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Here are the key highlights on the trade deal situation as of now:
Copper has been imposed with 50% tariffs.
Pharmaceuticals have been threatened with 200%, and word is likely on the sector in a year.
The Aug. 1 deadline to implement trade deals will not be moved.
All members of BRICS will be charged 10% tariffs.
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Despite Trump's 200% tariff threat, the pharmaceutical sector saw trading end on a strong note, with the Nifty Pharma index outperforming a decline in the benchmark Nifty 50 to end 0.19% higher.
Here are the top gainers and losers:
Despite Trump's 200% tariff threat, the pharmaceutical sector saw trading end on a strong note, with the Nifty Pharma index outperforming a decline in the benchmark Nifty 50 to end 0.19% higher.
Here are the top gainers and losers:
LME copper slid as much as 2.4%. The metal retreated 2.9% in New York after Tuesday’s 13% surge.
India is still awaiting the finalisation of an interim trade deal as US President Donald Trump intensifies his tariff agenda ahead of the Aug. 1 rollout.
Nirmal Bang's Kunal Shah commented on the 50% tariff on Copper by US, noting that China is expected to see tepid demand growth, while mines are struggling to meet environmental safety standards. Despite these challenges, he remains bullish on copper from a long-term perspective.
Morgan Stanley's Chetan Ahya recommends closely monitoring the impact of ongoing trade tensions on corporate capital expenditure and regional economic growth, as their effects are still unfolding.
India will likely outperform other Asian economies in private capex. The country is expected to do better because of the recent policy reforms.
The trade tension is expected to weigh first on corporate confidence and then on capex.
It is also going to be tough for consumption to accelerate as private capex slowdown will restrict job growth.
Source: Chetan Ahya, Managing Director, Chief Asia Economist At Morgan Stanley
Lupin Ltd., Biocon Ltd., Granules India Ltd., shares gained despite the sentiment for overall pharmaceutical stocks got affected after US President Donald Trump threatened to impose steep tariffs on drug import. Trump threatened to impose 200% tariff on drugs within a year.
India's pharmaceutical companies conducts substantial business in the US, which is making them more vulnerable to US trade decisions compared to other sectors.
Read more here
Copper stocks opened higher on Wednesday before swinging to some declines after US President Donald Trump announced the imposition of 50% tariff on imports of the metal the previous night.
Hindalco Industries Ltd. and Hindustan Copper Ltd. gained at market open but shortly after Hindustan Copper slipped over 1%, while Vedanta Ltd. saw marginal decline of nearly 0.80%.
Read more here
President Donald Trump vowed to push forward with his aggressive tariff regime in the coming days, stressing he would not offer additional extensions on country-specific levies set to now hit in early August while indicating he could announce substantial new rates on imports of copper and pharmaceuticals.
The president said he would impose a 50% rate on copper products being sent into the US and threatened 200% tariffs on pharmaceutical products.
Trump said he would still tag imports from India with an additional 10% levy for their participation in BRICS.
Shares of companies like Dr. Reddy's Laboratories Ltd., Sun Pharmaceuticals Industries Ltd., Cipla Ltd., and more will be in focus on Wednesday after US President Donald Trump threatened to slap 200% tariffs on pharmaceutical products.
Read the whole story here.
Dive deeper into the levies imposed on copper and the potential pharma tariffs of 200% here.
Trump announced a 50% levy on copper in the presser following the cabinet meet.
Will give about a year and a half for tariffs on pharma, said Trump, adding that USA could look at 200% tariffs for pharma products.
The USA could have been much harsher, and could have gone much higher with tariffs, stated Trump.
Source: Cabinet meet presser
All members of BRICS will be charged 10% tariffs, including India, as BRICS was set up to hurt America and destroy the dollar, declared Trump in the presser.
Source: Cabinet meet presser
A lot of 'my' deals going out soon, said President Trump, adding that the US is picking out low, fair tariff numbers.
Source: Cabinet meet presser
South Korea 'went crazy' over ask to pay for defense, said Trump. They should be paying for their own military, he added, saying that US forces in South Korea, Germany boost their economies.
Source: Cabinet meet presser
"The USA will be getting in $300 billion in tariff collections by the end of this year," stated Scott Bessent, the United States Secretary of the Treasury. He projects $2.8 trillion in tariff income in a decade.
Source: Cabinet meet presser
"We have only done what other nations have done to us," said President Trump at his cabinet meet. "Money will start coming in," he said.
President Donald Trump said he would not offer any extensions to a new August 1 deadline for nations to begin paying so-called reciprocal tariffs.
“TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change,” Trump wrote on his Truth Social platform on Tuesday. “In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted.”
Read full story here.
Speaking to NDTV Profit in an exclusive interview on Tuesday, July 8, Mark Matthews, Managing Director, Head of Research, Asia Pacific at Bank Julius Baer & Co. Ltd, believes that India will withstand Trump tariffs and will not suffer any major economic 'impact' over very little exposure to US exports.
Matthews explained that since the Indian stock market is almost at an all time high, Trump ''probably feels more confident doing it now" than when the market was just 1% away from hitting a bear market in April.
Read full story here.
US President Donald Trump on Tuesday through a post on Truth Social said that the Aug. 1 deadline will not be extended and the tariffs will begin from the set date.
He further added that more letters will be sent out on Tuesday and Wednesday.
"There has been no change to this date, and there will be no change," Trump said in his post.
Rob Subbaraman, chief economist and head of global markets research, Asia ex-Japan at Nomura, highlighted a prevalent market sentiment that the Aug. 1 deadline could be in a "classic Trump style escalate to de-escalate" scenario, potentially leading to lower tariffs.
Here's his take on the tariff conundrum.
While there is no official word from New Delhi or Washington, reports have claimed that an announcement related to a trade deal could be made soon. It is also expected that the agreement may cover only goods, and leave out some of the broader contours of the trade between the two countries.
Trump has threatened to slap an additional 10% tariff on "any country aligning themselves with the Anti-American policies of BRICS," targeting the bloc of developing nations led by Brazil, Russia, India, China and South Africa.
Leavitt on Monday said Trump would "take any action necessary to prevent countries from taking advantage of the United States and our people."
The S&P and Dow Jones Industrial Average opened mixed on Tuesday after the United States issued tariff letters to 14 countries.
S&P 500 was up 0.03%, whereas the tech-heavy Nasdaq Composite was up 0.23% and Dow Jones was down 0.16%.
Follow all US markets updates here.
Goods from Malaysia, Kazakhstan and Tunisia would see a 25% rate, while South Africa would see a 30% tariff and Laos and Myanmar would face a 40% levy. Other nations hit with levies included Indonesia with a 32% rate, Bangladesh with 35%, and Thailand and Cambodia with duties of 36%. Bosnia received a 30% levy, while Serbia faces a 35% rate.
Another day, another likely round of tariff announcements. Welcome to NDTV Profit's coverage of US President Donald Trump's movements on the global trade front, after he announced fresh tariffs on 14 countries ranging from South Korea to Japan to the tune of 25% - 40% on Monday.
Stay tuned as we track Trump's announcements, with an eye out for a likely India-US deal.
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