Wednesday, March 11
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, tanked in opening trade on Thursday a day after 50% US tariffs came into effect on India. While Nifty50 was below 24,550 BSE Sensex was over 600 points down.
Federal Reserve governor Lisa Cook is challenging her dismissal by Donald Trump in court, alleging it threatens the Fed's independence. Trump cited mortgage fraud allegations as the reason, but Cook claims it's a pretext to install a loyalist and influence interest rates. The lawsuit argues the firing lacks 'cause' and could undermine the Fed's ability to act independently.
In response to US tariffs, India is targeting 40 key markets, including the UK and Japan, to boost textile exports. This diversification strategy aims to position India as a reliable supplier of sustainable textiles. Export Promotion Councils will lead the effort, leveraging FTAs and international trade fairs.
Starting August 27, 2025, the US will impose 50% tariffs on $60.2 billion worth of Indian exports, impacting textiles, gems, and furniture. This move is projected to significantly reduce India's exports to the US, potentially benefiting countries like China and Vietnam.
US President Trump threatened trade measures against nations with digital taxes targeting American tech giants, deeming them discriminatory. He warned of tariffs and export restrictions on technology and chips if these policies persist. Dozens of countries impose digital services taxes, prompting debates over fair contributions from tech companies.
