Trump Tariffs Live Updates: Trump tariffs may open new opportunities for India, says Skoda Auto Volkswagen official
European auto major Skoda Auto Volkswagen India on Monday said while it does not support the new reciprocal tariff imposed by the Trump Administration, which have now been paused for 90 days on non-retaliating countries, the move may open up opportunities for the industries in the long term. Earlier, the group, which is battling a Rs 11,000-crore tax show cause notice for alleged customs duty fraud related to the import of cars as completely knocked down units, rolled out the all-new Volkswagen Tiguan R Line at an introductory price of Rs 49 lakh.
“Of course, we do not support the (reciprocal) tariffs but at the same time there are a lot of discussions about opening up the economy even in India through bilateral trade or free trade agreements,” Piyush Arora, Managing Director at Skoda Auto Volkswagen India told PTI here at the launch event.
Emphasizing that the group always believes in “free trade” and transfer of technology between countries for customers and their benefits, Arora said there is a lot of uncertainty right now hovering around the recent announcements on the tariff front which the US administration has imposed.
He, however, added that these developments (tariff discussion) might expedite the free trade agreements being discussed between India and the EU for a long time.
“I do believe that there are opportunities for India. We have always been a proponent of having lower tariffs between Europe whether it is EU trade or bilateral FTA which has been discussed for a very long time but at the same time might give an opportunity.
“There might be short-term hiccups because of increased tariff for our component industry from India which is exporting a good amount of parts to the US and the initial tariffs can hinder that but in the long run maybe it will open up opportunities,” Arora said.
Trump Tariffs Live Updates: Stocks rise on tech tariffs respite, gold hits new high
Stock markets rose firmly on Monday after fears over US President Donald Trump’s trade war were tempered by tariff exemptions for smartphones, laptops, semiconductors and other electronic products.
But suggestions by Trump that the exemptions would be temporary added to market uncertainty as the dollar extended losses, helping gold to a fresh record high.
European indices jumped around two percent in midday deals following last week’s rollercoaster for equities as the United States and China exchanged tit-for-tat levies.
That tracked gains in Asia, with tech firms helping push Hong Kong up more than two percent, while Tokyo and Shanghai also closed higher.
The United States on Friday appeared to slightly dial down the pressure on its trade war with Beijing, sparing electronic products — for which China is a major source — from painful “reciprocal” levies.
US levies imposed on China have risen to 145 percent, and Beijing set a retaliatory 125 percent band on US imports.
Trump on Sunday stressed that the exemptions had been misconstrued and that no country would get “off the hook” in his trade war — especially China.
He said they would only be temporary as his team pursued fresh tariffs against many items on the list, including on semiconductors “over the next week”.
Trump says no one ‘off the hook’ on tariffs but markets rise
Stock markets on Monday welcomed US tariff exemptions for electronics, but President Donald Trump signalled the reprieve would be temporary and warned no country would get “off the hook” in his trade war — especially China.
The world’s two largest economies have been locked in a fast-moving game of brinkmanship since Trump launched a global tariff assault that particularly targeted Chinese imports.
Tit-for-tat exchanges have seen US levies imposed on China rise to 145 percent, and Beijing setting a retaliatory 125 percent band on US imports.
The US side had appeared to dial down the pressure slightly on Friday, listing tariff exemptions for smartphones, laptops, semiconductors and other electronic products for which China is a major source.
But Trump and some of his top aides said Sunday that the exemptions had been misconstrued and would only be temporary as his team pursued fresh tariffs against many items on the list.
“NOBODY is getting ‘off the hook’… especially not China which, by far, treats us the worst!” he posted on his Truth Social platform.
China’s Xi says there are no winners in a tariff war as he visits Southeast Asia
China’s leader Xi Jinping said no one wins in a trade war as he kicked off a diplomatic tour of Southeast Asia on Monday, reiterating China’s commitment to global trade in contrast with U.S. President Donald Trump’s latest tariffs moves.
Although Trump has paused some tariffs, he has kept in place 145% duties on China, the world’s second-largest economy.
“There are no winners in a trade war, or a tariff war,” Xi wrote in an editorial jointly published in Vietnamese and Chinese official media. “Our two countries should resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and cooperative international environment.”
Xi’s visit lets China show Southeast Asia it is a “responsible superpower in the way that contrasts with the way the U.S. under President Donald Trump presents to the whole world,” said Nguyen Khac Giang, a visiting fellow at Singapore’s ISEAS–Yusof Ishak Institute.
World markets advance as tech shares boosted by Trump’s exemption for tariffs on electronics
Asian markets rallied on Monday as tensions over trade eased slightly after US President Donald Trump said electronics such as computer chips, smart phones and laptops would not be subject to the same high import duties as some other products. US futures also gained after a rally Friday on Wall Street. However, a weaker US dollar and lower oil prices hinted at persisting worries over the direction of Trump’s trade war.
In early European trading, Germany’s DAX gained 1.9 per cent to 20,752.94, while the CAC 40 in Paris was up 1.8 per cent at 7,235.36. Britain’s FTSE 100 added 1.6 per cent to 8,091.14.
The future for the S and P 500 gained 1.1 per cent while that for the Dow Jones Industrial Average was up 0.6 per cent.
Asian shares logged sturdy gains. Japan’s Nikkei 225 rose 1.2 per cent to 33,982.36 and South Korea’s Kospi gained 1 per cent to 2,455.89.
Shares in technology companies surged, with Tokyo Electron up 1.4 per cent and Advantest, a testing equipment maker, up 4.9 per cent. South Korea’s biggest company, Samsung Electronics, gained 1.8 per cent.
Hong Kong’s Hang Seng jumped 2.3 per cent to 21,397.20, while the Shanghai Composite index picked up 0.8 per cent to 3,262.81 after the government reported that China’s exports surged 12.4 per cent in March from a year earlier.
US President Donald Trump said he was temporarily exempting smartphones, computers and other electronics from his tariffs after China announced Friday that it was boosting its tariffs on US products to 125 per cent in the latest tit-for-tat increase following Trump’s escalations on imports from China.
Trump Tariffs Live Updates: Trump says will announce semiconductor tariffs ‘over the next week’
US President Donald Trump said late Sunday that he will announce the tariff rate on imported semiconductors in the coming week. He also said there will be flexibility for some companies in the sector.
“The tariffs will be in place in the not distant future,” Trump said, referring to the new semiconductor tariffs that would follow similar actions on steel, aluminum, and automobiles. When asked about the exact rate, he said, “I’m going to be announcing it over the next week.”
Trump Tariffs Live Updates: Democrats criticize Trump’s tariffs, but not necessarily tariffs
As Democrats respond to the policies of the second Trump administration, they are finding it difficult to present a clear position on tariffs. Many are navigating carefully due to the fast-changing nature of President Donald Trump’s trade decisions.
Most Democrats have called Trump’s shifting trade actions “chaotic” and “reckless,” but there is no strong agreement within the party on whether to support tariffs as a general policy.
This lack of unity was evident on Sunday, when Democratic lawmakers were questioned on news programs about whether opposing Trump’s tariffs while supporting tariffs in principle was a consistent position.
Senator Cory Booker, D-N.J., when asked by NBC’s Kristen Welker, criticized Trump’s trade strategy but did not comment directly on whether his party’s broader response was appropriate. Welker noted that former President Joe Biden had kept and even extended some of Trump’s earlier tariffs, which had received support from some progressive Democrats.
“I just want to, for myself, tell you a full-throated, unequivocal condemnation of the Trump tariffs,” Booker said, arguing that the trade measures had disrupted the economy and hurt Americans’ savings. “It is all just wrong. It should be condemned.”
Trump Tariffs Live Updates: Donald Trump warns no country ‘off the hook’ on tariffs
US President Donald Trump said on Sunday that no country would be “getting off the hook” when it comes to tariffs, while his administration indicated that any exemptions—especially those seen as benefiting China—would not last long.
The United States and China, the world’s two largest economies, have been engaged in a rapid and intense exchange of trade measures since Trump began imposing global tariffs, with a strong focus on Chinese goods.
As a result of these back-and-forth actions, US tariffs on Chinese imports have climbed to 145 per cent, while China has responded with its own tariffs of up to 125 per cent on US products.
Trump Tariffs Live Updates: China says exports facing severe external situation, but 'sky will not fall'
“At present, China’s exports are facing a complex and severe external situation, but ‘the sky will not fall’,” the spokesperson said, news agency Reuters. He also stated that China is “actively building a diversified market, deepening cooperation with all parties in the supply chain,” and added, “Importantly, China’s domestic demand market is broad.”
Trump Tariffs Live Updates: Trump says will announce semiconductor tariffs ‘over the next week’
On Sunday, US President Donald Trump stated that he plans to unveil new tariffs on semiconductors within the coming week, as part of his ongoing effort to tackle trade imbalances through targeted duties. “The tariffs will be implemented in the near future,” he said, referring to the proposed semiconductor-specific measures, which would follow earlier tariffs on steel, aluminum, and automobiles. When asked about the specific rate for semiconductors, Trump responded, “I’ll be announcing it over the next week.”
‘No one getting off the hook’: Donald Trump denies tariff rollbacks, ramps up pressure on China, tech sector
Donald Trump on Sunday doubled down on his hardline trade stance, declaring that no country — especially China — would be spared from his sweeping tariff agenda.
Trump, in a post on social media rejected claims that his administration had granted tariff exemptions to certain tech products, saying, “NOBODY is getting ‘off the hook’ for the unfair Trade Balances… especially not China which, by far, treats us the worst!”
“There was no Tariff ‘exception’ announced on Friday. These products are subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff ‘bucket.’ The Fake News knows this, but refuses to report it,” Trump wrote, referencing media reports suggesting exemptions for electronics like smartphones and semiconductors.
Trump says chips from China will face national security probe; further tariffs expected
Trump tariff effect: India’s electronic exports to be 20% cheaper than China in US, says ICEA
Indian exports of smartphones, laptops and other electronics to the US are expected to become 20% cheaper as compared to those from China, after the Trump administration removed tariffs on a range of consumer electronics, industry body ICEA said on Sunday.
The move, announced over the weekend, is seen as a major boost for India’s rapidly growing electronics manufacturing sector. The US decided to exempt smartphones, tablets, laptops, flat-panel monitors and certain semiconductor components from the reciprocal tariffs imposed earlier on countries like China, India, and Vietnam.
The exemption implies that India and Vietnam now enjoy a major tariff advantage over China in exporting these products to the US.“China still has 20 per cent of iPhones, laptops, tablets, and watches. Only reciprocal tariff has been removed for China. India has zero tariff on iPhones and all smartphones, laptops and tablets exported to the US. Vietnam also has zero tariff on all Samsung and other smartphones, laptops and tablets exported to the US. So India and Vietnam are similarly placed on tariffs on these products and both enjoy a 20 per cent tariff advantage over China,” said Pankaj Mohindroo, chairman of the India cellular and electronics association (ICEA).
Donald Trump has no plans to speak with Xi Jinping as tariff battle with China deepens
US President Donald Trump and Chinese President Xi Jinping currently have no plans to hold talks amid an intensifying trade war, confirmed trade representative Jamieson Greer during an appearance on CBS News’ “Face the Nation” on Sunday.
Greer said the issue now rests “at the leaders’ level” and that any future engagement would occur only “at some point,” as President Trump has suggested.
Trump’s commerce secretary says new electronics tariff exemptions are temporary, chip tariffs coming
Tariff exemptions on electronics such as smartphones and laptops are only temporary, US Commerce Secretary Howard Lutnick said Sunday. He added that the Trump administration is working on a new tariff strategy focused on the semiconductor industry.
White House officials, including President Donald Trump himself, spent Sunday downplaying the significance of exemptions that lessen but won’t eliminate the effect of US tariffs on imports of popular consumer devices and their key components.
“They’re exempt from the reciprocal tariffs but they’re included in the semiconductor tariffs, which are coming in probably a month or two,” Lutnick told ABC’s “This Week” on Sunday.