MANAGEMENTTHE UNITED STATES DEPARTMENT OF COMMERCE
Trump's tariff on cheap Chinese imports will cost big tech billions
The elimination of a tariff loophole that benefited Temu and Shein has led to a significant reduction in their online advertising spending. This shift is impacting tech giants like Meta and Alphabet, who previously enjoyed a windfall from these retailers' aggressive ad campaigns. The change is expected to reshape the landscape of low-cost online retail and digital advertising.
Post-consolidation, RRBs' share in GDP to rise to 5.2% by FY30 from 3.7% in FY24: PwC report
India's Regional Rural Banks (RRBs) are set to play a growing role, with their business expected to rise to around 5.2 per cent of GDP by Financial Year (FY) 2030 from 3.7 per cent in FY24 post-consolidation, according to a latest report by PwC.
Donald Trump's Tariff on cheap Chinese imports will cost Big Tech billions
The end of a key US tariff loophole has forced Chinese retailers Temu and Shein to cut advertising and raise prices, disrupting their low-cost business model. Once major online advertisers, both have sharply reduced spending, impacting platforms like Meta and Google, which had benefitted from their aggressive digital ad campaigns.
China says US must show sincerity before tariff talks can proceed
China's Ministry of Commerce on Friday said that the country is currently evaluating the situation after the United States made multiple recent attempts to initiate dialogue over tariffs through various official channels, according to a report by Xinhua.
US ends duty-free shipping loophole for low-cost goods from China
The United States has ended a tariff exemption for Chinese goods under $800, impacting e-commerce giants like Shein and Temu. This move, justified by the White House as countering opioid flows, imposes tariffs up to 145% and is part of an escalating trade conflict between the US and China.
Where things stand in the US-China trade war
China has said it has received overtures from the United States for talks on tariffs -- but warned it will need concessions as proof of "sincerity" before any negotiations can take place. "China is certainly willing (to negotiate), and so is evaluating and observing the US side's sincerity -- is it all just bluff and bluster... or is it actually something real that could yield plans for serious talks?"
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How a US tax loophole supercharged China's exports
A recent policy shift ended tariff-free imports from China to the United States. This change impacts both American shoppers and Chinese exporters. Prices are rising for consumers in America. Factories in China are facing closures and job losses. The trade tensions pose a challenge for China's economic growth. Businesses are now seeking new markets in Europe and Southeast Asia.
Oil prices rise as China says it's open for trade talks with US
Oil prices saw a boost in Asian trading following China's indication of openness to U.S. trade talks, fueling hopes for de-escalation. Brent crude rose to $62.51 a barrel, while U.S. WTI crude reached $59.62. President Trump's threat of sanctions on Iranian oil buyers also underpinned prices, raising supply concerns.
China 'evaluating' US offer to negotiate tariffs; Beijing's door is 'open'
China considers Washington's offer for trade talks regarding Donald Trump's tariffs. The Commerce Ministry states Beijing is assessing the proposal. China demands the U.S. rectify its practices and remove tariffs. The U.S. expresses optimism for easing trade tensions. Scott Bessent hopes for de-escalation and a larger trade deal. Xi Jinping urges officials to adapt to international changes.
Donald Trump names Secretary of State Marco Rubio as acting national security adviser, taps Waltz for UN envoy
Trump announced the moves shortly after news broke that Waltz and his deputy Alex Wong were departing the administration just weeks after it was revealed that Waltz added a journalist to a Signal chat being used to discuss military plans. Trump said Rubio will continue to serve as secretary of state.
Senate rejects bill to undo Trump's tariffs as US economy shrinks
The U.S. Senate blocked a Democratic resolution to overturn President Donald Trump’s sweeping global tariffs, with Vice President JD Vance breaking a tie. The vote followed a fresh Commerce Department report showing a 0.3% economic contraction—the first in three years. Critics say Trump’s tariff moves are destabilising markets and hurting middle-class families. Some Republicans joined Democrats but stopped short of fully rejecting the policy. The resolution sought to end the national emergency Trump used to justify the tariffs.
“Will grow Blinkit’s market share aggressively”: Eternal CFO Akshant Goyal
During the January-March quarter Blinkit added 294 dark stores taking the total count of these micro-warehouses from where 10-minute deliveries are made to 1,301. It aims to have 2,000 dark stores by December 2025. On an annualised basis, Blinkit’s GOV run rate stood at $4.4 billion. Its rival Zepto’s annualised GOV run rate has neared $4 billion, founder and CEO Aadit Palicha had said on April 9.
Amalgamation of 26 Regional Rural Banks (RRBs) takes effect
The amalgamation of 26 Regional Rural Banks across 11 states and Union territories has taken effect, marking the fourth phase of RRB consolidation. This initiative, driven by the 'One State One RRB' principle, aims to strengthen RRBs, improve governance, and enhance credit flow and financial inclusion. Post-amalgamation, there will be 28 RRBs covering 700 districts, primarily serving rural areas.
Lutnick announces tariff relief for US-built cars with 85% domestic content
US Commerce Secretary Howard Lutnick announced that cars finished in the US with at least 85% domestic content will be exempt from tariffs. This policy, applicable to all vehicles built within the country, aims to incentivize manufacturers to increase US-based production. The tariff relief will be implemented gradually over three years, allowing automakers to adjust their supply chains.
As U.S economy shrinks in Q1, the buzz word around town is recession; here's what experts are saying
The US economy faced a contraction in the first quarter of 2025. This raised concerns about a possible recession. The GDP declined by 0.3%, surprising economists. Stock market indices reacted negatively to the news. Experts are divided on the severity of the economic downturn. Tariff policies are adding to the uncertainty in the market.
'BE PATIENT': Trump says shrink in US economy has 'nothing to do with tariffs'
The US economy shrank 0.3% in first three months of the year as firms stockpiled imports ahead of Trump tariffs. It is the worst quarterly performance for the U.S. economy since early 2022. US President Donald Trump has said that it has 'nothing to do with tariffs' as he blamed Joe Biden for it.
Piyush Goyal meets Norway's foreign minister Eide, discusses India-EFTA trade pact implementation
Commerce Minister Piyush Goyal and Norwegian Foreign Minister Espen Barth Eide discussed implementing the India-EFTA Trade and Economic Partnership Agreement, aiming to boost trade and investment. EFTA's commitment includes promoting USD 100 billion in FDI to India over 15 years, potentially creating 1 million jobs.
Donald Trump officials eye changes to Biden's AI chip export rule, sources say
The Framework for Artificial Intelligence Diffusion, as the rule is called, was issued by the US Department of Commerce in January, a week before the end of the administration of former President Joe Biden. Companies must comply with its restrictions starting on May 1
Rupee falls 19 paise to 85.15 against US dollar in early trade
The rupee depreciated 19 paise to 85.15 against the US dollar in early trade on Wednesday, driven by renewed geopolitical tensions and increased demand for the US dollar, which together exerted pressure on the local unit.
Union minister Piyush Goyal meets UK leaders, calls it a 'fruitful exchange' to boost economic ties
The leaders engaged in productive discussions focused on deepening India-UK economic cooperation and strengthening the longstanding partnership between the two nations.
New survey reveals why 60% of Canadians are avoiding U.S. Travel and how they view President Donald Trump
A recent study conducted by Longwoods International reveals that 60% of Canadian adults are opting not to travel to the United States in 2025, citing rising political tensions and rhetoric from U.S. President Donald Trump.
US goods trade deficit widens sharply in March
The U.S. goods trade deficit significantly widened in March, climbing 9.6% to $162.0 billion, as imports surged by $16.3 billion amid concerns over potential tariffs. This import surge is expected to negatively impact the first quarter's GDP growth, potentially slowing it to 0.3%. Uncertainty surrounding the Trump administration's trade policies also contributed to the economic slowdown.
China blames US tariffs for halting Boeing plane deliveries
China attributes its halt on Boeing aircraft acceptance to US tariffs, citing disruptions in the international air transport market. The commerce ministry highlighted the severe impact on the global industrial and supply chains, affecting both Chinese airlines and Boeing.
India, US make 'positive progress' on trade pact, govt says
India and the US have made “positive progress” in recent talks aimed at finalising a bilateral trade agreement, according to India’s commerce ministry. Officials from both sides discussed steps to conclude the first phase of a mutually beneficial trade pact by fall 2025.
Trump's tariffs put China's ecommerce superpowers to the test
Chinese small-business owners are facing immense challenges due to US tariffs, but they remain resilient. Alibaba is offering support and guidance to navigate the changing landscape, while entrepreneurs explore alternative markets and personalised products. Despite concerns about reduced revenue and domestic competition, their determination to adapt and persevere fuels their confidence in the face of economic uncertainty.
India, Netherlands discuss ways to boost trade, investments
Commerce Secretary Sunil Barthwal's visit to the Netherlands fostered discussions on boosting trade and investment, with a focus on enhancing collaboration through the Joint Trade and Investment Committee. India's exports to the Netherlands witnessed a rise of 1.75% in 2024-25, reaching USD 22.76 billion. Barthwal also visited Croatia to strengthen bilateral trade ties and explore investment opportunities.
Tamil Nadu, Taiwan chamber sign pact to set up industrial park
Guidance Tamil Nadu and the Taiwan Chamber of Commerce have partnered to establish an 'Indo-Taiwan Industrial Park' near Chennai. This initiative aims to attract Rs 1,800 crore in investments and generate approximately 5,000 jobs. The state government is focused on attracting Rs 10,000 crore of Taiwanese investments, creating over 20,000 jobs in key sectors.
Your own Harley, finally? Rising hope of zero duty on big American beasts hogs limelight, hypes up Indian aficionados
India is considering extending duty-free import opportunities for specific US vehicles, including high-capacity motorcycles, contingent on a favourable trade agreement. These benefits, however, might be subject to quotas, limiting the number of units eligible for duty reductions.
US pharma tariffs would raise US drug costs by $51 billion annually, report finds
A report suggests that a proposed tariff could significantly increase medicine costs in America. The analysis estimates a potential rise of nearly 51 billion dollars annually. This could lead to a 12.9% increase in drug prices for consumers. The move has triggered concerns among pharmaceutical companies. They fear it will hinder efforts to boost domestic production.
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