Trump’s Greenland tariff threat rattles global markets, sends dollar lower
Global equities softened as investors moved out of risk-heavy assets. Asian and European markets opened lower, while US futures signalled a cautious start.
During his second term, President Trump enacted an extensive range of tariffs starting in April 2025. The typical U.S. tariff increased from 2.5% to a peak of 27%. On April 5, 2025, a universal 10% tariff on all imports was enacted, accompanied by "reciprocal" tariffs reaching up to 50% for specific nations, impacting Canada, India, South Africa, Switzerland, Brazil, and more. Tariff rates were set at 35% for Canadian products, 25% for Indian exports, 30% for goods from South Africa, etc.
Tariffs were implemented mainly through executive order utilizing the International Emergency Economic Powers Act (IEEPA). These measures resulted in retaliation, “trade wars” with Canada, Mexico, China, and escalated into worldwide economic strain.
Economic & Political Effects: Economists and the US Federal Reserve forecast rising household expenses (predictions of over $2,000/year), elevated inflation, reduced growth, and harm to manufacturing and technology competitiveness. The tariffs emerged as a significant concern in Trump’s 2025 Tariff System, sparking global trade tensions.
In April 2025, President Donald Trump, in his second term, initiated an extensive tariff system that significantly changed U.S. trade policy. The typical U.S. tariff rose from about 2.5% to almost 27%, reaching the highest point in many years. On April 5, a universal 10% tariff was enacted on all imports, accompanied by "reciprocal" tariffs reaching as high as 50% on certain nations. Canada experienced a 35% rate, India a 25% rate, South Africa a 30% rate, and countries like Switzerland and Brazil were also similarly affected.
Trump implemented these tariffs mainly via executive orders under the International Emergency Economic Powers Act (IEEPA), circumventing the need for congressional approval. The action swiftly incited responses from Canada, Mexico, China, and various European countries, igniting what numerous economists described as a new phase of trade wars.
Global equities softened as investors moved out of risk-heavy assets. Asian and European markets opened lower, while US futures signalled a cautious start.
India’s trade exposure to Iran has shrunk sharply since 2019, limiting the impact of a proposed 25 per cent tariff on countries doing business with Tehran.
While tensions simmer at the border and Trump slaps crushing tariffs on both nations, India's shipments to China just hit record levels. Is this economic pragmatism or tariff loophole mastery?
President Trump's aggressive trade policies, visa restrictions and public criticism are straining the US relationship with India, potentially driving New Delhi towards closer alignment with Russia and China according to bipartisan congressional warnings.
The US Supreme Court will hear arguments on whether President Trump overstepped his authority by imposing tariffs under an emergency law, as officials signal the duties will remain in place.
Trump’s $100,000 H-1B visa fee hike triggers sharp criticism in India. Opposition leaders accuse Modi of weak diplomacy, warn of damage to Indian workers, economy and US ties.
Trump may continue to threaten tariffs, but Europe has sent a strong message: when it comes to India, it is choosing trade over tantrums.
After months of berating India as Moscow's enabler, Donald Trump has found a bigger villain in Beijing. In shifting his fury eastward, he spares New Delhi – but only to keep it from slipping deeper into Russia's embrace.
Putin also stressed that Washington’s rhetoric echoes outdated thinking. "The colonial era is now over. They have to realise they can’t use these terms in speaking with partners," he said.
With US tariffs hitting 50% and Indian exporters scrambling, turning to China may seem tempting. But the strategic and economic risks are real. But can India really rely on China as trade tensions escalate with the US after Donald Trump’s tariff tsunami?
Prime Minister Narendra Modi met Chinese President Xi Jinping for bilateral talks on the sidelines of the SCO summit in Tianjin, seeking to recalibrate ties amid the tariff barrage unleashed by Donald Trump.
Russian President Vladimir Putin will visit India in December at the invitation of Prime Minister Narendra Modi, even as New Delhi faces tariff threats from Donald Trump over its ties with Moscow.
In his letter to President Droupadi Murmu, later passed on to PM Modi, Chinese President Xi Jinping sought to "test the waters on improving ties." Indian officials said Xi reached out directly to Indian President Droupadi Murmu in March, during heightened US trade tensions with China.
S Jaishankar to visit Russia on August 20 and 21 and hold talks with Russian Foreign Minister Sergey Lavrov. The visit comes days after the United States imposed an additional 25 per cent tariff on Indian goods.
Andhra Pradesh Chief Minister N Chandrababu Naidu hit back at US President Donald Trump’s “dead economy” remark, calling India the fastest-growing major economy. He credited PM Modi for India’s global economic rise. Naidu warned that countries denying jobs to Indians would struggle to develop.
Speaking on the broader trade outlook, Piyush Goyal said that India's IT industry has not looked back since the year 2000, creating thousands of jobs, and noted that the country had turned the Covid-19 crisis into an opportunity. "India will always emerge victorious during challenging times," he said.
Days after US President Donald Trump doubled India’s tariffs to 50 per cent, sources told India Today TV that no decision has been taken to cancel defence deals with Washington, DC, and that the status quo on defence procurement has been maintained.
According to a source, the visit is part of a planned schedule and will focus on defence cooperation between India and Russia.
The Republican leader also called out the Trump administration's duplicity, highlighting a soft-handling of trade with China in which the US paused the tariffs for 90 days.
Russia slammed Donald Trump for "illegally" pressuring countries like India to cut trade ties with Moscow, after the US President threatened to impose excess duties on Indian goods for purchasing Russian energy.
On this Special Report, Senior Editor Pranay Upadhyay discusses the escalating tensions between the European Union and the United States over President Donald Trump's bid to take over Greenland. The European Union is reportedly scrambling to avert the 'Greenland tariff' and has called an emergency meeting for January 22nd. Pranay Upadhyay notes that 'The European Union is mulling suspension of the US trade deal and it may also reactivate 93 billion euro tariff package as well.' The transcript highlights how the Greenland issue has created significant fissures in the long-standing US-EU partnership and the NATO alliance. President Trump has already imposed a 10% tariff on EU nations, warning it could rise to 25% by June 1st if the takeover is not approved. While Greenland is currently administered by Denmark, Trump argues the US must control the territory for the security of the Western Hemisphere, mentioning options ranging from purchase to military means.
On this Special Report, the focus is on the escalating trade tensions between the United States and the European Union. European Council President Antonio Costa has called for an emergency meeting in response to US President Donald Trump's threat to impose a 10% tariff on EU nations starting February 1st, 2026, unless they support a US takeover of Greenland. Costa stated that the European Union is 'very firm in defending international law' and is currently coordinating a joint response among member states. The bulletin also highlights the potential impact on India, as EU officials are set to attend Republic Day celebrations in New Delhi. Reporter Karishma suggests this friction could accelerate the India-EU trade deal, providing a 'silver lining' for Indian markets in sectors like pharmaceuticals and renewables. Meanwhile, US officials argue Greenland is vital for polar security, while European leaders like Emmanuel Macron and Clare Somers back Denmark's sovereignty.
In this episode of Newstrack, Maria Shakeel examines the escalating crisis in Iran as the nation faces its deadliest wave of unrest in decades.
On this programme, an unidentified speaker discusses the upcoming United States Supreme Court opinion on President Donald Trump's executive decision to impose tariffs. The verdict, expected tomorrow, follows arguments heard in late 2025. The speaker highlights that this is a 'major test' for Trump's use of emergency powers versus Congressional authority. The segment notes that India and the world are watching closely, as the ruling will impact exporters and global trade dynamics. The discussion also touches on the constitutional debate over taxation powers.
In this Special Report, India Today’s Washington Correspondent Rohit Sharma analyses the new US bill authorising up to 500% tariffs on India if it continues buying Russian oil. Sharma explains that Senator Lindsey Graham has been pushing for this legislation since May 2025 and has now received a 'green-light' from President Donald Trump. The bill, which gives the US President sweeping powers to target Indian exports, is expected to be tabled in the US Senate next week. Sharma notes that despite a drop in Indian imports of Russian crude, the US administration is using tariff threats to force a complete halt to funding Vladimir Putin’s war in Ukraine.
A trade dispute has escalated between the United States and Canada after former President Donald Trump announced an additional 10% tariff on Canadian goods. The move came in response to an ad sponsored by the Ontario government featuring former U.S. President Ronald Reagan, which Trump denounced as fraudulent. In a social media post, Trump stated, 'Canada was caught, red handed, putting up a fraudulent advertisement on Ronald Reagan's Speech on Tariffs'. The ad, which used excerpts from a 1987 Reagan speech to argue against protectionism, was described as a "misrepresentation" by the Ronald Reagan Presidential Foundation and Institute, which considered legal options. This tariff marks a significant escalation in trade tensions, with Trump having previously terminated trade negotiations over the same ad.
This special report focuses on the renewed tensions in the US-China trade relationship, with President Donald Trump and Chinese President Xi Jinping at the centre of escalating tariff threats. According to the report, the US President's policy is to 'put or levy high tariffs and then asking governments to get into negotiation and then negotiating a fresh deal.' Following threats of tariffs as high as 100%, top officials from both nations have now agreed to restart trade negotiations to de-escalate the conflict that carries significant risks for the global economy. The developments are being closely watched in India, as New Delhi is also engaged in its own bilateral trade negotiations with Washington. A potential meeting between Prime Minister Narendra Modi and President Trump is anticipated on the sidelines of the upcoming 47th ASEAN summit in Kuala Lumpur, where a trade agreement could be finalised.
This special report focuses on the advanced stage of trade negotiations between India and the United States, featuring insights from Union Commerce Minister Piyush Goyal and Mukesh Aghi, President & CEO of the US-India Strategic Partnership Forum. According to Commerce Minister Piyush Goyal, 'We have seen the weaponization of trade, we have seen the weaponization of supply chains, and therefore it is important that we all assess our supply chains and make them more robust'. The discussion navigates the complexities of the talks, including the impact of US tariffs on Indian exports, former President Trump's unpredictable negotiation style, and the rejection of his claims about PM Modi agreeing to stop Russian oil purchases. The report explores the path to a potential deal, the broader geopolitical implications, and the future of the multifaceted relationship between the two democracies.
The Trump administration's chief negotiator, Brendan Lynch, is in India for trade discussions following Washington's decision to impose a 50% tariff on Indian goods, a move New Delhi termed "unfair, unjustified and unreasonable." The visit is an initial meeting to ease tensions, not a formal round of negotiations. This follows five previous rounds of talks. Prime Minister Narendra Modi responded to the trade situation by promising to protect local interests and stating his government would not let farmers, small entrepreneurs, or animal breeders be harmed. He also promoted a 'swadeshi' philosophy of encouraging products made in India. US President Donald Trump, while noting his friendly relationship with PM Modi, expressed disappointment over India buying Russian oil but affirmed the special relationship means there is "nothing to worry about."
On India Today Global, the focus is on new US tariffs on Indian exports, which have doubled to 50%. The move threatens over half of India's exports to the US, particularly from labour-intensive sectors like textiles, while exempting pharmaceuticals and electronic goods.
US President Donald Trump’s additional 25% tariffs on Indian goods took effect Wednesday, doubling total duties to 50% after India refused to halt Russian oil imports. The hike, effective from 9:30 a.m., is expected to hit exporters across sectors and could weigh on growth prospects, analysts warned.
The United States has escalated its trade dispute with India, imposing new tariffs that bring the total rate to 50% on certain goods.
In this edition of Newstrack, the focus is on the steep US tariffs of around 50% set to hit billions of dollars of Indian exports. The programme examines how India should navigate and overcome Trump's tariff challenge.
The discussion centres on the implications of a 50% tariff threatened by Donald Trump on Indian goods. Experts analyse the potential impact on India's economy, particularly labour-intensive sectors such as textiles, leather, gems and jewellery.
In this episode of India Today Explains, Akshita Nandagopal explains President Donald Trump's decision to impose a 50% tariff on India, the West's hypocrisy on Russian trade, the Enforcement Directorate's probe against businessman Anil Ambani and much more.
At the Business Today India@100 Summit, Montek Singh Ahluwalia, former Deputy Chairman of the Planning Commission, discusses if the 2025 Trump tariff war presents a 1991-like moment for India.
The top focus of this episode of News Today is the trade tensions between the United States and India, following Donald Trump's 50 per cent tariffs on Indian goods for buying Russian oil.
In this edition of World Today, the focus is on the United States' imposition of an additional 25% tariff on India for purchasing Russian oil, raising the total to 50%.
This India First episode focusses on the escalating trade war between the United States and India. US President Donald Trump has imposed an additional 25% tariff on Indian goods, bringing the total to 50%, citing India's purchase of crude oil from Russia.
National Security Advisor Ajit Doval met Russian President Vladimir Putin at the Kremlin in Moscow. This significant meeting occurred amidst the ongoing tariff dispute initiated by Donald Trump's administration.