LIVE Updates | ‘India Is Ready for It’: PM Modi Hits Back at Trump’s Tariff Move

Despite a 26.5% drop in Q2 net profit, Danish shipping major Maersk raised its annual forecast on Thursday, citing robust demand outside the United States as global trade adapts to President Donald Trump's escalating tariffs.

In a statement, Maersk CEO Vincent Clerc said, "Even with market volatility and historical uncertainty in global trade, demand remained resilient, and we've continued to respond with speed and flexibility."

The company’s improved outlook reflects a shifting trade landscape, with businesses adjusting supply chains to avoid tariff-heavy routes.

In a sharp escalation of trade tensions, US President Donald Trump on Thursday announced an additional 25% tariff on goods imported from India, citing New Delhi’s continued buying of Russian oil.

The move raises total tariffs to 50% on many Indian products and could have significant implications for exporters, bilateral trade relations, and ongoing diplomatic dialogue.

Trump said the action was a penalty for what he called New Delhi's continued buying of Russian oil.

Indian stock markets opened in the red on Thursday, reacting to rising global trade tensions. Both the Sensex and Nifty slipped in early trade after US President Donald Trump announced an additional 25% duty on Indian goods — effectively doubling tariffs to 50% — due to India's ongoing oil imports from Russia.

Investors remain cautious amid fears of a broader economic fallout and reduced export competitiveness for Indian firms.

Just past midnight on August 8, US President Donald Trump declared that the newly imposed tariffs had officially taken effect, claiming a major financial windfall for the country.

Posting on Truth Social, Trump wrote, "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!"

The announcement comes hours after his latest round of tariffs — including a 25% hike on Indian goods — kicked in.

Switzerland’s federal government has announced that it will hold an "extraordinary meeting" on Thursday, following the return of its delegation from Washington. The officials had been in the US to persuade President Donald Trump against imposing punitive tariffs on Swiss exports.

In a post on X, the government stated, "Tariffs: After its delegation returns from the USA, the Federal Council will hold an extraordinary meeting in the early afternoon. A statement will follow after the meeting."

The development signals growing concern in Europe over Washington’s escalating tariff measures.

Reacting to US President Donald Trump's decision to impose an additional 25% tariff on Indian goods, Congress MP Shashi Tharoor expressed concern over the impact on Indian exports. "I don't think that's particularly good news for us and that takes our total tariffs to 50 per cent then that's going to make our goods unaffordable to a lot of people in America and in particularly when you're looking at these percentages you have to compare them with the tariffs being levied on some of our competitors," Tharoor said. He warned that competing nations like Vietnam, Indonesia, the Philippines, Bangladesh, and Pakistan face lower...

A day after US President Donald Trump escalated the tariff battle with India, Prime Minister Narendra Modi delivered a strong response, emphasizing New Delhi’s commitment to protecting its agricultural sectors.

"India will never compromise on interests of farmers," PM Modi declared, adding that this includes safeguarding the nation’s animal husbandry and fisheries industries.

The statement comes amid growing tensions over Washington's decision to double tariffs on Indian goods due to its continued trade with Russia.

When questioned about India being "singled out" over its trade with Russia while other countries also continue buying Russian energy, US President Donald Trump responded with a warning:

"You're going to see a lot more... You're going to see so much secondary sanctions."

Trump’s remarks signal potential escalation, as Washington eyes secondary sanctions on Moscow's trading partners.

In a fiery post on Truth Social, US President Donald Trump confirmed the rollout of reciprocal tariffs, set to begin at midnight. Trump wrote, "RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA. THE ONLY THING THAT CAN STOP AMERICA’S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL." The move marks a major escalation in Trump’s trade war strategy as he targets nations he accuses of exploiting the US economy....

Asked why India is being singled out for new tariffs despite other nations like China also buying Russian oil, US President Donald Trump responded:
"It’s only been 8 hours. So let’s see what happens. You’re going to see a lot more... You’re going to see so much secondary sanctions."

His remarks hint at further action on the horizon, possibly extending to other countries as the US expands its sanctions strategy.