Washington, July 9 (IANS) The International Monetary Fund (IMF) on Thursday reaffirmed its support for free trade and open markets despite growing tariff barriers and rising economic nationalism, saying global trade remains essential for raising living standards and reducing poverty, even as it acknowledged that the gains from globalisation have not been shared equally.Speaking at the IMF’s regular press briefing, Julie Kozack, Director of the IMF’s Communications Department, said the Fund’s lon…
Latest tariffs News & Updates
Washington, July 9 (IANS) The Federation of Indian Chambers of Commerce and Industry (FICCI) has urged the United States to abandon its proposed across-the-board tariff on Indian imports, arguing that a targeted, evidence-based approach would be far more effective in addressing forced labour concerns than blanket duties covering all sectors. Presenting Indian industry’s position before a US Trade Representative (USTR) Section 301 hearing on Wednesday (local time), FICCI representative Poornima S…
Ankara, July 8 (IANS) President Donald Trump on Wednesday said his tariff policies had triggered an unprecedented wave of manufacturing investment in the United States, arguing that companies across sectors ranging from automobiles to pharmaceuticals and semiconductors were shifting production to America to avoid higher import duties. Speaking at a news conference after the NATO summit in Ankara, Trump said the United States was experiencing the largest industrial expansion in its history, with …
Washington, July 8 (IANS) India on Wednesday accused the U.S. Trade Representative (USTR) of overlooking evidence and arguments submitted by New Delhi while recommending a proposed 12.5 per cent tariff on Indian imports under its Section 301 investigation into forced labour. In India’s presentation before a USTR public hearing, Dr. Brij Mohan of the Ministry of Commerce and Industry said the report failed to adequately consider India’s earlier submissions and engagement during the investigation….
Washington, July 8 (IANS) India argued on Wednesday that the U.S. Trade Representative’s proposed Section 301 tariff framework contradicts its own objective of eliminating forced labour by exempting certain products while seeking broad import restrictions on countries including India, urging Washington to pursue bilateral dialogue instead of sweeping trade measures. The argument was made by Dr. Brij Mohan of the Ministry of Commerce and Industry during a public hearing after a USTR official ques…
Washington, July 1 (IANS) President Donald Trump’s sweeping tariff policies have already overtaken key parts of the United States-Mexico-Canada Agreement (USMCA), fundamentally reshaping North American trade even before negotiations to rewrite the pact are completed, a senior administration official said on Wednesday. The remarks came after the United States declined to renew the USMCA in its current form during the agreement’s first mandatory six-year review, while keeping the trade pact in for…
New Delhi, June 10 (IANS) India has refuted claims made by the Trump administration under a US Section 301 trade investigation that there is excess production capacity in the Indian textile and steel sectors which is being used to export goods at low prices.Additional Secretary, Ministry of Commerce, Amitabh Kumar on Wednesday said that India does not have surplus manufacturing capacity in either industry, denying allegations being examined under the US Trade Representative’s (USTR) Section 301 …
Washington, June 5 (IANS) US Treasury Secretary Scott Bessent and senior Republican lawmakers on Thursday highlighted what they described as growing success in reducing US economic dependence on China, citing a shrinking trade deficit, expanding domestic manufacturing and new efforts to protect American industries from Chinese competition. During a House Ways and Means Committee hearing on the administration’s economic policies, Republicans argued that US President Donald Trump’s trade and tax a…
Washington, June 5, (IANS) US Treasury Secretary Scott Bessent on Thursday vigorously defended President Donald Trump’s economic agenda during a contentious House Ways and Means Committee hearing, rejecting Democratic criticism over inflation, tariffs and the administration’s handling of the economy. Appearing before the committee to discuss the administration’s 2027 budget, Bessent argued that Trump’s tax, trade and deregulation policies were delivering benefits to working Americans, while Demo…
Washington, June 5 (IANS) US President Donald Trump has said the United States and India are moving towards a trade agreement, while describing Prime Minister Narendra Modi as a “good friend” and signalling confidence that the two countries will reach a deal.Speaking at the White House during an event focused on coal and energy policy, Trump said on Thursday that trade negotiations with India were progressing despite his long-standing criticism of India’s tariff regime.Asked about reports th…