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Hindustan Times
41 minutes ago
- Hindustan Times
Trump says countries will face tariffs ranging from 15% to 50%
US President Donald Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising. US President Donald Trump at the Oval Office on July 22, 2025. (REUTERS/Kent Nishimura)(REUTERS) 'We'll have a straight, simple tariff of anywhere between 15% and 50%,' Trump said Wednesday at an AI summit in Washington. 'A couple of — we have 50 because we haven't been getting along with those countries too well.' Trump's comment declaring that the tariffs would begin at 15% represented the latest twist in his effort to impose duties on nearly every US trading partner, and the latest indication that Trump was looking to more aggressively impose the levies on exports from countries outside the small group that so far has been able to broker trade frameworks with Washington. Trump earlier this month said that more than 150 countries would receive a letter including a tariff rate of 'probably 10 or 15%, we haven't decided yet.' Commerce Secretary Howard Lutnick told CBS News on Sunday that small countries including 'the Latin American countries, the Caribbean countries, many countries in Africa' would have a baseline tariff of 10%. And at the first announcement of the tariffs in April, Trump unveiled a universal tariff of 10% on nearly every country. While Trump and his advisers initially expressed hopes of securing multiple deals, the president has been touting the tariff letters themselves as 'deals' and suggesting that he is uninterested in back-and-forth negotiations. Still, he has left the door open for countries to make agreements that could lower those rates. On Tuesday, Trump announced he was reducing a threatened 25% tariff on Japan to 15% in exchange for the country removing restrictions on some US products as well as offering to back a $550 billion investment fund. The White House has also discussed a similar fund with South Korea, a nation also focused on reaching a 15% rate including on autos, according to people familiar with the matter. And the Philippines is aiming to bring down its own tariff rate to the 15% level from the current 19% rate, according to the country's Ambassador to the US Jose Manuel Romualdez. Meantime, officials in Vietnam are weighing the likely cost of their deal. Hanoi estimates its exports to the US could decline by as much as a third if higher tariffs announced by Trump take effect, an internal government assessment shows. Other nations, including India and members of the European Union, are still pushing for an agreements before the heightened tariffs go into effect. On Wednesday, Trump said he would 'have a very, very simple tariff for some of the countries' because there were so many nations that 'you can't negotiate deals with everyone.' He said talks with the European Union were 'serious.' 'If they agree to open up the union to American businesses, then we will let them pay a lower tariff,' Trump said.
Time of India
44 minutes ago
- Time of India
India-UK trade deal: From 99% duty-free access to benefits for Indian professionals - Here's the FTA in 10 big numbers
Key labour-intensive sectors—marine, textiles, chemicals, base metals—will now enjoy zero duties, down from rates as high as 20%. (AI image) India-UK trade deal: The India-UK trade deal is being seen as a historic milestone in the trade relations between the two countries. The most significant number that jumps out is - 99% of India's exports to the US now get a zero tariff or duty-free access to the United Kingdom markets! The trade deal or free trade agreement (FTA) is also particularly important since it comes at a time when US President Donald Trump's newly established trade order is disrupting the global economy. At the signing of the deal, PM Narendra Modi said Modi Indian goods including textiles, jewellery, agricultural products and engineering goods would get better access to the UK market. "This isn't merely paving the way for economic partnership but is also a blueprint for our shared prosperity," Modi said. "The UK-India deal is now signed, sealed and ready to be delivered," UK PM Keir Starmer said, delivering a statement alongside Modi. He said it would bring "huge benefits to both of our countries," boosting wages, raising living standards and bringing down prices to consumers. British Imports More From India Than It Exports The bilateral trade between the nations reached $21.9 billion in 2024, with projections indicating the agreement will enhance annual bilateral trade by £25.5 billion over the long term. The agreement stipulates that 90% of tariff lines will see reductions for British exports to India, with 85% becoming completely tariff-free within ten years. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is this legal? Access all TV channels without a subscription! Techno Mag Learn More Undo For India, approximately 99% of tariff lines for goods exported to Britain will see tariffs at zero. The agreement includes provisions to reduce levies on spirits, with whisky and gin duties decreasing to 75% initially, then to 40% by the tenth year. Additionally, automotive sector tariffs will decrease from 110% to 10% under a quota system during this period. 1. 99% Duty Free Access India is set to gain from 99% duty free access to the UK market - which covers nearly all of the trade value with the United Kingdom! Key labour-intensive sectors—marine, textiles, chemicals, base metals—will now enjoy zero duties, down from rates as high as 20%. In processed foods, tariffs on 99.7% of lines, once as steep as 70%, have been scrapped. India also secures duty-free access for sectors like rubber, plastics, auto, tea, coffee, and spices. Meanwhile, the UK will benefit from India's tariff cuts on aerospace, automobiles, and electrical machinery, with reductions ranging from 11% to 110% down to minimal levels. Also Read | India-UK trade deal: How will the Free Trade Agreement benefit India? Top 10 takeaways for Indians 2. Agriculture: Many agricultural and processed foods, including fruits, vegetables, cereals, spices like turmeric and pepper, and items like mango pulp, pickles, and pulses will get duty-free access to the UK. Over 95% of tariff lines will be duty free, which is likely to boost agri exports by over 20% in three years. This will support India's goal of $100 billion agri-exports by 2030. The FTA also opens new markets for India for agri commodities such as jackfruit, millets, and organic herbs. It protects India's sensitive sectors like dairy, apples, oats, and edible oils. 3. Marine There will be no tariffs for India's marine products which creates a $5.4 billion marine export opportunity for India. India currently has just a 2.25% share. Tariff removal on key items like shrimp, tuna, fishmeal, and feeds—previously taxed between 4.2% and 8.5% will help India. 4. Textiles India's textiles and clothing sector get duty-free access across 1,143 product categories. This does away with the disadvantage on tariff front that India had with countries like Bangladesh and Cambodia. This move enhances India's competitiveness in a UK market that imports $26.95 billion worth of textiles annually, yet currently sources just $1.79 billion from India. Key sectors such as ready-made garments, home textiles, carpets, and handicrafts are set for exponential growth. With duties removed, India is expected to gain at least 5% more market share in the UK within the next one to two years. India-UK Trade Deal 5. Engineering India's engineering exports to the UK will likely surge with duty-free access. Even though India exports $77.79 billion worth of engineering goods globally and the UK imports $193.52 billion, only $4.28 billion is sourced from India. With tariffs (up to 18%) gone, exports could nearly double to over $7.5 billion by 2029-30. 6. Pharma India exports only around $1 billion pharmaceutical products to the UK, even though the latter's imports are nearly $30 billion. The FTA does away with tariffs on generics, enhancing their competitiveness in the UK, which is India's largest pharmaceutical market in Europe. Additionally, medical devices such as surgical instruments, diagnostic equipment, ECG machines, and X-ray systems will now enjoy zero-duty access, making Indian products more cost-effective and attractive in the UK market. 7. Chemicals and plastics India's chemical exports to the UK may rise by 30–40%, estimated to reach $650–750 million in 2025–26. While India's global chemical exports are more than $40.5 billion and the UK imports $35.1 billion worth, India currently captures just $843 million—leaving ample room for growth. In plastics, duty-free access opens up strong opportunities in high-demand segments like films, sheets, pipes, and kitchenware, helping India compete with key global suppliers. With a projected 15% growth, India aims to raise plastics exports to $186.97 million over the next five years. Also Read | India-UK trade deal signed: Landmark multi-billion dollar free trade agreement sealed during PM Modi's visit; all about the FTA 8. Toys, gems & jewellery India's sports goods exports like soccer balls, cricket gear, rugby balls, and non-electronic toys will grow, boosting competitiveness against countries like China and Vietnam. Gems and jewellery exports, which currently stand at $941 million, are projected to double in 2–3 years as the FTA opens access to the UK's $3 billion jewellery market. 9. Leather In leather and footwear, the removal of 16% tariffs aims to drive exports past the $900 million mark. This will add 5% market share in 1–2 years, and benefit MSME hubs like Agra, Kanpur, Kolhapur, and Chennai. 10. What it means for Indian professionals The FTA provides a new edge for India's young professionals by exempting 75,000 Indian workers from UK social security payments for three years. It grants access to 36 service sectors without an Economic Needs Test for Indian firms and freelancers. Importantly, Indian professionals can now work in as many as 35 UK sectors for up to 2 years, even without the need for a local office. Also, over 1,800 chefs, yoga experts, and musicians will be allowed to work in the UK annually, opening new doors for cultural and professional exchange. Also Read | Donald Trump's aggressive trade moves: US President indicates he won't go below 15% tariff rate; 'we'll have a straight…' Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
44 minutes ago
- Mint
Massive setback for Donald Trump: Appeals court strikes down birthright citizenship order nationwide
A federal appeals court on Wednesday ruled that President Donald Trump's executive order aiming to curtail automatic birthright citizenship is unconstitutional, blocking its enforcement nationwide. The decision marks a major legal blow to Trump's immigration agenda and could set the stage for another showdown at the US Supreme Court. In a 2-1 decision, the San Francisco-based 9th US Circuit Court of Appeals upheld an earlier ruling by a federal judge in Seattle, declaring that Trump's directive violated the Citizenship Clause of the 14th Amendment. 'The court agrees that the president cannot redefine what it means to be American with the stroke of a pen,' said Washington Attorney General Nick Brown, whose state led the legal challenge. The executive order had sought to deny US citizenship to children born on American soil unless at least one parent was a US citizen or lawful permanent resident. Despite a recent Supreme Court ruling that curtailed the power of lower courts to issue nationwide injunctions, the 9th Circuit allowed the broader block, saying anything less would fail to protect the four states involved—Washington, Arizona, Illinois, and Oregon. 'It is impossible to avoid this harm absent a uniform application of the citizenship clause throughout the United States,' wrote US Circuit Judge Ronald Gould, who authored the majority opinion. Gould, joined by Judge Michael Hawkins, argued that limiting the injunction geographically would force states to revise government benefits programs in anticipation of families relocating from areas where the order was active. In a dissenting opinion, Judge Patrick Bumatay, a Trump appointee, contended that the plaintiff states lacked standing to sue and warned that the decision risked "judicial overreach." Trump's 2019 executive order directed federal agencies to refuse to recognize the US citizenship of children born on US soil to non-citizen parents who lacked green cards or American citizenship. The Constitution's Citizenship Clause says: 'All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens…' The case originated from a ruling by Judge John Coughenour, a Reagan appointee in Seattle, who became the first to halt the order. In his ruling, Coughenour called Trump's directive 'blatantly unconstitutional,' a position now affirmed by the appellate court. Trump's legal team could now appeal directly to the Supreme Court or request a broader review by the full 9th Circuit panel.
