Tariffs

External Affairs Minister S. Jaishankar addressed the Indian Council of World Affairs (ICWA) during its silver jubilee commemoration, highlighting the major geopolitical and economic challenges confronting the world. Jaishankar warned of the growing “weaponisation of everything”, volatile tariffs, market dumping and the complexities created by conflicts in the Gulf and Ukraine. He stressed that India must preserve strategic autonomy, diversify its energy and supply chains, and avoid simplistic “black and white” choices. Jaishankar also called for a distinctly Indian contribution to global debates, rooted in the country’s own history and experiences. He underlined ICWA’s role in shaping informed foreign-policy discourse.

India’s imports of Russian crude, the giant discount engine powering refineries for nearly 2 years, are slipping again. The fallout is reportedly visible not just in balance sheets… but on ocean routes too. Oil tankers full of Russian crude are drifting with nowhere to go, their barrels unbought, and their destination uncertain. Why exactly is this happening?

Donald Trump has signalled fresh tariffs on Indian rice after U.S. farmers accused New Delhi of “dumping” cheap grain into American markets — a warning that sent Indian rice exporters and stocks tumbling. The White House says new duties are on the table, even as India’s 60,000-crore rice export engine faces its toughest test yet. With Trump already imposing steep tariffs on Indian goods this year, a new blow could reshape prices, supply chains, and market access for companies like KRBL and LT Foods.

In this episode of South Asia Geoeconomic Adda, Dr. Harsha de Silva — economist, parliamentarian, and Chair of Sri Lanka’s Committee on Public Finance — joins Dr. Sanjay Kathuria to dissect Sri Lanka’s journey from economic collapse to cautious recovery. They discuss what went wrong after the post-war boom, the 2022 debt default, and the hard lessons from Sri Lanka’s dealings with China, India, and the IMF. Harsha reflects on India’s critical support during the crisis, the burden of bad policy choices, and why trade liberalization remains politically difficult. How can Sri Lanka cope with the high 20 percent additional “reciprocal tariffs” of the current US administration? The conversation probes whether Sri Lanka can rebuild credibility, manage debt that exceeds 100 percent of GDP, and find balance in an increasingly polarized region. A candid look at a nation walking the tightrope between reform and relapse. SAGA is hosted by Dr. Sanjay Kathuria, a pre-eminent thinker and commentator on South Asia, contemporary geoeconomic issues, economic development, and trade and globalization. He is co-founder of the Trade Sentinel and a Visiting Senior Fellow at the Centre for Social and Economic Progress in New Delhi.

Morgan Stanley has issued a major warning: India must grow at twice its current pace — 12.2% annually — to avoid falling into a “jobs trap.” Despite being the fastest-growing large economy, experts say growth near 6–7% isn’t enough to absorb over 80 million new workers entering the market this decade. From underemployment and skill mismatches to U.S. tariffs hitting labour-intensive exports, India faces a steep challenge. Will India rise to the challenge — or risk a looming jobs crisis?

India and Qatar deepen ties with local currency trade push, announced by Commerce Minister Piyush Goyal during talks with Qatari officials! Goyal met Qatar's Commerce Minister and business leaders in Doha to boost bilateral trade to $30 Billion by 2030, focusing on rupee-QAR settlements for energy and exports. Amid U.S. tariffs, Qatar's $11.9 Billion petroleum/gas supply (93% of India's Gulf imports) becomes a lifeline. Watch the strategic pivot!

India has just activated its landmark $100 billion trade pact with the EFTA bloc — Switzerland, Norway, Iceland, and Liechtenstein. The deal slashes tariffs on over 90% of Indian exports, giving duty-free access for textiles, medicines, gems, machinery, and more. In return, EFTA nations will pump $100 billion in investments into India over 15 years, creating an estimated 1 million jobs. This comes at a critical moment — just weeks after Donald Trump’s steep tariffs on Indian goods. As Indian exporters diversify, this EFTA pact could open new, lucrative doors in Europe’s wealthiest markets.

Congress MP Shashi Tharoor said the recent hike in H-1B visa fees and US tariffs has caused a ‘sharp short-term setback’ for India, impacting jobs and trade. He, however, said that this is not a ‘point of no return’ for bilateral relations, as the long-term interests of both countries will eventually restore balance. He also spoke in detail about what impact Trump's tariffs are having on Indian industries. Watch!

With Trump’s tariffs hitting Indian exports, New Delhi is fast-tracking trade deals with the Gulf. India’s growing partnerships with the UAE and Qatar aim to diversify markets, cut reliance on the U.S., and secure long-term growth. India and Qatar are racing to finalize an FTA by October, targeting sectors like infrastructure, tech, and logistics. Watch how India’s trade realignment is taking shape.

Former NITI Aayog CEO Amitabh Kant urges CBIC to lead India’s economic transformation through AI and tech-driven tax reforms. Speaking on August 25, 2025, Kant emphasized modernizing GST and customs with artificial intelligence, machine learning, and digital forensics to boost compliance and efficiency. Amid Trump’s 50% tariffs, he sees a chance for CBIC to simplify GST, reduce burdens, and make India a global leader by 2047.