Overview

• The US has imposed a 25% tariff on Indian imports linked to its Russian oil purchases and has threatened to raise it to 50%.
• Commerce Minister Piyush Goyal told the India@100 summit that India will not yield to external pressure and highlighted its 6.5% annual growth and 16% contribution to global expansion.
• New Delhi is expediting mid-August talks with US officials in parallel with free-trade negotiations with the UAE, EU, United Kingdom, Australia and other partners.
• President Trump warned that courts overturning his tariff orders could plunge the US into a depression resembling that of 1929.
• The Federation of Indian Export Organisations cautioned that higher duties risk eroding already narrow profit margins for exporters.