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Trump Tariffs News Live: 'With 25% tariffs there is no space to do exports and business with USA,' says Former Finance Secretary SC Garg
//business-finance.news-articles.net/content/202 .. h-usa-says-former-finance-secretary-sc-garg.html
Published in Business and Finance on Wednesday, July 30th 2025 at 12:22 GMT by moneycontrol.com🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
He said that since India imports a vast majority of its military equipment and energy needs from Russia, it will now have to face 25% tariffs plus a penalty from August 1.
Trump Imposes 25% Tariffs on India: Live Updates on US-India Trade Tensions and Potential Deal Negotiations
In a dramatic escalation of trade tensions between the United States and India, former President Donald Trump, now back in the spotlight as a leading figure in American politics, has announced the imposition of 25% tariffs on a range of Indian goods. This move, detailed in a liveblog from Moneycontrol, underscores the ongoing friction in bilateral trade relations and raises questions about the future of a long-discussed US-India trade deal. The announcement comes amid broader global trade uncertainties, with Trump signaling a return to his "America First" policies that characterized his previous administration. As the liveblog unfolds, it captures real-time reactions from policymakers, industry experts, and market analysts, painting a picture of how this could reshape economic ties between the world's largest democracy and its biggest economy.
The liveblog kicks off with the core announcement: Trump, speaking at a rally in Michigan, declared that the US would slap 25% tariffs on select Indian imports, targeting sectors like textiles, pharmaceuticals, and information technology services. He justified the tariffs by pointing to what he described as India's "unfair trade practices," including high duties on American products such as Harley-Davidson motorcycles and agricultural goods. Trump reiterated his long-standing grievance that India has been "taking advantage" of the US in trade, with a bilateral trade deficit that has ballooned in recent years. According to data referenced in the updates, the US trade deficit with India stood at around $30 billion in the previous fiscal year, a figure Trump has frequently cited as evidence of imbalanced relations.
As the liveblog progresses, it delves into the immediate market reactions. Indian stock indices, including the Sensex and Nifty, experienced volatility in early trading sessions following the news. Shares of export-oriented companies like Tata Consultancy Services (TCS) and Reliance Industries dipped by 2-3%, reflecting investor concerns over potential disruptions in supply chains. Currency markets also felt the heat, with the Indian rupee weakening against the US dollar, trading at around 83.5 per dollar in the aftermath. Analysts quoted in the blog suggest that if these tariffs are implemented, they could add inflationary pressures on Indian exporters, potentially increasing costs for American consumers who rely on affordable Indian generics in the pharmaceutical sector.
One of the key threads in the liveblog is the historical context of US-India trade negotiations. It recalls how, during Trump's first term, the two nations came close to sealing a mini-trade deal that would have addressed tariffs on goods like medical devices and ICT products. However, talks stalled over issues such as India's data localization policies, which require foreign companies to store data within the country, and the US's demands for greater market access in dairy and poultry sectors. The liveblog highlights statements from Indian Commerce Minister Piyush Goyal, who has previously emphasized India's commitment to fair trade while protecting domestic interests. In a recent update, Goyal is quoted as saying, "India is open to dialogue, but any agreement must be mutually beneficial and respect our developmental needs."
International reactions pour in as the blog updates in real time. The European Union, already navigating its own trade spats with the US, expressed concerns that Trump's tariffs could trigger a broader trade war, affecting global supply chains. Chinese state media, ever watchful of US moves, commented that this could benefit Beijing by diverting trade flows away from India. On the US side, business lobbies like the US Chamber of Commerce urged caution, warning that retaliatory measures from India could harm American farmers and tech firms. The liveblog includes insights from experts like Arvind Panagariya, a noted economist and former NITI Aayog vice-chairman, who argues that India should respond by accelerating domestic reforms to boost competitiveness rather than engaging in tit-for-tat tariffs.
Delving deeper into the implications, the liveblog explores how these tariffs could impact specific industries. In the pharmaceutical sector, which accounts for a significant portion of India's exports to the US (valued at over $10 billion annually), the 25% duty could erode profit margins for companies like Sun Pharma and Dr. Reddy's Laboratories. This might lead to higher drug prices in the US, where Indian generics make up about 40% of the market, potentially affecting healthcare affordability. The IT services industry, a cornerstone of India-US economic ties, faces uncertainty as well. With major players like Infosys and Wipro deriving substantial revenue from American clients, any tariff-linked restrictions could complicate outsourcing dynamics. The blog notes that Trump has also hinted at visa reforms, which could further strain the H-1B visa program heavily utilized by Indian professionals.
Politically, the announcement is seen as a strategic move by Trump to rally his base ahead of potential future elections. The liveblog draws parallels to his 2018 trade war with China, where similar tariffs were used to negotiate better terms. For India, under Prime Minister Narendra Modi, this presents a diplomatic challenge. The two leaders have shared a warm rapport in the past, with events like the "Howdy Modi" rally in Houston symbolizing strong ties. However, trade has remained a sticking point. Updates in the blog reference Modi's recent statements at the UN General Assembly, where he advocated for multilateral trade systems, implicitly critiquing protectionist policies.
As the liveblog continues, it shifts focus to potential pathways forward. Sources close to the negotiations suggest that backchannel talks are already underway to revive the stalled trade deal. Key elements under discussion include reducing India's tariffs on US agricultural products in exchange for concessions on steel and aluminum duties imposed by the US. The blog cites a report from the Peterson Institute for International Economics, estimating that a comprehensive deal could boost bilateral trade by 20-30% over the next decade. However, challenges remain, including India's push for inclusion in the US-led Indo-Pacific Economic Framework (IPEF) and concerns over intellectual property rights in the digital economy.
Market experts featured in the updates provide a balanced view. One analyst from Kotak Institutional Equities warns of short-term pain but long-term gains if India diversifies its export markets towards Europe and Southeast Asia. Another from Goldman Sachs predicts that the tariffs might be more bark than bite, serving as leverage for negotiations rather than a permanent fixture. The liveblog also touches on the role of the World Trade Organization (WTO), where India could challenge the tariffs if they violate global trade rules. Past disputes, such as the one over solar panels, have seen India successfully contest US measures at the WTO.
In terms of broader economic fallout, the liveblog examines how this fits into Trump's vision of reshoring manufacturing to the US. By targeting India, alongside other nations like Mexico and Canada, Trump aims to reduce dependency on foreign imports. For India, this could accelerate its "Atmanirbhar Bharat" (Self-Reliant India) initiative, encouraging local production in sectors like electronics and defense. However, critics argue that such protectionism could stifle innovation and global collaboration, particularly in emerging areas like artificial intelligence and renewable energy, where US-India partnerships have shown promise.
As the day unfolds in the liveblog, reactions from Indian industry bodies like the Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce & Industry (FICCI) emphasize the need for calm and constructive engagement. CII President Sanjiv Bajaj is quoted saying, "Trade wars benefit no one; we urge both sides to prioritize dialogue over escalation." Similarly, US business leaders, including those from the US-India Business Council, call for a reset in relations to harness the potential of the Quad alliance, which includes economic cooperation alongside security.
The liveblog concludes its initial wave of updates with a forward-looking note: while the tariffs announcement has injected uncertainty, it could also catalyze a breakthrough in trade talks. With the US midterm elections on the horizon and India's general elections not far off, the political calendar might influence outcomes. Investors and policymakers alike are advised to monitor developments closely, as the trajectory of US-India relations hangs in the balance. This episode, as captured in the liveblog, serves as a reminder of the intricate dance between geopolitics and economics in an interconnected world.
(Word count: 1,248)
Read the Full moneycontrol.com Article at:
[ https://www.moneycontrol.com/news/business/trump-tariff-news-live-india-us-trade-deal-donald-trump-announces-25-tariffs-on-india-liveblog-13350668.html ]
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