&imwidth=800&imheight=600&format=webp&quality=medium "US-India tariff HIGHLIGHTS: ‘Stock market setting new records’: Trump defends tariffs")
US-India tariff LIVE: Indian Prime Minister Narendra Modi is expected to hold a cabinet meeting on Friday (August 8) to assess the impact of the 50 per cent tariff imposed by US President Donald Trump recently. Earlier, the American president announced a 25 per cent tariff on India, citing the purchase of Russian oil by the country. But this week, Trump took to his social media platform, Truth Social, and imposed an additional 25 per cent tariff on India.
Trump's punitive tariff on India appeared to aim at bringing economic pressure on Moscow to agree to a ceasefire, as India is the second-biggest customer for its oil.
Donald Trump rode back to power with support of farmers, but his tariffs have raised the cost of everything from tractors to fertilisers and squeezed profits for US growers already facing low crop prices. The sweeping effects of Trump’s trade war have raised machinery prices.
Canada is trying to reset its ties with Mexico as Donald Trump threatens his neighbours with punishing US tariffs ahead of a planned review of the North American free-trade pact. Prime Minister Mark Carney sent his top diplomat and finance chief to the Mexican capital, where they met President Claudia Sheinbaum and her officials. Last week, Trump hiked tariffs to 35% on Canadian goods that don’t comply with the continental free-trade agreement.
US President Donald Trump defended his decision to impose tariffs and said they are having a huge positive impact on the US stock market. “Tariffs are having a huge positive impact on the Stock Market. Almost every day, new records are set. In addition, Hundreds of Billions of Dollars are pouring into our Country’s coffers,” he said in a post on Truth Social.
Trump's former National Security Adviser John Bolton has slammed his decision to impose high tariffs on India while going soft on China even though it imports more oil from Russia. “Donald Trump’s leniency on the Chinese and heavy-handed tariffs on India jeopardize decades of American efforts to bring India away from Russia and China,” Bolton said on Friday.
After US President Donald imposed a 50 per cent tariff on Indian goods, citing national security and foreign policy concerns, particularly India's ongoing imports of Russian oil, former Indian diplomat Rakesh Sood, while talking to ANI, said that Trump loves tariffs and the Nobel Peace Prize, hinting that India's lack of recognition on the latter might be a reason for the former.
The Indian Defence Ministry on Friday (August 8) rejected the reports that claimed India halted the US arms talks amid the Trump tariff. The ministry called the reports “fabricated.”
China came close to overtaking the United States as Germany’s largest trading partner in the first half of 2025, preliminary data from the German statistics office showed, as German exports to the US declined amid higher tariffs.
German imports and exports with the U.S. totalled about €125 billion ($145 billion) from January to June, while trade with China reached €122.8 billion, according to Reuters report.
After US President Donald Trump called India a “dead economy," Danish ambassador to India Rasmus Abildgaard Kristensen said that was not the case, adding that the country is “the world's fastest growing economy”.
“And I think a testament to that fact is that the EU and India are negotiating a free trade agreement. I think that will be mutually beneficial,” Kristensen said in an interview with ANI.
Days after imposing a total of 50 per cent tariff on India, United States President Donald Trump has said that there is no possibility of trade negotiations with New Delhi unless the issue of tariffs is resolved. Speaking to reporters at the White House on Thursday (Aug 7), Trump said that he does not expect increased trade negotiations with India after imposing the tariff.
Oil prices showed little movement in early Asian trading on August 8 but remained on track for their steepest weekly losses since late June, driven by concerns over escalating US tariffs and weakening global demand. Brent crude futures were down by three cents to $66.40 a barrel, on course for a decline of more than 4 per cent this week. US West Texas Intermediate (WTI) crude futures also dropped by six cents, or 0.1 per cent, to $63.82 a barrel, poised to fall by over 5 per cent on a weekly basis.
WION's Dhruv Goyal spoke to Rakesh Malhotra CEO and President of Global Natural Resources Inc, who shared insights on the evolving US-India trade relationship. He emphasised the importance of strategic partnership, mutual respect for a balanced resolution despite current tariff challenges.
