India US Trade Deal: Wrapping Up
President Trump celebrated the rise in tech stocks, attributing the gains to the tariff policies. Bitcoin crossed $112,000. On the home front, negotiators prepare to head back to the US for further trade talks, and revised its proposal to impose retaliatory duties to 50% under the World Trade Organisation.
With this, NDTV Profit wraps up its trade coverage for the day. Good night, readers.
This live blog has ended.
India US Trade Deal Live: India Revises Retaliatory Tariff Proposal
India has revised its proposal to impose retaliatory duties under the World Trade Organisation norms against the US over American tariffs on steel and aluminium in view of the further hike in duty by the Trump administration.
"This request is made in response to the increase in the tariff rate by the US from 25% ad valorem to 50%," the WTO has said in a communication on Wednesday.
US Trade Deal Live: Bitcoin Surges Amid Tariff Dilemma
Bitcoin surged past $112,000 for the first time as US investor setiment buoyed amidst various tariff letters being rolled out. The cryptocurrency was trading as high as 1.75% to $112,700.75 as of 10:05 p.m.
US Trade Deal Live: Chief Negotiator Agrawal Comments
India aspires to grow 10% of global trade, said Special Secretary and Chief Negotiator Rajesh Agrawal. We have more than 14 FTAs, he said, mentioning major markets like the UK, the EU as well as Latin America.
Tariffs will be bilaterally cut with these agreements, and will create predictability in tariffs, said Agrawal.
US Trade Deal Live: Trump Celebrates Surge In Tech Stocks Post Tariffs
"Tech Stocks, Industrial Stocks, & NASDAQ, HIT ALL-TIME, RECORD HIGHS! CRYPTO, “Through the Roof.” NVIDIA IS UP 47% SINCE TRUMP TARIFFS. USA is taking in Hundreds of Billions of Dollars in Tariffs. COUNTRY IS NOW “BACK.” A GREAT CREDIT! FED SHOULD RAPIDLY LOWER RATE TO REFLECT THIS STRENGTH. USA SHOULD BE AT THE “TOP OF THE LIST.” NO INFLATION!!!" said the President of the US in a Truth Social post.
US Trade Deal Live: Back To The US, For India's Negotiators
India is preparing to dispatch its trade negotiators to Washington DC for a fresh round of discussions with the United States, as both sides attempt to salvage momentum under the framework of a potential limited trade deal. The move comes after the July 9 tariff pause deadline was extended to Aug. 1, providing more room for dialogue.
India Trade Deal Live: JPMorgan's Sajjid Chinoy Wants India To 'Finalise Trade Deals'
JP Morgan's Sajjid Chinoy said that US tariffs will hurt the global economic growth and push consumer prices. However, the top economist did not flag concerns on inflation outside of the US. For India, Chinoy said that the government must push to finalise trade deals with the US and EU.
US Trade Deal Live: Vedanta Expects No Major Impact
Deshnee Naidoo, the CEO of Vedanta Resources, has stated that only 2% of the company's revenue is exposed to the US, and anticipates no major impact from the recent tariffs imposed on copper.
US Trade Deal Live: American Indices Extend Gains
S&P 500 and Nasdaq rose on Thursday extending gains after US jobless claims fell for the fourth straight week to the lowest in two months. The initial claims fell by 5,000 to 2.27 lakh in the week ended July 5.
Follow all updates on the US markets here.
US Trade Deal Live: How Each Country Has Fared
In Trump's latest tariffing spree, here are the taxes he's levied on 22 countries:
Brazil: 50%
Sri Lanka: 30%
Philippines: 20%
Brunei: 25%
Moldova: 25%
Algeria: 30%
Iraq: 30%
Libya: 30%
Laos: 40%
Myanmar: 40%
Thailand: 36%
Cambodia: 36%
Bangladesh: 35%
Serbia: 35%
Indonesia: 32%
South Africa: 30%
Bosnia and Herzegovina: 30%.
Malaysia: 25%
Tunisia: 25%
Japan: 25%
South Korea: 25%
Kazakhstan: 25%
US Trade Deal Live: Trump Imposes Tariffs On 22 Countries
Good evening, readers, and welcome to today's edition of Tariffs Galore by NDTV Profit. US President Donald Trump has, so far, imposed sharp levies on 22 countries, with Brazil taking the cake at a steep 50% tariff.
Stay tuned as we follow global trade developments on the tariff front, and track Trump's movements as we wait for an India-US trade deal.
Here's what happened on the trade front so far.
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