Trade Tensions Escalate As Trump Tariffs Come Into Effect: India Faces 26%, China 104% — Full List

Selling continued across global markets on Wednesday as US President Donald Trump's reciprocal tariffs on dozens of trade partner nations took effect. India, China, and the European Union are among more than 180 countries and regions facing dramatic import tariff increase from the US, announced by Trump last week.

Following Trump's aggressive move on April 2, several countries began negotiations with the US to mitigate the tariff impact. However, an unfazed China retaliated with 34% tariffs after the US imposed a 34% tariff on Chinese goods. On Tuesday, the White House confirmed a 104% tariff on Chinese imports, marking fresh tensions in what experts fear could be a global trade war. White House Press Secretary Karoline Leavitt confirmed the development during a press conference late evening.

Trump has imposed a 26% tariff on India, as he remarked during the announcement that it was very difficult to sell in India. Besides India and China, higher tariffs have also been imposed on countries such as the Philippines at 17%, Pakistan at 29%, Sri Lanka (44%), Cambodia (49%), Switzerland (31%), Indonesia (32%), and Malaysia (24%), among others. Trump has also imposed a baseline tariff of 10% on countries such as Britain, Iran, Ukraine and Saudi Arabia.

In a surprising move, Russia and North Korea were not named in the new wave of tariffs. Canada and Mexico were also spared in the latest move. Meanwhile, US’ closest ally Israel faces a 17% tariff, according to the chart shared by the White House.

Trade tensions and uncertainty have caused global stocks to plummet. The S&P 500 lost nearly $6 trillion in value since Trump unveiled the tariffs, marking its worst four-day loss since the 1950s.

Indian indices also opened in the red as BSE Sensex fell over 350 points, while Nifty50 dropped below 22,450. At 9:16 AM, BSE Sensex stood at 73,874.49, down by 353 points or 0.48%, and Nifty 50 was at 22,423.10, down 113 points or 0.50%.