New Delhi | The US has announced the suspension of additional tariffs on India for 90 days until July 9 this year, according to the White House executive orders.

On April 2, US President Donald Trump slapped universal duties on about 60 countries exporting goods to America and additional steep levies on countries like India, potentially impacting sales of products from shrimp to steel in the world's biggest economy. The move was aimed at cutting its trade deficit and boosting domestic manufacturing.

The US imposed an additional import duty of 26 per cent on India. The tariffs were high on its competitors like Thailand, Vietnam and China.

This suspension of tariffs is not applicable to China, including Hong Kong and Macau.

"Effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on April 10, 2025, enforcement of the second paragraph of section 3(a) of Executive Order 14257 is suspended until 12:01 a.m. eastern daylight time on July 9, 2025," the order said.

The second paragraph of Section 3 (a) of the executive order issued on April 2 mentions the implementation of reciprocal tariffs. It includes Annex 1 listing rate of tariffs for different countries.

However, the 10 per cent baseline tariff imposed on the countries will continue to remain in place.

A trade expert said the 25 per cent duty on steel, aluminium (effective from March 12), auto and auto components (from April 3) also continues.

Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said that semiconductors, pharmaceuticals, and certain energy products are under the exemption category.

S&P 500 loses 5 per cent, more than half Wednesday's historic gain, after Trump ups tariffs on China to 145 per cent

New York | US stocks are giving back much of their historic gains from the day before as Wall Street weighs a trade war that has cooled in temperature but is still threatening the economy.

The S&P 500 fell 5 per cent Thursday.

The Dow Jones Industrial Average dropped 1,746 points, and the Nasdaq composite sank 5.8 per cent.

Even a better-than-expected report on inflation wasn't enough to get US stocks to climb further.

Losses for stocks accelerated after the White House clarified that Chinese imports will be tariffed at 145 per cent, not the 125 per cent rate that US President Donald Trump had earlier written about.