While cautioning against protectionism, Rajan said targeted tariff reductions could enhance competitiveness in sectors like auto manufacturing. “We produce certain kinds of cars very well,” he said, suggesting lower import barriers might even sharpen domestic performance.

On Indian markets, Prashant Paroda, Portfolio Manager for Emerging Markets at Allspring Global Investments said a selective approach is important. According to him, within banks, one will have to be very selective with which companies are continuing to grow market share and have provisions under check.

A deal with India may be coming as well. “We’re very close to a deal with India,” he said. While negotiations with Japan are also ongoing, they are likely to remain at the 25% rate he announced last week.

Trump said the bilateral trade pact with Indonesia would result in tariff- and non-tariff-barrier-free access for US goods to the Indonesian market

President Donald Trump said on Wednesday the U.S. will probably "live by the letter" on tariffs with Japan and may have another trade deal coming up with India, following his announcement of an accord with Indonesia on Tuesday.

US President Donald Trump on Wednesday hinted at reaching a new trade deal with India soon. While adding "maybe", he said that currently the US is in negotiations with India.

US President Donald Trump has said yet again that the US has a deal coming up with India but suggested that additional tariffs may still be imposed on the country.

The demand outlook for India's $283-billion IT sector remains uncertain due to U.S. tariff risks and global geopolitical factors, a senior Wipro executive said on Wednesday.

China has welcomed a Russian proposal for the restoration of a three-member bloc with India, saying cooperation would be in their interests and would contribute to peace and security, raising the prospect of a revitalized alliance that could challenge U.

India believes it is premature to create a contingency plan without clarity on the scope and impact of the US's reciprocal tariffs. ⦁ India and the EU will resume negotiations on their free trade agreement in early September.

White House suggested that the so-called secondary tariffs mean 100 per cent tariffs on Russia and secondary sanctions on buyers of Russian oil.