Trump Tariffs News Live: Steel secretary says Indian industry does not expect major impact of US tariffs

• Responding to media inquiries about China's stance and potential retaliation against the Trump administration’s 25% tariff on steel and aluminum imports, set to take effect on Wednesday, Chinese Foreign Ministry Spokesperson Mao Ning emphasized that protectionism is ineffective and that trade or tariff wars have no winners—an outlook widely shared by the international community.
• Mao further stated that the US decision violates World Trade Organisation rules and weakens the rules-based multilateral trading system without offering a real solution. She affirmed that China will take all necessary measures to protect its legitimate rights and interests.

• India's steel secretary said on Wednesday that the industry does not see a major impact from tariffs imposed by U.S. President Donald Trump on steel imports as they do not export much steel to the country.
• "To U.S. we export less than 100,000 metric tons," Sandeep Poundrik told reporters on the sidelines of an event in New Delhi.
• Trump's increased tariffs on all U.S. steel and aluminum imports took effect on Wednesday, stepping up a campaign to reorder global trade norms in favour of the United States. (Reuters)

• Equity inflow at Rs 29,303 crore vs Rs 39,688 crore
• Total AUM at Rs 64.5 lakh crore vs Rs 67.3 lakh crore
• Equity AUM at Rs 27.4 lakh crore vs Rs 29.5 lakh crore.

Feb AMFI Data: Inflow at Rs 40,063 cr vs Rs 1,87,551 cr MoM

Goldman Sachs strategists have sharply increased their projections for US credit spreads, citing tariff risks and indications that the White House is willing to endure short-term economic weakness.

EU targets €26 billion of US goods in Trump tariff retaliation, Bloomberg reports

• Gold held steady on Wednesday ahead of a key U.S. inflation data that could help gauge the Federal Reserve's interest rate path amid trade tensions and economic slowdown fears, while attention was also on a potential ceasefire deal in Ukraine.
• Spot gold was flat at $2,916.69 an ounce, as of 0300 GMT, while U.S. gold futures firmed 0.1% to $2,922.30.
• "Gold is operating in 'consolidation mode' ahead of the next batch of U.S. inflation data," KCM Trade chief market analyst Tim Waterer said.
• Investors await U.S. Consumer Price Index (CPI) data due later in the day to analyse the Fed's interest rate stance going forward this year. (Reuters)
• If rising price pressures force the Fed to keep interest rates higher, gold may lose its allure as it is a non-yielding asset.

Rupee falls 7 paise to 87.28 against US dollar in early trade

• The dollar remained near a five-month low against major currencies on Wednesday, as concerns over the U.S. economy lingered amid President Donald Trump's unpredictable trade policies.
• Meanwhile, the euro held close to a five-month high, driven by growing optimism over a potential resolution to the war in Ukraine.
• The Canadian dollar experienced a turbulent session overnight after Trump initially announced plans to double tariffs on steel and aluminium to 50%, only to reverse the decision hours later. The Bank of Canada is set to announce its policy decision on Wednesday, with markets widely anticipating a quarter-point interest rate cut.
• "Trade uncertainty continues, and with it, so does market volatility," said Kyle Rodda, senior financial markets analyst at Capital.com.

• White House Press Secretary Karoline Leavitt, expressing concern over tariffs imposed on the United States by various countries, highlighted India's tariffs on American alcohol and agricultural products.
• Speaking at a press briefing on Tuesday (local time), she stated that President Donald Trump advocates for reciprocity and seeks fair and balanced trade practices.
• Leavitt also criticized Canada, accusing it of "ripping off" the U.S. and its citizens "for decades" through what she described as "egregious" tariff rates.

Prime Minister Anthony Albanese has strongly criticised US President Donald Trump’s decision to enforce a 25% tariff on Australian steel and aluminium, condemning it as "completely unwarranted."

Trump will impose a 25% tariff today on all steel and aluminum imports, escalating his ongoing trade war.

A day earlier, he had threatened to double the levy on Canadian steel and aluminum to 50%, only to backtrack hours later, suggesting he might reconsider the additional hike.

The tariffs are expected to increase costs for American businesses that rely on these metals, including automakers, construction firms, and beverage companies that use aluminum cans.

The uncertainty has already rattled stock markets, with investors wary of the potential economic fallout.

The Republican-controlled US House of Representatives on Tuesday narrowly voted to block Congress from quickly challenging tariffs imposed by Trump, a move that has heightened uncertainty in financial markets.

The 216-214 vote, which fell largely along party lines, prevents lawmakers for the rest of the year from forcing a vote to revoke Trump’s tariffs and immigration policies.

In a sudden reversal, Trump on Tuesday backed off from his pledge to double tariffs on Canadian steel and aluminum—just hours after announcing the hike to 50%.

The move, which had initially rattled financial markets, came as a response to Ontario Premier Doug Ford's retaliatory threat to impose a 25% surcharge on electricity exports to the US.

Earlier in the day, Ford had warned that Ontario—Canada’s most populous province—could cut off electricity supplies to more than a million U.S. homes unless Trump dropped his tariff threats

Trump has already imposed a 20% tariff on Chinese goods and 25% tariffs on imports from Canada and Mexico.

However, he has temporarily suspended most of these duties on US neighbours until April 2, when he plans to roll out a global regime of reciprocal tariffs on all trading partners.

US stock markets extended last week's selloff on Tuesday, as fears over the economic impact of Trump’s tariff policies weighed on investor sentiment.

The benchmark S&P 500 has fallen 3.6% since Trump’s election in November last year and is down 5.3% so far in 2025.

Speaking at a Business Roundtable meeting with around 100 CEOs from major American companies, including Apple, JPMorgan Chase, and Walmart, Trump insisted that his tariff strategy would generate significant revenue and encourage companies to establish manufacturing plants in the US.

"The tariffs are going to be throwing off a lot of money for this country," Trump said, adding that they would help correct trade imbalances, create jobs, and curb the flow of illegal narcotics.