India–US Trade Tensions Rise Over Steel and Auto Tariffs NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Mexico has announced a sweeping tariff hike, raising duties on cars, textiles, steel, and other goods from China and several Asian nations to 50%, covering $52 billion in imports. Officials say the move is aimed at protecting domestic jobs but comes amid speculation it is intended to align with U.S. President Donald Trump’s trade agenda.
In South Korea, President Lee Jae Myung expressed concern after U.S. immigration raids led to the detention of more than 300 Korean workers. The detentions, he said, may strain the recently signed trade deal that maintained a 15% tariff on most Korean imports.
Meanwhile, Trump has pressed the European Union to impose 100% tariffs on India and China in a bid to pressure Russia. At the same time, he announced the U.S. and India would resume trade negotiations after disputes over New Delhi’s Russian oil purchases.
The U.S. Supreme Court has agreed to fast-track hearings on the legality of Trump’s sweeping tariffs, with oral arguments expected in November. Treasury Secretary Scott Bessent warned the U.S. may have to refund nearly half of collected tariff revenues if the court rules against Trump, potentially unraveling trade deals with key allies.
Also Read : US Tariffs: India Mulls Steps to Save Steel Firms Trump Says No Plans to Ease Steel, Aluminum Tariffs
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