Here's a roundup of the key happenings in the commodities market.
President Donald Trump asked the US Trade Representative to consider increasing the proposed tariffs to 25 per cent from the planned 10 per cent, USTR Robert Lighthizer said yesterday.
Karnataka Chief Minister HD Kumaraswamy announced that a total of eight lakh jobs are expected to be generated under the scheme, for which government would provide Rs 14,000 crore investment in the coming year.
Chinese products had recorded a 30 per cent decline in sales last year on Diwali, the festival of lights which coincides with the Hindu New Year.
Addressing a gathering after hoisting the tricolour on a 100 feet-high flagstaff at the Patanjali yogpeeth on the Indepedence Day, he said China only understands the "language of aggression" and India should first try to defeat it economically.
The outfit, Rashtriya Swabhiman Andolan, will be launching a nationwide campaign, 'Say no to China - Be Bhartiya buy Bhartiya' from today, an office-bearer said here.
China also asserted that any such boycott would not have much impact on its exports, but "without proper substitutes, the biggest losers of the boycott of Chinese goods will be Indian traders and consumers".
The Confederation of All India Traders (CAIT) termed the remark as "great insult" to India and urged people to refrain from buying Chinese goods this Diwali.
The Beijing-based company now aims at becoming largest smartphone vendor in India, the world's fastest growing handset market, in the next three to five years, said Lei Jun, founder and CEO of Xiaomi.
Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal said that Chinese lighting and decorative products are widely used during Diwali and such materials start flooding the Indian markets three months prior to the festive season.
"The boycott has not achieved success. Sales figures for Chinese products on the top three Indian online retailers in the first week of October hit a new record. Amazingly, the Chinese mobile phone company Xiaomi sold half a million phones in just three days on the Flipkart, Amazon India, Snapdeal and Tata CLiQ platforms," the article said.
"India has initiated 15 trade remedy investigations against Chinese products in the first eight months of the year, with observers forecasting even more probes in the foreseeable future," the Global Times reported.
China's official Purchasing Managers' Index fell to 50.10 for June from 50.8 in May. It brought back worries about slow growth in the second quarter.
China official manufacturing purchasing managers index (PMI) rises to 50.8 in May from 51.7 in April indicating a stronger demand for Chinese goods.
When cheap Chinese goods started flowing in big numbers to Africa a decade ago, consumers benefited from lower prices, but local producers such as textile mills saw their businesses suffer.
The World Trade Organization's top court upheld on Friday some Chinese objections to a ruling that had backed the right of the United States to impose extra duties on Chinese goods that Washington said were unfairly priced and subsidized.