PM Modi reaffirmed the resilience of the Indian economy amid global economic turbulence and made a strong pitch for ‘swadeshi’ and ‘vocal for local’. Trump recently imposed 25% tariff on Indian imports and warned of further economic penalties over India’s continued trade with Russia.

India set to be world’s 3rd biggest economy, says PM after Trump’s ‘dead economy’ remark

As the August 12 tariff deadline nears, Bessent optimism signals progress but Trump hardline stance keeps pressure high on US–China trade talks.

Bessent points to ‘makings of a deal’ between US and China amid tariff tension

A group of five small business owners and 12 Democratic-led states challenges his use of the International Emergency Economic Powers Act (IEEPA) for implementing tariffs, arguing it does not legally permit customs duties. 

Trump’s trade tariffs face key legal test in US court

These tariffs, the most extensive since the 2018 US-China trade war, have seen Japan and South Korea negotiate reductions from 25% to 15% on key sectors, while Taiwan’s tariffs were lowered from 32% to 20%. 

Trump’s tariff blitz hits Asia: Who got hurt, who escaped, and how it impacted their economies?

Tariffs range from 19% to 50% on items from countries including China, Brazil, Canada, and Mexico. Key price hikes are anticipated in clothing (up to 37%), coffee (20-50%), and food staples like olive oil and fresh produce (15-25%). 

Here are things that will cost Americans more post-Trump's new tariff

US President Trump signed an order raising tariffs (10–41%) on imports from nations with unfair trade practices, citing a national emergency. The move includes tougher penalties on transshipment and enhanced enforcement, taking effect seven days after signing.

US announces new tariff rates for countries in escalation of Trump's trade war, India faces 25% - Full list here

Calling the negotiating process on tariffs and national security matters “complex”, the Bangladeshi chief adviser said that they have been working “relentlessly” since February. 

‘Decisive diplomatic victory’: Bangladesh hails landmark trade deal with Trump, secures lower tariff rate

Key countries like China, Japan, and South Korea experienced contracting manufacturing activity, as reflected in their PMIs, which fell below the neutral 50 mark. Although recent trade deals may reduce tariff uncertainty, their impact remains uncertain. 

Asia’s factory activity slumps as Trump’s tariffs hit exports

India is the U.S.'s ninth-largest trading partner, and the U.S. is India’s largest export destination. In 2024, bilateral trade (per Indian sources) stood at $136.7 billion—with India exporting $91.2 billion and importing $45.5 billion.

Trump’s tariff barrage on India: Navigating the storm

The tariffs, effective August 1, include a 10% minimum global rate and higher tariffs for surplus countries. Gold’s appeal as a safe haven persists due to ongoing trade war fears, while a strong dollar and delayed Fed rate cuts pose challenges.

Gold gains slightly as Trump’s tariff rollout keeps markets cautious

Brent crude slightly rose to $71.74 a barrel, while WTI increased to $69.27, both on course for weekly gains. Trump new tariffs may limit economic growth, impacting oil consumption. Concurrently, threats of sanctions on countries buying Russian crude add to market anxiety. 

Oil holds as Trump’s tariff war clashes with Russian supply fears

According to the White House, these tariffs are set to take effect from next Friday. Earlier, Trump said that the tariffs would be imposed on the countries starting on August 1.

Trump announces new tariffs: India’s position unchanged - Which countries are facing the highest, lowest rates?

Trump on Wednesday (July 30) announced a fresh agreement with Pakistan, with Washington pledging to support the development of “massive oil reserves.” However, a day later he announced tariffs on Pakistan. Here's what this means 

Trump imposes NEW tariff on Shehbaz Sharif-led Pakistan despite striking massive oil deal - Here's how much it is

Notably, Pakistani Foreign Minister Ishaq Dar after meeting Secretary of State Marco Rubio last week said both the countries were on the verge of  a very close trade deal that would come into effect soon. 

Trump seals oil deal with Pakistan, says 'maybe they'll sell to India'; Here's how Pak PM reacts

President Trump announced a new trade deal with South Korea, including a $350 billion U.S.-controlled investment, a 15% import tariff, and $100 billion in South Korean purchases of American energy products.

'$350 billion investment, 15% tariff': Trump announces trade deal with South Korea, says 'US won't be charged' - All you need to know

This comes after President Trump and EU von der Leyen agreed on a trade framework with a 15% tariff on EU imports. Trump has criticized reliance on Taiwanese chips, suggesting firms might invest in U.S. manufacturing to avoid duties.

US set to act on chip imports, Trump hints at tariffs

The agreement introduces a 15% baseline tariff on most EU goods entering the US, cutting previous automobile and semiconductor duties. Key sectors like pharmaceuticals might face different treatment later. Zero tariffs apply to aircraft and certain chemicals. 

EU–US trade deal 2025: What it means for cars, chips, LNG and your wallet?

The group, including Boeing executives, represents the USCBC and aims to meet Chinese officials in Beijing. The visit seeks to stabilise ties and discuss potential easing of restrictions as both nations navigate ongoing economic negotiations.

US firms race to revive China ties before Trump tariff hike: SCMP

Persistent deflation and intense price competition are eroding margins despite a resilient GDP. State owned firms reported a 7.6% profit drop, while private companies’ profits grew slightly. 

China’s industrial profits keep shrinking in June as price wars take a toll

Governor Tarcisio de Freitas highlighted concerns from various sectors, prompting emergency support initiatives. Political backlash against President Lula has emerged from governors of major exporting states, criticizing his diplomatic efforts. 

Trump’s 50% tariff threat may shrink Brazil's economy, hit 120,000 jobs

This historic plan will support firms enhancing supply chains in key sectors. The initiative aligns with the US friend shoring strategy to reduce reliance on China. While details on financing remain unclear, most funding will come from loans. 

Japan’s $550 billion trade deal may fund Taiwan chip giant’s US expansion

Trump expressed optimism about reaching a deal, suggesting a 50 and 50 chance. Preparatory talks are involving US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick. A potential framework includes a 15% tariff on EU goods and a 50% tariff on European steel and aluminum. 

EU Chief Von der Leyen head to Scotland for final push on EU–US trade deal with Trump

The report further highlighted that key sub-indexes, such as output and new orders, declined at the fastest pace in four and three months respectively. Businesses remain wary of the impact from newly announced US tariffs, with many holding back on fresh investment and production.

Japan factory activity contracts in July as US tariffs weigh

The 2025 growth projection is reduced from 4.9% to 4.7%, and for 2026 from 4.7% to 4.6%. Southeast Asia is particularly affected, with forecasts dropping to 4.2% for 2025 and 4.3% for 2026. Thailand forecast has been cut dramatically, while Malaysia and Singapore also see declines. 

Trump tariffs bite into Asia's growth as ADB flags economic chill

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India set to be world’s 3rd biggest economy, says PM after Trump’s ‘dead economy’ remark

Bessent points to ‘makings of a deal’ between US and China amid tariff tension

Trump’s trade tariffs face key legal test in US court

Trump’s tariff blitz hits Asia: Who got hurt, who escaped?

Here are things that will cost Americans more post-Trump's new tariff

US announces new tariff rates for countries in escalation of Trump's trade war

Bangladesh hails landmark trade deal with Trump, secures lower tariff rate