Tariff news Highlights: Countdown begins for Trump tariffs on Canada, Mexico; Piyush Goyal flies to Washinton, China prepares retaliation

• LIC Increases Stake In The Company To 5.02%
• Alert: As Of Dec, LIC’s Holding In The Company Was 4.26%
• LIC Buys Additional 17.83 Lk Shares Between Jan 1-March 3

"The Government has approved the upgradation of Indian Railway Catering and Tourism Corporation (IRCTC) to Navratna CPSE, making it the 25th #Navratna among CPSEs! IRCTC is a Ministry of Railways CPSE with an annual turnover of Rs 4,270.18 Cr, PAT of Rs 1,111.26 Cr and a net worth of Rs 3,229.97 Cr for FY 2023-24," posts Department of Public Enterprise

• The Reserve Bank of India's record short U.S. dollar forward position, built over months to support the rupee amid equity outflows and U.S. trade policy worries, is diminishing the comfort offered by its large forex reserves.
• The RBI's net short dollar position in forwards and futures hit a record high of $77.5 billion in January 2025, as per data released after market hours on Friday. The data is released with a one-month lag.
• From October to January, the Indian central bank's forward dollar sales position increased by more than $60 billion. Meanwhile, India's FX reserves declined from an all-time high of nearly $705 billion in late September to $640 billion. (Reuters)

On Sunday, US Treasury Secretary Scott Bessent told CBS News’ Margaret Brennan that Mexico has agreed to impose tariffs on China at the same rate as the United States. He added that if Canada follows suit, it would be “a very good start.”

• Existing defence agreements between security allies the Philippines and the United States will remain intact under U.S. President Donald Trump, Manila's ambassador to the United States said on Monday.
• For his part, Philippine President Ferdinand Marcos Jr. is ready to travel when Trump has time for a meeting and that could be in the northern spring, Jose Manuel Romualdez told reporters on the sidelines of a forum with foreign media in Manila.
• Asked about U.S. security support for the Philippines, including military financing, patrols in the South China Sea and Philippine defence facilities currently used by U.S. forces under their alliance, Romualdez said: "All of that will remain".  (Reuters)

Commerce minister Piyush Goyal started on a trip to the United States on Monday to pursue trade talks, two government officials said, with weeks to go for President Donald Trump's planned reciprocal tariffs. Goyal's visit was sudden, as he departed after cancelling previously scheduled meetings until March 8, the officials said. He is also the minister for industry. India's trade ministry did not immediately respond to an e-mailed request for comment. (Reuters)

• Bombay HC Agrees To Grant Urgent Hearing To SEBI, BSE’s Plea Against FIR Order
• Bombay High Court HC Issues Oral Directions Restraining Regn Of FIR Till Hearing Of Plea On Mar 4
• Alert: ACB Court Had Directed Registration Of FIR Against Madhabi Puri Buch, SEBI Officials & BSE

Manufacturing activity eased to 14-month low of 56.3 in February

• Bajaj Auto | Feb Auto Sales
• Total Sales At 3.52 Lk Units Vs CNBC-TV18 Poll Of 3.60 Lk Units
• Total Sales (GU)2% At 3.52 Lk Units Vs 3.46 Lk Units (YoY)
• Domestic Sales (RD)11% At 1.83 Lk Units Vs 2.07 Lk Units (YoY)
• Exports (GU)2% At 1.68 Lk Units Vs 1.40 Lk Units (YoY)

Rupee Check | Rupee Opens At 87.36/$ Vs Friday’s Close Of 87.50/$

• China is preparing retaliatory measures in response to new U.S. import tariffs set to take effect on Tuesday, according to the state-backed Global Times. American agricultural exports are expected to be a key target for Beijing.
• Last week, US President Donald Trump threatened China with an additional 10% tariff, bringing the total duty to 20%, while accusing Beijing of failing to curb the flow of fentanyl into the United States. In response, China dismissed the accusation as "blackmail."
• "China is analyzing and formulating appropriate countermeasures to address the U.S. threat of imposing an extra 10% tariff on Chinese goods under the pretext of fentanyl," the Global Times reported on Monday, citing an unnamed source

• Gold prices rose on Monday, helped by a weaker dollar, while a delay in finding peace in Ukraine and concerns over the U.S. tariff policy fuelled safe-haven demand for the metal.
• Spot gold climbed 0.3% to $2,866.76 an ounce by 0303 GMT. U.S. gold futures rose 1.1% to $2,880.50.
• The dollar index fell 0.4% from a more than two-week high hit in the previous session, making bullion less expensive for other currency holders.
• "Today's early Asian bullish tone in gold is likely to be driven by geopolitical risk factors due to the pushback of the anticipated peace deal between Ukraine and Russia," said Kelvin Wong, senior market analyst, Asia Pacific, at OANDA. (Reuters)

Paytm Gets Show Cause Notice From ED Over Alleged FEMA Violations Worth `611 Cr w.r.t Acquisition Of 2 Firms

• Mumbai Court Directs FIR Against Former SEBI Chief Madhabi Puri Buch & 5 Others
• Court Orders FIR Against Former SEBI Chief Madhabi Puri Buch, Ashwani Bhatia, Ananth Narayan, Kamlesh Chandra Varshney, Pramod Agarwal & Sundararaman Ramamurthy
• Court Directs FIR Against Accused Under – IPC, Prevention Of Corruption Act & Sebi Act
• Court Order -
• Considering The Gravity Of Allegations, Applicable Laws, And Settled Legal Precedents, This Court Deems It Appropriate To Direct An Investigation Under Section 156(3) Cr.P.C.
• The Concerned Anti-Corruption Bureau, Worli, Mumbai Region, Mumbai Is Directed To Register An FIR Under The Relevant Provisions Of IPC, Prevention Of Corruption Act, SEBI Act, And Other Applicable Laws
• Status Report To Be Filed Within 30 Days
• The Investigation Shall Be Monitored By This Court

• An additional 10% tariff on Chinese imports is set to take effect this week, coinciding with the opening of China's National People's Congress' third annual session on Wednesday. During the session, officials may introduce stimulus measures or announce retaliatory actions against the U.S.
• "As with previous Trump tariff announcements, it's difficult to determine whether this is merely a bluff or a real shift in policy," said JPMorgan economist Michael Feroli.

S&P 500 and Nasdaq futures edged up 0.1%, rebounding late on Friday after a week of steep declines. Meanwhile, geopolitical uncertainty persisted as European leaders prepared a Ukraine peace plan to present to the United States, following a tense exchange between President Volodymyr Zelenskiy and Trump in the Oval Office. Concerns over the U.S. economy also grew, fueled by a series of weak economic reports. The closely watched Atlanta Fed GDPNow tracker swung from +2.3% to an annualized -1.5%, igniting discussions about a potential recession.

Lutnick's remarks marked the first sign from Trump's administration that it might not enforce the full 25% tariffs on all Mexican goods and non-energy imports from Canada as previously threatened. He acknowledged that both countries have made a "reasonable effort" in securing their borders with the U.S., although the influx of the deadly drug fentanyl remains a concern.

Last week, Trump caused confusion by referring to a potential April 2 deadline for tariffs on Canada and Mexico. However, he later reaffirmed the original Tuesday deadline and announced an additional 10% tariff on Chinese goods. This move will effectively double the 10% duties that were implemented on February 4.

The United States has officially confirmed that the tariffs announced by President Donald Trump will take effect starting tomorrow. However, there is a condition attached. According to US Commerce Secretary Howard Lutnick, the final decision on whether the duties will be set at 25 percent will rest with Trump. Meanwhile, Asian markets remain steady as investors await further tariff updates, but bitcoin is experiencing a significant surge. The latest data shows that the world’s largest cryptocurrency by market value, bitcoin, has jumped more than 11 percent to $94,110. Similarly, ether has risen by 14 percent to $2,528.