ALUMINIUM AND STEEL TARIFFS
Day after being blocked by trade court, Trump's tariffs to remain in effect after appeals court grants stay
A US federal appeals court has temporarily reinstated US President Donald Trump’s broad “Liberation Day” tariffs, just one day after a lower trade court ruled he had unlawfully invoked emergency powers to impose them. While the ruling restores the White House’s leverage for now, legal experts say a longer battle looms. Trump’s administration is expected to pursue alternative authorities if the appeal fails. Businesses and foreign governments remain cautious as tariff-related uncertainty continues to impact trade and global markets.
"Court should have no role here," White House on US court blocking Trump's tariffs
The White House criticizes a US court ruling against Donald Trump's tariff plans. Karoline Leavitt says the court overstepped its authority. She argues judges shouldn't interfere in presidential decisions. The administration has appealed the ruling. The court's decision halts many of Trump's tariffs. This includes duties on Chinese imports and goods from Mexico and Canada.
Sensex, Nifty struggle despite Asian gains. Here's why Trump tariff verdict fails to lift mood
Major Asian indices saw strong gains, with Japan’s Nikkei soaring 711 points (nearly 2%) during intraday trading. Hong Kong’s Hang Seng rose 300 points (1.3%), China’s Shanghai Composite gained 0.7% around 1 pm IST, and South Korea’s Kospi advanced 2%. Market experts attributed this lackluster trade to two primary reasons -- monthly expiry and immaterial impact of tariffs on domestic economy. Here is what they opined!
As U.S. court blocks tariffs, here are ways Donald Trump could find a workaround after suffering a major blow
Despite a court ruling against President Trump's tariffs, legal avenues remain open for their reinstatement. Economists suggest the administration could utilize tools like Section 122, Section 301 investigations, or Section 338 of the Trade Act. While the court blocked broad tariffs, sectoral levies on steel and aluminum remain, and the administration may seek to expand their application.
A mission from God, with backup plans: Trump’s tariff tools aren’t out yet
Trump tariffs US court order: A US court has blocked Donald Trump’s sweeping “Liberation Day” tariffs, ruling he misused emergency powers. But Goldman Sachs says the impact may be temporary, as Trump could use alternate legal tools like Section 301 or national security provisions. While the White House appeals, global trade partners—including India and the UK—may reconsider deals negotiated under tariff pressure.
Trump's China tariffs are having a 'massive impact' on small business
President Trump's tariffs on Chinese imports, though temporarily reduced, continue to threaten small businesses like Bivo, a Vermont-based water bottle company. Facing significant financial strain due to increased duties, Bivo has been forced to rework its strategy, impacting sales and retailer relationships.
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IMF revises up UK growth forecast for 2025
The IMF has slightly increased its UK growth forecast for 2025 to 1.2%, citing strong first-quarter growth driven by business investment. However, the fund cautioned that global trade tensions, particularly US tariffs, could negatively impact growth by 0.3% this year.
EU 'fully committed' to reaching US trade deal: Commissioner
The EU remains committed to a trade agreement with the US, despite Trump's tariff threats. Trade Commissioner Sefcovic reported positive discussions with US officials. Trump delayed imposing tariffs until July 9 after talks with EU chief von der Leyen. ECB President Lagarde criticized Trump's remarks about the EU, advocating for negotiations.
No ground for India's proposed tariff retaliation: US to WTO
The US has informed the WTO that it sees no basis for India's proposal to suspend concessions in response to American tariffs on steel and aluminium, arguing that these tariffs are not safeguard measures. India proposed retaliatory duties on 29 American products, claiming the US measures affect $7.6 billion in imports.
Apple shares fall 4% after Trump threatens to impose 25% tariff. Here's why
Apple shares dropped 4% to $193.46 after Trump warned of a 25% tariff on iPhones made outside the US. Wall Street also slumped, with major indices falling sharply and volatility spiking amid escalating global trade tensions. In a separate message, the president said Apple had failed to move iPhone production to the United States despite his repeated requests.
Trump recommends 50 pc tariff on the European Union from June 1
Donald Trump is advocating for a 50% tariff on goods from the European Union, effective June 1, 2025, citing unfair trade practices and a significant trade deficit. He claims the EU was formed to exploit the U.S. through trade barriers and other restrictions. Trump emphasizes that products manufactured in the United States would be exempt from this tariff.
Trump pushes EU to cut tariffs or face extra duties, FT reports
U.S. President Donald Trump’s trade team is pressuring the European Union to unilaterally lower tariffs on American goods, warning that failure to make concessions could halt progress in negotiations aimed at preventing additional 20% "reciprocal" tariffs, according to the Financial Times. Reuters has not independently verified the report.
Trading with India will be 'quicker, cheaper, easier' post-FTA, says UK
The UK government said trade with India will become “quicker, cheaper and easier” under the new Free Trade Agreement (FTA) signed this month. Business Secretary Jonathan Reynolds called it the “best deal India has ever agreed to.” The deal is expected to boost UK exports—such as whisky, machinery, and medical devices—by £25.5 billion annually in the long term.
Automotive component sector likely to clock 7-9% revenue growth in FY26: Crisil
The Indian automotive component sector is poised for 7-9% revenue growth this fiscal year, mirroring last year's performance, fueled by strong demand from two-wheeler and passenger vehicle segments. While commercial vehicles and aftermarket sales offer additional support, weak demand in the US and Europe presents challenges.
Tariffs may not trouble India's economic growth, Moody's explains why
Moody's Ratings indicates India's strong domestic growth and low export dependence will help it navigate US tariffs and global trade disruptions. Government initiatives boosting consumption, manufacturing, and infrastructure will offset weakening global demand. While tensions with Pakistan pose minimal economic disruption, increased defense spending could strain India's fiscal consolidation.
Vedanta Chairman Anil Agarwal calls for safeguard duty on aluminium imports
Vedanta Chairman Anil Agarwal advocates for a safeguard duty on aluminium imports, mirroring the steel sector's protection, to shield local producers from inexpensive foreign products. He envisions India transforming into a global aluminium hub, capitalizing on its substantial bauxite reserves.
Commodity Radar: Aluminium prices fall on rising output, Trump’s tariff impact. Here’s how to trade it
Aluminium prices declined as US tariffs and higher Chinese output pressured global supply-demand dynamics. Domestic futures slipped, while technical resistance capped recent recovery momentum near ₹245 levels.
Trump tariffs force EU to cut 2025 eurozone growth forecast
The EU has significantly lowered its eurozone economic growth forecast for 2025, projecting a 0.9 percent increase due to global trade tensions exacerbated by US tariffs. This revision, down from the previous 1.3 percent, reflects concerns over a weakening global trade outlook and increased trade policy uncertainty.
S Jaishankar rebuts Trump’s ‘zero tariff’ claim, says discussions still on
"Trade talks and negotiations have been going on between India and the US. These are complicated negotiations. Nothing is decided till everything is. Any trade deal has to be mutually beneficial, it has to work for both countries. That would be our expectation from the deal. Until that is done, any judgement on it would be premature," Jaishankar said in New Delhi.
BTA talks: India, US trade ministers to assess progress from May 17; to give political guidance
India and the US are set to begin crucial trade talks in Washington. Piyush Goyal will meet with US officials to advance the bilateral trade agreement. Discussions will cover market access and non-tariff barriers. Both nations aim for an interim trade deal before finalizing the agreement this fall. The US remains India's largest trading partner, with significant bilateral trade.
Commerce minister Piyush Goyal to visit US later this week, WTO retaliation, BTA talks on agenda
Piyush Goyal is set to visit the US to advance discussions on the proposed bilateral trade agreement, with meetings scheduled with key US officials. Negotiations will address retaliatory duties, market access, and intellectual property concerns. India may resolve the WTO dispute through the BTA, using its retaliation rights as leverage in the trade deal.
India only reserved right to impose retaliatory duty on US goods; may resolve issue via BTA talks
India has reserved its right to impose retaliatory duties on specific American products under WTO norms due to US steel and aluminum tariffs, potentially resolving the issue through ongoing bilateral trade agreement negotiations. A similar notification was issued to the WTO against the EU's steel safeguard measure, which was never implemented.
India's retaliatory tariff proposal may cast shadow on trade pact talks with US: GTRI
India is considering retaliatory tariffs on US goods in response to American steel and aluminum tariffs, potentially jeopardizing ongoing trade agreement negotiations. India has notified the WTO of its intent to suspend trade concessions, citing the US's failure to consult on safeguard measures.
India proposes retaliatory duties against US on steel, aluminium duties at WTO
India has proposed retaliatory duties on specific American products under the WTO in response to US tariffs on steel and aluminum, impacting $7.6 billion in imports. New Delhi asserts that the US measures are inconsistent with international trade agreements and seeks consultations.
Trump shadow begins to loom over India's factories
India’s manufacturing hopes from Trump’s China tariffs face setbacks as the US signs deals with China and the UK. India plans to impose tariffs on US goods, citing steel and aluminium duties. Trade talks stall amid geopolitical strain and conflicting claims over US mediation in the India-Pakistan conflict, raising concerns over the India-US bilateral relationship.
Metal stocks surge as US-China trade deal eases economic concerns
The Nifty Metal index jumped 5.9% - its best single-day performance in three years. Hindustan Copper soared 10%, emerging as the top gainer of the day. Steel Authority of India Limited (SAIL), National Aluminium Company (Nalco), Tata Steel and JSW Steel, which gained 5-8% each.
India proposes retaliatory duties against US on steel, aluminium duties at WTO
India has proposed retaliatory tariffs on specific American goods under WTO guidelines, responding to US duties on steel and aluminum. New Delhi asserts that the US measures impact $7.6 billion worth of Indian exports, potentially costing $1.91 billion in duties.
US-China tariff cuts may hit Indian export edge, say exporters
A US-China trade deal, featuring tariff reductions, presents both challenges and opportunities for India. While it could intensify competition in some markets, India can leverage its strengths in sectors like pharmaceuticals and IT. Exporters emphasize the need for proactive engagement with the US to secure preferential trade access, especially with ongoing BTA negotiations.
India-EU FTA talks turn to carbon tax, QCO issues
India and the EU are currently engaged in FTA negotiations, addressing non-tariff barriers like CBAM, EUDR, and India's QCOs. While aiming to finalize the agreement by year-end, discussions include the possibility of a single-phase conclusion, mirroring the UK deal.
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