India, China and Russia
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The White House's abrupt move to double duties on Indian goods over its Russian oil purchases came with little warning and no clear path forward.
Chinese Ambassador Xu Feihong said that the US had long benefited from free trade but was now using tariffs as bargaining chips. He stated that the US had imposed tariffs of up to 50% on India and that China firmly opposed it.
White House Trade Adviser Peter Navarro criticises India for high tariffs and energy ties with Russia, highlighting tensions with the US.
Prominent US economist Jeffrey Sachs on Thursday strongly criticised President Donald Trump’s decision to impose steep punitive tariffs on India, calling it one of the worst blunders in American foreign policy.
New U.S. taxes on American imports, even at 25 percent, will hurt many Indian businesses and may put vast numbers of people out of work.
Xu said at a time of “hegemony, protectionism, power politics and bullying”, China and India have the responsibility to take the lead in promoting an “equal and orderly multipolar world”.
Ecuador, meanwhile, is closely tracking tariffs on India to seize on business opportunities, but producers there will go slow on new investments amid uncertainty over whether India and the Trump administration could strike a tariff deal, said Jose Antonio Camposano, president of National Chamber of Aquaculture of Ecuador.
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Trump tariff impact: A short-term blip or a long-term pain for Indian stock market? Explained
Investors should focus on a diversified portfolio strategy and view market corrections as opportunities for long-term allocations as US tariffs may impact export-driven sectors, but domestic demand will cushion the economy.