Friday, Graham said he hopes the prime minister urged Putin to end the war in Ukraine “justly, honorably and forever”.
“India is the second largest purchaser of Putin’s cheap oil — the proceeds of which fuel his war machine. I hope Prime Minister Modi emphasized to Putin in their recent phone call the need to end this war in Ukraine justly, honorably and forever. I have always believed India has influence in this matter and I am hoping they will use it wisely,” Graham said.
Amid US tariff row, Prime Minister Narendra Modi held a phone conversation with Russian President Vladimir Putin on Friday and discussed a range of issues.
“Had a very good and detailed conversation with my friend President Putin. I thanked him for sharing the latest developments on Ukraine. We also reviewed the progress in our bilateral agenda, and reaffirmed our commitment to further deepen the India-Russia Special and Privileged Strategic Partnership. I look forward to hosting President Putin in India later this year,” PM Modi said in a post on X.
The Indian stock market opened almost flat on Monday as investors stayed cautious ahead of the highly anticipated meeting between US President Donald Trump and Russian President Vladimir Putin scheduled for the weekend.
The Nifty 50 index began the session at 24,371.50, posting a marginal gain of 8.20 points or 0.03 per cent, while the BSE Sensex opened at 79,885.36, up by 27.57 points or 0.03 per cent.
Market participants are closely watching for any developments from the meeting to assess potential tariff moves by Trump on India. (ANI)
India tariff news LIVE updates: While talking about US tariffs on India’s oil purchase from Russia, former Vice President M Venkaiah Naidu said, “… People who are importing from Russia are objecting to us for importing from Russia. We have to decide from which country we have to import, keeping our national interest in mind…”.
India tariff news LIVE updates: India on Saturday endorsed the upcoming meeting between US President Donald Trump and his Russian counterpart Vladimir Putin in Alaska on August 15.
“India welcomes the understanding reached between the United States and the Russian Federation for a meeting in Alaska on 15th August 2025,” the Ministry of External Affairs said in a statement.
“This meeting holds the promise of bringing to an end the ongoing conflict in Ukraine and opening up the prospects for peace. As Prime Minister Narendra Modi has said on several occasions, “This is not an era of war”,” it added.
India tariff news LIVE updates: US President Donald Trump, who is seeking to stop the ongoing war in Ukraine, announced that he will be meeting his Russian counterpart Vladimir Putin in Alaska on August 15.
India tariff news LIVE updates: While half of Donald Trump’s 50 per cent tariffs announced on Indian imports came into force on August 7, the remaining 25 per cent are set to take effect on August 27.
India tariff news LIVE updates: Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva agreed to “defend multilateralism” after US President Donald Trump imposed sweeping “unilateral” tariffs on both countries.
In a post on X on Thursday, day after Trump announced 50% tariffs on India, Lula said that he and PM Modi talked for about an hour and discussed “the international economic scenario and the imposition of unilateral tariffs”.
“Brazil and India are, so far, the two most affected countries. We reaffirmed the importance of defending multilateralism and the need to address the challenges of the current situation, as well as to explore possibilities for greater integration between the two countries,” he wrote.
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.