In a major escalation of trade tensions, former US President Donald Trump announced sweeping tariffs targeting “all countries,” dashing hopes of selective levies. He claimed India would “very substantially” reduce its tariffs, following similar moves by the EU. The White House highlighted India’s 100% duty on American agricultural products. Meanwhile, India and the US are in talks over a bilateral trade agreement. Market uncertainty led to a sharp decline in Indian equities, with Sensex plunging 1,390 points. Global leaders, including those from the EU, China, and Japan, hinted at possible retaliatory measures against the US tariffs.
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