Donald Trump News Live Updates: 'India under tariff pressure to give Amazon and Walmart's Flipkart full market access,' says FT report

The Indian rupee depreciated by 4 paise to 85.19 against the US dollar in early trade on Tuesday, despite support from positive domestic equities. Forex traders highlighted concerns over economic challenges posed by US tariffs and monetary policy, which could dampen demand. The rupee opened at 85.11 and fell to 85.19, following a 23-paise appreciation on Monday.

Anil Kumar Bhansali of Finrex Treasury Advisors noted ongoing concerns about a potential recession triggered by the US-China tariff war. Additionally, US President Trump's criticism of the Federal Reserve's policies added to worries about the central bank's independence and the future of US assets. Meanwhile, the dollar index was lower at 98.09, and Brent crude rose to USD 66.61 per barrel. Domestic equities saw gains, with the BSE Sensex and Nifty rising by 0.20 per cent and 0.15 per cent, respectively. Foreign institutional investors bought equities worth Rs 1,970.17 crore on Monday.

Asian markets showed mixed performance amid widespread concerns regarding US investments and ongoing trade tensions under President Donald Trump's administration. In Japan, the Nikkei 225 declined 0.3 per cent to 34,174.38, whilst Australia's S&P/ASX 200 remained largely stable with a marginal increase of less than 0.1 per cent to 7,820.20. South Korea's Kospi advanced 0.2 per cent to 2,493.19. In Chinese markets, the Hang Seng in Hong Kong decreased marginally by less than 0.1 per cent to 21,387.51, whilst the Shanghai Composite rose 0.3 per cent to 3,301.59.

The previous session on Wall Street witnessed significant declines, with the S&P 500 falling 2.4 per cent, placing it 16 per cent below its peak established two months prior.
The Dow Jones Industrial Average fell by 971 points, representing a 2.5 per cent decrease, whilst the Nasdaq composite declined 2.6 per cent, influenced by losses in Tesla and Nvidia shares.

US Treasury bonds and the American dollar experienced notable declines alongside broader market retreats. This development raised concerns as both assets traditionally serve as safe havens during periods of market uncertainty. The current situation stems from Washington's policies, which have potentially undermined their status as premier global safe-haven investments.

Amid rising tensions in the Indo-Pacific, Admiral Samuel Paparo of USINDOPACOM highlighted China's aggressive military and economic strategies. While warning of China's military modernization, he also underscored the challenge posed by erratic US political behavior, particularly under President Donald Trump. Trump’s imposition of tariffs has strained relationships with allies, especially in Southeast Asia. Critics argue that such unpredictable policies undermine strategic trust and complicate regional cooperation. China, meanwhile, is capitalizing on this diplomatic vacuum by strengthening ties and infrastructure in Southeast Asia, further destabilizing US influence in the region.

Shifting trade announcements have led to unprecedented volatility in the global shipping industry in recent weeks, with industry players having to constantly adapt to new US tariffs.

Cargo ships put to sea half empty, fluctuating freight rates and possible shipping route changes are some of the recent adjustments industry specialists have noted.

The global economy has been riding a rollercoaster since US President Donald Trump returned to the White House in January and kicked off a tariff offensive.

Trump's recent walk-back, announcing a 90-day pause on some previously announced levies -- with the exception of those targeting China -- has once again upset the balance.

"In the three weeks leading up to the announcement, we saw a slowdown in trade and many ships were only 50 percent full on the transatlantic and transpacific trades to the United States," said Alexandre Charpentier, transport specialist at consulting firm Roland Berger.

Bullion hit another record Tuesday while the dollar steadied and equities mostly fell as Donald Trump's latest salvo against Federal Reserve boss Jerome Powell added fuel to fears about the central bank's independence.

With the US tariff blitz still causing ructions on global trading floors, investors are now dealing with the added worry that the US president will try to remove the country's top banker that many fear could hammer already fragile market confidence.

Trump took a swipe at Powell last week for his warning that the sweeping levies would likely reignite inflation, saying his "termination cannot come fast enough" and adding that "I'm not happy with him. I let him know it and if I want him out, he'll be out of there real fast, believe me".

While that raised eyebrows, the Republican tycoon sent shivers through markets Monday by calling on the Fed boss again to make pre-emptive cuts to interest rates and calling him a "major loser" and "Mr. Too Late".

The United States has announced imposition of substantial new duties reaching up to 3,521 per cent on solar imports from four Southeast Asian nations, supporting domestic manufacturers whilst creating challenges for the nation's renewable energy development. Cambodia faces countrywide duties of 3,521 per cent after ceasing participation in the investigation. Meanwhile, Vietnamese companies face duties up to 395.9 per cent, Thailand 375.2 per cent, and Malaysia 34.4 per cent.

Specific companies received varying rates: Jinko Solar faces 245 per cent for Vietnamese exports and 40 per cent for Malaysian exports, whilst Trina Solar faces 375 per cent for Thai exports and over 200 per cent for Vietnamese exports. JA Solar modules from Vietnam could receive approximately 120 per cent.

The Trump administration is pushing India to allow full access for US ecommerce giants like Amazon and Walmart as part of ongoing trade negotiations. The talks, which also cover sectors like food and automobiles, are under pressure from a potential 26% tariff on Indian exports to the US. The US argues that India’s restrictions—such as limits on foreign direct investment and rules preventing American firms from selling their own inventory—are unfair barriers. This pits Amazon and Walmart against Reliance Retail, owned by Mukesh Ambani. Indian officials and traders warn that opening the sector could hurt the country’s 90 million small retailers.

The world's biggest auto show opens Wednesday in Shanghai, with foreign carmakers raring to show they can compete against the ultra-competitive Chinese firms that dominate the sector's new electric frontier.

As the petrol engine's primacy stutters, traditional industry expos like Paris and Detroit are scrambling to re-invent themselves -- but in Shanghai the era of cleaner engines and AI-powered operating systems will be very much on display already.

The government's historic backing of EV and hybrid development means China is now leading the charge in the sector.

In 2024 EVs and hybrids made up 26 and 19 percent respectively of total car sales in the country, according to Inovev.

"It's the only country that manages to get the automobile sector's industrial giants cohabiting with the innovation of a multitude of startups -- operational excellence and (production) volume with innovation and daring," Deloitte analyst Guillaume Crunelle told AFP.

The United States imposed substantial new tariffs reaching up to 3,521 per cent on solar imports from select Southeast Asian nations, supporting local manufacturers whilst creating additional challenges for the country's renewable energy sector.

The tariffs, announced on Monday, follow a year-long trade investigation that concluded solar producers in Cambodia, Vietnam, Malaysia and Thailand received unfair government subsidies and exported products to the US below production costs. The inquiry, initiated under former President Joe Biden, was requested by American solar manufacturers.

Whilst these duties are expected to advantage domestic producers, they will create difficulties for US renewable energy developers who have traditionally depended on cost-effective foreign supplies. This development adds further uncertainty to an industry already affected by shifting political and policy decisions in Washington.
These additional charges will supplement existing broad tariffs implemented by US President Donald Trump, which have already disrupted international supply networks and markets. The Commerce Department calculated these antidumping and countervailing duties to counterbalance the estimated value of alleged unfair subsidies and pricing practices.

PM Modi and US Vice President JD Vance hailed the progress in negotiations for a mutually beneficial bilateral trade agreement (BTA), emphasizing its focus on citizen welfare. The US formally announced the terms of reference, outlining a roadmap for discussions on shared economic priorities.

“'Preemptive Cuts' in Interest Rates are being called for by many. With Energy Costs way down, food prices (including Biden’s egg disaster!) substantially lower, and most other “things” trending down, there is virtually No Inflation. With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW. Europe has already “lowered” seven times. Powell has always been “To Late,” except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?" he said.

"We are one of the countries which is actively engaged with the new administration of the United States of America to see how best we can get a bilateral trade agreement done," she said.

As businesses around the world brace for fallout from Trump’s escalating trade war, secondhand clothing, shoe, and accessory retailers may find themselves unexpectedly benefiting, industry experts suggest. With most apparel sold in the US manufactured abroad, the newly imposed tariffs are expected to drive up prices sharply—by an estimated 65% for clothing and 87% for leather goods, according to a recent report from Yale University’s Budget Lab. The study also noted that these tariffs “disproportionately affect” these consumer categories.

As a result, price-sensitive shoppers are likely to turn to thrift stores, consignment shops, and online resale platforms in search of more affordable options—or to sell their own items for extra cash. Since used goods are typically cheaper than new ones and are only subject to tariffs if imported, the secondhand market could see a significant surge in demand.

India must engage both the United States and China on equal footing, with its approach rooted in strategic autonomy, economic interests, and principles of global trade—rather than external pressure, the Global Trade Research Initiative (GTRI) said on Monday. The think tank’s remarks come amid China’s warning of “resolute and reciprocal” countermeasures against countries striking trade deals with the US that undermine Chinese interests.

GTRI emphasized that such threats should be viewed in the context of global supply chain interdependence. Major economies—including the US, EU, Japan, South Korea, and India—rely heavily on China for industrial and consumer goods. China is deeply entrenched across all levels of the global production ecosystem, from raw materials and components to intermediate and finished goods.

The think tank also pointed out that completely replacing China in global supply chains would require massive, long-term efforts to build manufacturing capacity from the ground up—something no nation has yet managed to achieve at scale.

Gold prices soared to a fresh record on Monday as the US dollar continued to weaken and global stock markets showed mixed performance, driven by mounting concerns over President Donald Trump's aggressive tariff strategy and his escalating tensions with the Federal Reserve.

With several global markets still closed for the Easter holiday, trading activity remained subdued. However, anticipation is building ahead of a critical week featuring economic data releases that may shed light on the fallout from the ongoing US trade disputes.

Amid this turbulent backdrop, nations are scrambling to negotiate with Washington in hopes of softening the blow from the White House’s sweeping tariffs. Japan has emerged as a key player in these talks, while South Korea announced that its finance and trade ministers will engage in high-level negotiations in Washington this week.

In India, US Vice President JD Vance arrived on Monday for discussions likely to include trade issues, further underlining the global ripple effects of US tariff policy.

Meanwhile, China issued a stern warning to other governments, urging them not to strike deals with the US that undermine Beijing’s interests. Unlike the blanket 10 percent tariff imposed on much of the world, Chinese goods are facing levies as high as 145 percent. In retaliation, China has slapped tariffs of up to 125 percent on American imports, signaling deepening tensions in the ongoing trade war.

"The progress of the agreement or the trade agreement that we are working on at least a first tranche is something which we hope to conclude positively by the fall this year," she said as she mentioned JD Vance's US visit during a diaspora event in San Francisco, USA.

Gold prices surged to a record high on the MCX, reaching Rs 96,747 per 10 grams, while silver also climbed to Rs 95,730 per kilogram. This rally was fueled by a weakening US dollar, escalating US-China trade tensions, and concerns over central bank independence. International gold prices soared past $3,385 per ounce amid global financial volatility.

DHL has temporarily halted package deliveries exceeding $800 from businesses to individual customers in the US This decision comes in response to US customs regulatory updates that lowered the threshold for mandatory formal customs processing, leading to significant delays. The new rules, part of broader trade measures, aim to reduce trade imbalances and target budget e-commerce platforms.

Bitcoin surged to its highest level since Trump's tariff declarations, fueled by a weakening dollar amid concerns over the president's potential dismissal of Federal Reserve Chairman Jerome Powell. This rise coincided with gold's record gains, reflecting investor preference for safe-haven assets. Market analysts attribute the exaggerated move to thin holiday liquidity.

American multinational investment bank and financial services company Jefferies has raised concerns about the shifting global economic power balance and the diminishing financial leverage of the United States under President Donald Trump, primarily due to ongoing tariff policy issues.

The core concern highlighted in the report is America's eroding economic exceptionalism, driven by its massive net international investment deficit and chronic under-saving compared to China. As of end-2024, the U.S. net IIP stood at a record deficit of USD 26.2 trillion (89.9 per cent of GDP), while household savings were only 4.3 per cent of disposable income, far below China's 31.8 per cent.

It stated, "A major problem for Donald Trump, as it would be for any US president, is simply that China has the savings, whereas America does not."

Big Tech is entering its quarterly earnings season under a cloud of uncertainty, just 100 days after Donald Trump returned to the White House. When leaders like Tim Cook, Elon Musk, Sundar Pichai, and others backed Trump’s return, they expected business-friendly policies. Instead, they’ve faced trade turmoil, lawsuits, and major financial losses.

Since Trump’s January 20 inauguration, the combined market value of the top seven tech giants—Apple, Microsoft, Nvidia, Amazon, Tesla, Google (Alphabet), and Meta—has dropped by $3.8 trillion, or 22%. This steep decline is largely due to Trump’s aggressive tariff policies, especially those targeting supply chains tied to China. While there’s been a temporary pause on some of the harshest tariffs, the threat still looms.

At the same time, the administration is continuing antitrust actions launched under President Biden. Meta is facing monopoly allegations, Google may be forced to split its search business, and lawsuits are still active against Apple and Amazon. Meanwhile, Nvidia took a $5.5 billion loss after being banned from selling a popular AI chip to China.

Tesla is also struggling, reporting a 13% drop in car sales, amid backlash over Musk’s prominent role in Trump’s cost-cutting agenda in Washington. The company’s full earnings report will be released Tuesday, followed by Google on Thursday. Amazon, Meta, Microsoft, and Apple will report next week. Nvidia will wrap up the season with its results on May 28.

Analysts say the constant policy changes from the White House are creating chaos for the tech industry, making it difficult to manage supply chains, predict demand, or maintain investor confidence.

Chinese carriers have started sending Boeing planes back to the United States, as one 737 Max touched down at Boeing's Seattle manufacturing facility over the weekend, Reuters reported.

The aircraft's return on Saturday came shortly after Chinese authorities instructed their airlines to halt accepting new Boeing deliveries, following the United States' decision to impose 145% tariffs on Chinese products, as reported by Bloomberg News last week.

According to The Air Current aviation news service, citing two sources with knowledge of Boeing's operations, three 737 Max 8 aircraft that were previously being prepared for two Chinese airlines at Boeing's Zhoushan delivery centre were called back to the United States last week.

The international logistics company DHL has announced a temporary halt to shipping parcels valued above $800 from businesses to individual customers in the United States, effective Monday. The decision stems from significant delays in US customs processing.

"As a result of recent US Customs regulatory updates, we are experiencing multi-day transit delays to the US from any origin for shipments with a declared customs value exceeding USD 800," DHL said in a statement.

The trade policies implemented during the Trump administration have involved extensive tariffs targeting various international trading partners, aimed at addressing America's trade imbalances with specific nations.

These policy modifications include a significant reduction in the threshold for formal customs entry requirements for individual parcels. As of April 5, the limit has been reduced from $2,500 to $800.

"This change has caused a surge in formal customs clearances, which we are handling around the clock," said DHL.

Gold prices hit a fresh record Monday while the dollar weakened further and stocks were mixed amid worries about Donald Trump's tariff blitz and bubbling row with the Federal Reserve.

With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the release of key data that should give an insight into the impact of the US president's trade war.

Several nations have moved to cut a deal with Washington to stem the worst of the White House's levies, with Japan the highest profile economy.

India's private sector capital expenditure (capex) could take a backseat in the near future due to rising uncertainty around global tariffs, according to a recent report by Goldman Sachs.

The report highlighted that as tariff rates are yet to be finalised and are likely to remain in flux over the next few months, companies looking to invest in new projects may delay their plans.

It said, "We think capital expenditure in the private sector will take a back seat or get pushed out given the recent developments around tariffs. As tariff rates get negotiated and firmed up over the next few months, corporations planning new capex may defer".

China on Monday said that they firmly opposes any nations reaching a deal at the expense of Chinese interests and vowed to take "countermeasures" if interests are compromised. The statement came on Monday after reports that Donald Trump may offer tariff exemptions to other nations in return for limiting their trade with China. "China firmly opposes any party reaching a deal at the expense of China's interests," a spokesperson for Beijing's commerce ministry said in a statement.

"China firmly opposes any party reaching a deal at the expense of China's interests," a spokesperson for Beijing's commerce ministry said.

China criticized countries making trade deals with the US at its expense, warning of “reciprocal countermeasures” against those who “appease” Washington amid the ongoing tariff war. While others face a 10% US tariff, China is hit with levies up to 145%, and it has retaliated with 125% duties on US goods.

Beijing’s commerce ministry stated: “Appeasement will not bring peace, and compromise will not be respected.” It warned that seeking benefits “at the expense of others’ interests is to seek the skin of a tiger” and such actions “will ultimately fail on both ends and harm others.”

“China firmly opposes any party reaching a deal at the expense of China’s interests,” and “will resolutely take reciprocal countermeasures,” the spokesperson added.

Meanwhile, US President Trump said: “Yeah, we're talking to China... I think we're going to make a very good deal.” But China has not confirmed talks, insisting on dialogue while condemning US “unilateralism and protectionism.” It warned of a world reverting to the “law of the jungle,” where “the strong prey on the weak.”

Josh Staph is concerned about the potential emptiness of his toy warehouse's shelves in the coming months, as products manufactured in China, including flying discs and model gliders, face restrictions due to Donald Trump's tariffs.

"Things have ground to a halt," said Staph, chief executive of Duncan Toys Company, which operates a warehouse in Indiana.

Michael Lyons, who owns Rogue Industries in Maine, saw a loyal Canadian customer back out over tariff tensions. His company makes leather wallets using mostly US-sourced materials and employs a small team. He believes in buying and building locally, but says the trade situation is becoming too hard to manage. Lyons had planned to grow his business, but now he’s putting those plans on hold. Like others, he’s worried the cost of uncertainty is greater than any potential gain from tariffs. “Hopefully this will pass,” he says, echoing a concern shared by many small manufacturers today.

Bayard Winthrop, who runs the clothing company American Giant, believes it’s time to shift course on trade. He says globalisation crushed the US textile industry — in 1991, over half of US clothing was made domestically. Now, it's less than 4%. Winthrop uses cotton from US farms and manufactures his apparel in Los Angeles and North Carolina. While he agrees the policy approach may be rocky, he feels it’s necessary for long-term revival. He calls it an old idea worth bringing back — one that protects American workers and industries by reducing dependency on imports.

The Trump administration says new tariffs will bring back jobs and support US factories. They argue that decades of trade imbalance hurt small manufacturers the most. The government points to a big drop in factory jobs — from 19.6 million in 1979 to 12.8 million today. Some, like Greenblatt, see this as a chance to fix unfair trade. Others, like Lyons and Blanc, worry that sudden changes could damage existing relationships and cause business losses. While the idea of boosting American production sounds good, the execution is raising big questions among small business owners.

Not all small manufacturers welcome the new tariffs. Corry Blanc of Blanc Creatives in Virginia supports local manufacturing but says the changing trade environment feels unstable. His cookware business uses American steel and wood, yet he worries about future demand and uncertainty from international buyers. With only 12 employees, Blanc says he can’t scale up quickly even if demand increases. Similarly, Michael Lyons from Maine has lost Canadian customers due to rising trade tensions. Both business owners are holding back expansion plans. For them, the uncertainty of trade policy may do more harm than good.

Drew Greenblatt, who runs Marlin Steel Wire Products in Baltimore, believes the Trump administration’s tariff push is good news for American workers. His company makes steel baskets and racks using only US-made steel and employs over 100 people. Greenblatt argues foreign companies have long had unfair advantages. For example, European tariffs make it harder to sell US products overseas, while American markets remain more open. He says if tariffs even the playing field, his business could expand and double its workforce. Supporters like him see this as a chance to revive small manufacturing in the US.