Ahead of G7 Summit, Canada urges allies to resist US trade war, calling tariffs an economic weapon and warning that no country is immune to Washington's coercion
Commerce, foreign secys brief House panel on current scenario
India's import tariffs, among the highest in the world, warrant a reassessment of its "special relationship" with the United States, Lutnick said, speaking from Washington
Analysts say possible measures by US could cost India $7 bn a year
The US is the largest market for India's electronics exports, accounting for 33 per cent of the total as of 2023-24 (FY24)
This forecast considers various scenarios, including the US government's planned reciprocal tariffs in early April and the price elasticity of US demand for Indian exports
India exported about $6.79 bn worth of auto parts to US in 2023-24. Overall auto component exports stood at $21.2 bn, while imports from US were $1.63 bn of total $20.9 bn in auto component imports
The government has imposed mandatory quality orders for stainless steel seamless pipes, and tubes to curb the import of sub-standard goods, boost domestic manufacturing and ensure consumer safety. A notification 'Stainless Steel Pipes and Tubes (Quality Control) Order, 2025' was issued in this regard by the Department for Promotion of Industry and Internal Trade (DPIIT) on February 10. It will come into effect from August 1 this year. Under the order, the item cannot be produced, sold, traded, imported and stocked unless it bears the Bureau of Indian Standards (BIS) mark. According to the notification, this order would not apply for 500 kilograms of these goods imported for the purpose of research and development by manufacturers of stainless steel pipes and tubes per year with the condition that such imported goods and articles shall not be sold commercially and can be disposed of as scrap. Violation of the provision of the BIS Act can attract imprisonment of up to two years or a
Free trade is a myth-not because it doesn't work, but because it doesn't exist. This is why democratic governments should come together and create a new trade regime to enforce balance
India is likely to analyse with the domestic industry the impact of tariffs announced by the US on countries like China to assess the positive or negative implications, if any, sources said on Thursday. Though the duties on China are expected to help increase exports from India to the US due to the duty arbitrage, there could be a possibility of dumping of goods from the neighbouring country as it has excess capacity in almost every sector. India has imposed anti-dumping duties on several goods, including chemicals imported from China, and a number of anti-dumping investigations are going on. "We are trying to analyse the announcements made by the US on increasing tariffs. We will take the decision in due course. We are also asking our industry how these tariffs are going to affect them positively or negatively. We are looking at the exact items on which tariffs will be imposed in China," they said. They added that India was the fourth-largest gainer when the US imposed higher duti
Average tariff levels: India's average import tariff stands at 17 per cent, while the trade-weighted rate is lower at 12 per cent, according to the World Trade Organization's 2024 report
India has significantly reduced its average customs duty rate to 10.66 per cent from 11.65 per cent and is now moving towards the same levels as prevalent in the Southeast Asian countries, a senior government official said on Monday. CBIC (Central Board of Indirect Taxes & Customs) Chairman Sanjay Kumar Agarwal said the rate rationalisation exercise was carried out with the objective of making the tariff structure simple, ensuring competitiveness of Indian industry and simplifying the tax regime. "Now the average customs rate in India has come down from 11.65 per cent to 10.66 per cent and we are now moving towards the average rate in ASEAN countries," he said here at an interaction with industry representatives. The 10-nation bloc ASEAN (Association of Southeast Asian Nations) countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. The exercise was also important for dispelling the narrative of developed countries like the
Canada has struck back at Trump's tariffs with a 25% levy on US goods, targeting US alcohol. Provinces like Ontario and British Columbia have banned US booze, escalating the trade war
Trump will issue a broad trade memo on Monday that stops short of imposing new tariffs on his first day in office
US President-elect Donald Trump vows reciprocal tariffs on India, criticising high taxes on US goods
Lutnick, the head of brokerage firm Cantor Fitzgerald, will also have additional direct responsibility for the US Trade Representative's office, Trump said in a statement
The telcos have submitted details of the hike within the stipulated seven days