Import Tariffs

Rupee recovers from all-time low, rises 3 paise to 84.69 against US dollar

The rupee recovered from its all-time low level and settled for the day with gains of just 3 paise at 84.69 (provisional) against the US dollar in a range-bound trade on Tuesday, amid a positive trend in domestic equities. Forex traders said the rupee has been on a downtrend largely on the back of Donald Trump's rhetoric on BRICS currency, political instability in the Eurozone, weaker domestic macroeconomic indicators and unabated foreign portfolio outflows. US President-elect Trump on Saturday threatened a 100 per cent tariff on BRICS nations if they act to undermine the US dollar. Moreover, market participants are also awaiting cues from the upcoming RBI monetary policy on December 6, which will likely focus on balancing inflation and growth. At the interbank foreign exchange, the rupee opened at 84.75 and moved in a narrow range and touched an intra-day high of 84.64 and an all-time low of 84.76 against the greenback. On Monday, the rupee depreciated 12 paise to close at an ...

US manufacturing improves in Nov as orders rebound, input price gains slow

The Institute for Supply Management (ISM) said on Monday its manufacturing PMI increased to 48.4 last month from 46.5 in October, which was the lowest level since July 2023

Trump's plan of 10% import tariff likely a point for negotiation: S&P

Tariffs are unlikely to be imposed at those levels, but were Trump to follow though, the universal 10 per cent tariff could add as much as 1.8 percentage points to US inflation

EU imposes up to 35% tariffs on Chinese EVs, Beijing takes matter to WTO

Chinese state-owned automotive giant SAIC Motor will pay the top tariff of 35.3 per cent, BYD 17 per cent, and Geely 18.8 per cent, in addition to the standard 10 per cent EU import duty

India key mkt despite import duty hike: Malaysia Palm Oil Council Chief

Malaysia remains optimistic about palm oil exports to India despite recent import duty hike, with the Malaysian Palm Oil Council (MPOC) Chairman Dato Carl Bek Nielsen emphasizing the long-standing trade relationship between the two countries. In an interview to PTI, Nielsen stressed that India, being the world's largest palm oil importer, continues to be an "incredibly important market" for Malaysian palm oil. He pointed out that such tariff adjustments have occurred in the past and are part of the normal trading relationship between the two countries. "This has been done before. Duties have been raised, and duties have been reduced, and we will see that this pattern will repeat itself in the future," Nielsen said. He said that the council's approach would be based on long-term partnership rather than "short-term knee-jerk reactions." He also added that the council is "not worried" about the tariff changes because there are other countries which would want to buy Malaysian palm oi

'India not abuser, Donald Trump's claims about import duties unfair': GTRI

Think tank GTRI has criticised Donald Trump's claim that India is an "abuser" of import tariffs, noting singling out high tariff items do not present the real trade picture

Govt raises import tax on crude, refined edible oils to support farmers

The move could lift edible oil prices and dampen demand and subsequently reduce overseas purchases of palm oil, soyoil and sunflower oil

Canada follows US, Europe, in imposing 100% tariff on Chinese EVs

Prime Minister Justin Trudeau said Ottawa was acting to counter what he called China's intentional, state-directed policy of over-capacity

China's Xpeng aims to manufacture EVs in Europe to blunt import tariffs

Volkswagen AG's Chinese partner is in the initial stages of selecting a site in the European Union as part of its future plan to localise production, Chief Executive Officer He Xiaopeng said

EU cuts planned import tariff on Tesla's China-made electric vehicles to 9%

Tesla had requested a recalculation of its rate to be based on the specific subsidies the company had received, according to the Commission

Cheap Chinese exports prompt 'protectionist' response from Southeast Asia

Economic discontent towards China has intensified in Southeast Asia as Chinese companies with surplus inventory are selling goods at give-away prices

India's July edible oil imports to surge to record on robust palm buying

India on average has been importing 1.2 million tons of edible oil so far in the current marketing year which began November 2023.

To boost electronics production, ICEA demands lower input tariffs in Budget

Ahead of the Union Budget, India Cellular & Electronics Association (ICEA) has recommended reduction in input tariffs for building a strong components ecosystem. ICEA based its recommendations on a "tariff study" it conducted across seven competing economies, including India. "...high tariffs on inputs limit the very engine of growth that would lead to higher production. High tariffs on inputs reduce exports because they become uncompetitive, leading to lower production of the final product, i.e., mobile phones. Addressing this requires a reduction in tariffs on inputs. "We recognise that developing the domestic supply chain is extremely critical but the right way is not by protecting with high tariff but drastically reducing disabilities by creating competitiveness and infuse incentive schemes wherever there are gaps," the report, which was released on Tuesday, said. To attract global value chains (GVCs) and increase the scale of production, ICEA said all tariff lines that ...

RBI moots rationalisation of norms for export, import transactions

According to draft norms, every exporter should furnish a declaration specifying the amount of the full export value of the goods or services

Hedging Chinese EV makers get costly with imminent tariffs from EU

After the US said in May it was planning to nearly quadruple tariffs, the European Union this month notified companies including BYD and Geely it will slap levies

China accuses EU of foul play, says escalation could trigger 'trade war'

China's Commerce Ministry on Thursday accused the European Union of making unreasonable demands in its investigation into imports of Chinese electric vehicles before announcing it was raising tariffs by as much as 38 per cent. Ministry spokesman He Yadong said the European side had demanded excessive amounts of information from Chinese automakers and then unfairly accused the Chinese companies of failing to cooperate. The types, scope, and amount of information collected by the European side are unprecedented, far exceeding the requirements of anti-subsidy investigations, He said. He said that included requiring details on manufacturing and development, technology and product formulas, among other aspects, from Chinese electric vehicle and battery companies. "After Chinese companies did their best to cooperate with the investigation and provided information, the European Commission still unreasonably accused Chinese companies of not fully cooperating and imposed punitive high tax ..

Europe vs China: Why is EU imposing heavy tariffs on imported Chinese EVs?

EU tariff on Chinese EVs explained: The new tariffs are set to take effect from July 4, unless ongoing discussions with Chinese authorities yield a different outcome

Reforms in customs duties, GST, commerce to push India's growth: GTRI

Implementation of key strategic reforms such as simplification of customs duty structure, GST, and not incentivising low value-added electric vehicles would help India ensure its sustainable development and inclusive growth, GTRI said on Thursday. Economic think tank Global Trade Research Initiative (GTRI) also said that India is standing on the cusp of a transformative era and there is an urgent need for comprehensive economic reforms. "From simplifying the convoluted customs duty structure to pioneering regulatory sandboxes for cryptocurrencies, and from boosting the MSME sector through GST (Goods and Services Tax) reforms to fortifying our energy security, this agenda lays the foundation for a robust, resilient, and globally competitive India," it said. It said that the current basic customs duty structure, which affects USD 680 billion worth of imports, has not been reviewed in 20 years, leading to over 27 different duty rates and over 100 specific or mixed duty slabs. Currentl

EU set to disclose tariff rates for Chinese electric vehicles this week

The move comes as European automakers are being challenged by an influx of lower-cost EVs from Chinese rivals. Still, there is virtually no support for tariffs from the continent's auto industry

US' decision on import tariffs on China could boost Fed rate cut case

After keeping former President Donald Trump's 2018-19 levies on over $300 billion worth of Chinese imports in place for years, President Joe Biden's administration this week slapped fresh tariffs