Tariff news live: 'Direct dialogue happening at the top,' says Tulsi Gabard on upcoming reciprocal tariffs

• India’s merchandise trade deficit in February drastically narrowed to $14.05 billion in February versus nearly $23 billion in January.
• Even on a year-on-year basis, the trade gap in goods was narrower in February compared to $19.51 in the same month during the previous financial year.
  Barthwal: All the measures to raise India, US trade to $500 billion by 2030 will be discussed; proposed deal between India, US is multisectoral
• Barthwal: Proactively engaging with US. Goyal met Commerce Secretary and USTR during his visit to the US. There were positive talks and positive talks are continuing.
• Barthwal: Govt is weighing both opportunities and issues emerging from US tariffs. We are doing stakeholders consultation on these issues and will be resolving those issues on a bilateral basis

• Tulsi Gabbard, the US Director of National Intelligence, currently on a multi-nation tour that includes India, stated on Monday that India and the United States are engaged in direct, high-level discussions on tariffs.
• In an interview with news agency ANI, Gabbard emphasized that both President Donald Trump and Prime Minister Narendra Modi are committed to finding a “good solution” on the matter.
• “What stands out as a major positive is that we have two leaders with common sense who are focused on practical solutions. This direct dialogue is taking place not only at the highest levels in both nations but also among secretaries and cabinet members. This will be crucial in shaping the way forward. Personally, I am optimistic, as there is significant interest in the private sector in both India and the United States,” she remarked.

• Exports Down 11% At  $36.91 Bn Vs $41.41 Bn (YoY)
• Imports Down 16% At  $50.96 Bn Vs $60.92 Bn (YoY)
• Trade Deficit At $14.05 Bn  Vs $19.51 Bn (YoY)

• The operator of the Indian capital's international airport, majority owned by GMR Airports, is suing the government for allowing commercial flights from a nearby defence aerodrome, legal papers show in a case to be heard on Monday.
• The airport is one of India's busiest, with about 73.6 million passengers using it last year, though it made a loss of $21 million because of higher government fees. In contrast, by Sunday, the number of airbase users was about 1,400.
• The Delhi airport will become "economically and financially unviable," after the government permitted commercial flights from the defence airbase in Ghaziabad, Delhi International Airport Limited (DIAL) said in the March 10 lawsuit. (Reuters)

India’s wholesale inflation rose to a two-month high of 2.38 percent in February compared with 2.3 percent in the previous month

Swiggy Instamart to expand to 100 cities nationwide, in response to the 'growing demand for 10-minute deliveries, particularly in tier 2 and 3 cities'.

US President Donald Trump said he has no intention of creating exemptions on steel and aluminum tariffs and said reciprocal and sectoral tariffs will be imposed on April 2. Speaking to reporters on Air Force One, Trump said reciprocal duties on US trading partners would come alongside auto duties. (Reuters)

Fast-fashion retailer Forever 21's US operating company filed for Chapter 11 bankruptcy on Sunday for the second time in six years, struggling with declining mall foot traffic and growing competition from online retailers. The filing is expected to lead to liquidation, as the company failed to secure a buyer for its approximately 350 US stores. However, its trademark and intellectual property—owned by Authentic Brands Group—could continue in another form. Forever 21 has faced ongoing challenges from the rise of e-commerce and the gradual decline of American mega malls. The retailer previously filed for Chapter 11 bankruptcy in 2019 and was later acquired by Sparc, a partnership between Authentic Brands Group and mall operators Simon Property and Brookfield Asset Management Inc.

The Securities and Exchange Board of India (SEBI) is said to have asked the management of IndusInd Bank as to why it did not disclose the lapses pertaining to derivative instruments back in October 2024, when, according to the lender, it started investigating the matter. “Sebi’s concern is that when the bank cannot with any certainty tell what is going to be the exact quantum of hit to its balance sheet even now, how is the present situation any different from what prevailed in October last year,” a senior official who didn’t want to be named said. (Read More)

Gold edged higher on Monday after reaching a historic peak last week, as geopolitical tensions, concerns over escalating trade frictions due to tariffs, and growing expectations of US Federal Reserve rate cuts continued to boost safe-haven demand. As of 0307 GMT, spot gold gained 0.1% to trade at $2,986.53 per ounce. On Friday, bullion briefly surpassed the $3,000 mark, setting a record high of $3,004.86. Meanwhile, U.S. gold futures slipped 0.2% to $2,994.60. “The recent surge in gold prices has been fueled by stagflation concerns,” said Kelvin Wong, senior market analyst for Asia Pacific at OANDA. He noted that short-term momentum remains strong, with the next resistance levels at $3,016 and $3,030.

US President Donald Trump’s plan to impose reciprocal tariffs may only lead to a 3-3.5 percent decline in exports, with the effect being negated by higher exports, SBI Research said Monday. “Higher export goals across both manufacturing and services fronts, as India has diversified its exports kitty, pitched value addition, exploring alternate areas and works on new routes that transcend from Europe to USA via the MiddleEast, redrawing new supply chain algorithms,” SBI said will help negate the impact of tariffs. (Read More)

• Industry Expertise: More than 20 years of proficiency in port operations and cargo management
• Widespread Presence: Active in key ports and industrial zones throughout eastern India
• Advanced Infrastructure: Modern handling machinery, a robust transport fleet, and a highly trained workforce
• Client-Focused Solutions: Dedicated to efficient supply chain management with an emphasis on quality and affordability

• Founded: 2000
• Industry: Port services, logistics, and ship husbandry
• Location: Paradip Port, Odisha, India
• Services Offered:
• Cargo Handling: Manages bulk cargo imports and exports
• Ship Husbandry: Works with renowned global shipping lines
• Stevedoring: One of the largest stevedoring contractors on India’s east coast
• Dredging: Operates in ports across India and Southeast Asia
• Custom House Clearance: Provides clearance and forwarding agency services
• Transportation: Handles transportation from mines to ports and within port premises\\
• Operational Locations:
• Gopalpur
• Paradip
• Haldia
• Visakhapatnam
• Jajpur
• Joda & Barbil
• Chandikhol
• Cuttack
• Talcher

Share India Capital Services Private Limited is the book-running lead manager for the Paradeep Parivahan IPO, with Bigshare Services Pvt Ltd serving as the issue's registrar. The market maker for the IPO is Share India Securities Limited.

The Paradeep Parivahan IPO is priced between Rs 93 and Rs 98 per share, with a minimum lot size of 1,200 shares. Retail investors need to invest at least Rs 1,11,600, but to mitigate oversubscription risks, bidding at the cutoff price of Rs 1,17,600 is advised. For High Net-Worth Individuals (HNIs), the minimum investment requirement is 2 lots (2,400 shares), amounting to Rs 2,35,200.

The Paradeep Parivahan IPO allotment is expected to be finalised on Thursday, March 20, 2025. The IPO is set to be listed on the BSE SME, with a tentative listing date of Monday, March 24, 2025.

Paradeep Parivahan's IPO opens for subscription today and will remain available until March 19. This SME IPO follows a book-built issue structure, valued at Rs 44.86 crores, and consists entirely of a fresh issue of 45.78 lakh shares.

Good morning and welcome to Moneycontrol! The primary market is witnessing renewed activity as four fresh initial public offerings (IPOs) are set to open for subscription this week. Arisinfra Solutions will debut on the mainboard, while three others will enter the small and medium enterprise (SME) segment. Additionally, the market will see the listings of two recently concluded IPOs—PDP Shippings and Super Iron Foundry — this week. Stay with us for all IPO action, latest tariff buzz and more