India has recommended a three-year import tariff of 11%-12% on some steel products to curb shipments from top producer China. The levy, if imposed, will start at 12%. It will be eased to 11.5% in the second year and to 11% in the third year,

Indian markets surged Monday on news of a potential goods and services tax overhaul. James Thom of Aberdeen said he remains bullish on India’s structural outlook, noting the reform could revive weakening consumption and cushion the impact of high U.

U.S. President Donald Trump has announced additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on its ally to 50%.

White House adviser Peter Navarro criticized India's Russian oil imports in an op-ed after Trump announced new tariffs targeting India and other countries buying Russian energy.

India has stepped up purchases of discounted Russian crude since the onset of the Ukraine war, straining relations with Washington.

India’s exporters are rushing to beat the August 27 US tariff deadline, with companies frontloading shipments and exploring costly alternatives. Sudhir Sekri of AEPC warned of potential $11.5 billion losses and layoffs,

German Foreign Minister Johann Wadephul accused China of enabling Russia’s war in Ukraine by supplying vital goods and buying Russian oil and gas. His remarks in Tokyo came ahead of Trump, Zelenskyy,