US Tariffs News updates: India doesn't have April 2 deadline for US reciprocal tariffs, says govt; Tesla loses $125 bn in 1 day

The Centre may consider fresh funds for specific programmes to incentivise exports, with the Commerce Ministry likely to seek more allocation as uncertainties around global trade rise, especially in light of the threat of reciprocal tariffs by the Trump administration, a senior government official told Moneycontrol.

Zydus Lifesciences has entered into exclusive negotiations to acquire a controlling 85.6 percent stake in France-based Amplitude Surgical SA, a leading medical technology company specialising in lower-limb orthopaedic solutions, the Indian firm said on March 11.

India and US are looking to negotiate a mutually beneficial trade pact, the commerce ministry informed Parliament on Tuesday.

In a written reply to the Lok Sabha, minister of state for commerce and industry Jitin Prasada said that India’s tariff policy aims to regulate trade, protect domestic industries and generate revenue through taxes on imported and exported goods.

The response comes weeks after Trump announced that US will impose reciprocal tariffs on nations that impose levies on American goods.

The promoter of IndusInd Bank, Ashok Hinduja has assured during media interactions that the lender's financials remain healthy, and it will be fully supported should any capital requirement arise, after the derivatives hit shaved off nearly Rs 18,000 crore worth of market capitalisation on March 11.

Speaking about RBI's decision to approve only one-year extension to his term, IndusInd Bank chief executive officer Sumanth Kathpalia said the central bank maybe uncomfortable with his leadership skills. "I don't know what the rationale is for them to give me one year (tenure). I think they are uncomfortable with the way my leadership skills with the bank have been, and I respect that. This is a litmus test for the bank and a succession point," Kathpalia said during an investors’ call March 10.

Exports to China have surpassed exports to India for the first time since December 2023. This comes amid fresh US sanctions against Russian oil, according to data from commodity market analytics firm Kpler. In the first 10 days of March, Russian crude oil loadings for India were at around 590 thousand barrels per day (bpd), much lower than 1.11 million bpd to China, Kpler data showed.

Elon Musk-led Tesla saw a sharp decline in its share price on March 10, crashing over 15 percent to record their worst day in more than four years. The company lost $125 billion in market valuation in one day as a result of the selloff. Notably, this is higher than the combined valuation of Indian automakers Maruti Suzuki, Tata Motors and Mahindra & Mahindra (M&M).

India has made no commitment to the US related to the lowering of tariffs, the Centre reportedly told the parliamentary standing committee on external affairs in a meeting on Monday. Multiple media reports say that Commerce Secretary Sunil Barthwal told the House panel that New Delhi is considering to reduce duties on items such as nuts among other things.

Speaking about Trump's April 2 deadline to impose reciprocal tariffs, Barthwal told the House panel that there is no such timeline for India and the government had sought time till September this year. The commerce secretary is also learnt to have said that any reduction on tariffs will be done bilaterally instead of just focusing on temporary duty tweaks.

US President Donald Trump has said that he will buy a new Tesla car tomorrow. Notably, Tesla shares saw a significant downturn yesterday, crashing nearly 15 percent in one day.

"Despite the fact that Canada is charging the USA from 250% to 390% Tariffs on many of our farm products, Ontario just announced a 25% surcharge on “electricity,” of all things, and your not even allowed to do that. Because our Tariffs are reciprocal, we’ll just get it all back on April 2. Canada is a Tariff abuser, and always has been, but the United States is not going to be subsidizing Canada any longer. We don’t need your Cars, we don’t need your Lumber, we don’t your Energy, and very soon, you will find that out. MAKE AMERICA GREAT AGAIN!!!" - Donald Trump

• Delta Air Lines lowered its earnings forecast in a Securities and Exchange Commission filing, citing consumer concerns about the economy—an indication that uncertainty and financial anxiety may be shifting American spending habits.
• The airline now projects year-over-year growth of 3% to 4%, a sharp drop from its previous estimate of 7% to 9%. Additionally, while it initially anticipated earnings of up to $1 per share, the revised expectation now falls between $0.30 and $0.50, according to the filing.

Rupee Check | Rupee Opens At 87.38/$ Vs Monday’s Close Of 87.33/$

Economic warning signals have become more frequent in recent weeks as the Trump administration's sweeping policy changes across major sectors have deepened uncertainty. Layoffs are increasing, and inflation surged last month, with consumer prices rising at their fastest rate since August 2023. Meanwhile, data indicates a significant drop in consumer confidence in February.

Ontario’s electricity tariff hike comes on top of the federal government’s $21 billion in retaliatory tariffs on various American products, which will remain in place unless President Trump fully withdraws his tariffs. Meanwhile, the US president has temporarily suspended his 25% duties on most Canadian imports for a month under the trade agreement, as ongoing trade disputes fuel concerns over inflation and economic slowdown.

Ontario, the most populous province in Canada, has declared a 25% increase in electricity export tariffs, affecting approximately 1.5 million American consumers in Minnesota, New York, and Michigan. This decision comes as a direct response to US President Donald Trump's imposition of import tariffs on certain Canadian goods and energy.

The countdown has begun for the implementation of tariffs on steel and aluminum announced by US President Donald Trump. Set to take effect tomorrow, these tariffs have left the global economy on edge, triggering intense sell-offs across major markets. Recent data indicates that nearly $4 trillion has been erased from the S&P 500’s peak last month—a stark contrast to the earlier optimism when markets celebrated Trump’s economic policies. Meanwhile, Canada’s Ontario province has retaliated by imposing a 25% power tariff on the US. With fears of a recession and trade war mounting, here are the latest tariff updates from India and around the world.