Trump Tariffs News Live: International trade keeps finding new pathways, says Piyush Goyal

India's exports are going to be higher than last year, says Piyush Goyal

India has converted every challenge into opportunity, says Piyush Goyal

Will see restructuring of trade routes in the event of Trump's tariff, says Piyush Goyal. Don't see it leading to deglobalisation

This week, U.S. President Donald Trump slapped an extra 25% tariff on imports from India, citing New Delhi’s ongoing purchases of Russian oil. The new duty, set to take effect 21 days after August 7, will push tariffs on certain Indian products to as high as 50% — ranking among the highest the U.S. has imposed on any trading partner.

While smartphones, pharmaceuticals, and energy remain spared from reciprocal tariffs, major export segments such as gems and jewellery, textiles, and select auto components — which account for a large share of India’s exports to the U.S. — are expected to bear the impact. - Reuters

Amid the tariff-induced volatility in the financial world, a latest SBI report has painted a grim picture for the US.

The SBI Research Report, which was released on Friday, said that while the major economies, including India, will see some impact of the steep levies, the US won’t go unscathed either. While talking about the tariffs on pharmaceuticals, the SBI report said that while "India may be hit… but the US will also suffer.”

The report stated, “~40% of India’s pharma exports go to the USA (FY25), India’s share in the US’s total pharma imports is 6% (in 2024). This indicates that a possible tariff of 50% on pharma exports may hit earnings of pharma companies by 5%-10% in FY26, as many big pharma companies' revenue from the US stood in the range of 40-50 percent.”

Union Minister Jayant Chaudhary on Friday said national interest is paramount and trade diplomacy cannot be at the cost of policy sovereignty, days after the US ratcheted up tariffs on Indian goods to 50 per cent. Addressing a skills summit organised by FICCI here, the minister said the government is sensitive and allied to the strong support and solidarity extended by the Indian industry. "Currently the global economy appears to be in a flux. Of course we need full support from the industry. This is the kind of conversation and you could almost call it a battle that the government of India is currently engaged in, but we have decided that trade diplomacy cannot be at the cost of policy sovereignty," the minister for Skill Development and Entrepreneurship said. - PTI

Indian outsourcing giant Tata Consultancy Services' decision to cut over 12,000 jobs signals the start of a broader AI-fueled trend that could end up eliminating around half a million jobs over the next two to three years from the $283 billion sector, experts said.

While TCS pegged the move to shed 2% of its workforce to skill mismatches rather than AI-related productivity gains, experts viewed the largest-ever layoffs by India's top private employer as the beginning of things to come in the labour-intensive sector. Roughly 12,200 TCS middle and senior management jobs will be lost.

The industry, which has played a crucial role in creating a middle class in India, is increasingly seeing AI being used for everything from basic coding to manual testing and customer support.

The sector employed 5.67 million people as of March 2025 and accounted for over 7% of India's GDP. It has a huge multiplier effect due to the direct and indirect jobs it creates and the cars-to-homes consumption it drives in the world's fifth-largest economy. - Reuters

Amid rising trade tensions after Washington announced a 50% tariff on Indian imports, Vadodara City Congress General Secretary Jitendra Solanki “brought down” a poster celebrating Donald Trump’s victory for his second stint as President of the United States. According to Indian Express, the poster had been put up some time earlier this year by a resident of the city on his private property. (Read More)

Gold prices surged to an all-time high of Rs 1,02,191 per 10 grams in the domestic futures market on Friday (August 8) morning, as mounting concerns over US President Donald Trump’s tariff hike spurred safe-haven demand. A weaker dollar further supported the rally. At around 1:15 a.m., MCX Gold October 3 contracts were up 0.68% at Rs 1,02,159 per 10 grams, while MCX Silver September 5 contracts rose 0.54% to Rs 1,14,904 per kg. The spike came after Trump doubled tariffs on Indian imports over New Delhi’s purchase of Russian energy, warning that trade talks with India would remain frozen until the tariff dispute is resolved.

The United States has described India as a "strategic partner" and affirmed that it will maintain a "full and frank dialogue" with New Delhi. The Principal Deputy Spokesperson for the US Department of State also noted that President Donald Trump has been very clear about his concerns regarding trade and India’s purchase of Russian oil. When asked whether Washington was concerned about worsening ties with India or the risk of New Delhi drawing closer to China, Pigott said the US remained committed to addressing differences through direct and ongoing engagement with its strategic partner. (Read More)

Nifty opens at 24,550, Sensex down 170 pts; Bharti Airtel down 2%, AU Small Finance Bank up 3% (Check Live Updates)

The $280-billion domestic information technology (IT) industry may not be directly impacted by the recent round of additional tariffs and penalties imposed by the US on Indian exports. However, analysts warn of second-order effects that could affect client sentiment, discretionary spending, and the flow of large deals. On August 6, the US President Donald Trump's administration announced the imposition of additional tariffs and penalties on a range of Indian goods, citing concerns over New Delhi's continued purchase of Russian crude. (Read More)

The United States has moved to impose tariffs on imports of one-kilo gold bars, a step that the Financial Times says could jolt the global bullion market and deepen the impact on Switzerland, which is global hub for gold refining. The decision, revealed in a July 31 US Customs and Border Protection ruling letter seen by the Financial Times, reclassifies the most commonly traded gold bars in the American market under a tariff-liable customs code. As per FT report, in a ruling letter dated July 31, the US Customs and Border Protection (CBP) said one-kilo and 100-ounce gold bars should be classified under a customs code subject to tariffs. Such ruling letters are used by Washington to clarify its trade policy.

India has long resisted opening up sensitive sectors like agriculture and dairy to foreign competition, warning of the risks to millions of rural livelihoods. The dispute signals a significant escalation in trade tensions between the two nations, with both firmly entrenched in defending their economic policies and national interests.

On Thursday, President Trump made it clear that no negotiations would take place until the dispute is resolved. When asked if further talks were expected after the 50 per cent tariff takes effect on August 27, he responded: “No, not until we get it resolved.”

Speaking at the MS Swaminathan Centenary International Conference in Delhi on Thursday, Prime Minister Modi reiterated his government’s commitment to protecting the livelihoods of farmers, fishermen, and livestock keepers. “India will never compromise on their interests,” he declared. “I know I will have to pay a heavy personal price for this, but I am prepared — and India is prepared.”

The Ministry of External Affairs slammed the tariff increase as “unfair, unjustified, and unreasonable.” Officials stressed that India’s energy security and strategic autonomy must be safeguarded, particularly in the context of its long-term economic interests.

Trade tensions have escalated after Washington’s decision to raise duties on Indian goods to a total of 50 per cent. The latest measure — an additional 25 per cent hike — was announced by US President Donald Trump on Wednesday. He cited India’s continued imports of Russian crude oil as the main reason. This comes on top of the earlier 25 per cent tariff enforced on July 20.

Prime Minister Narendra Modi will chair a crucial Cabinet meeting on Friday at 1 p.m. to assess the fallout from the sharp tariff hike recently imposed by the United States on Indian exports. The agenda will focus on evaluating the economic impact and charting India’s strategic response.