The terms and conditions of Trump's "Liberation Day" tariffs

As the U.S. wraps up its 90-day tariff pause, the pressure is on — but many of America’s key trading partners, including India, haven’t signed trade deals.President Donald Trump announced 'Liberation Day" tariffs on April 2, but paused from April 9 to July 9 in a bid to sign deals with trading partners.The U.S. successfully signed pacts with Vietnam, China, and the U.K., but did not secure deals with major partners like the EU, Japan, or India.Now, the pause is officially over, and with retaliatory duties expected to take effect from August 1, the future of global trade has just become more uncertain.India may have reason to worry. In FY2025, India's total trade with the U.S. stood at $186 billion, with exports at $115.2 billion and imports at $70.8 billion. enjoyed a trade surplus of $44.4 billion. That kind of imbalance could make India a target for fresh tariffs.However, India has refused to negotiate under a deadline, and the national interest comes first. The Indian government has also been negotiating with the U.S. on a broader trade deal for years, but a breakthrough remains elusive.

So what happens next? 

Guest: Ajay Srivastava, Founder, Global Trade Research Initiative [GTRI]

Host: Nivedita V

Edited by Jude Weston

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