Donald Trump has unveiled a new set of tariffs affecting numerous countries, most of them are set to face the new tariffs from 7 August. This move could challenge global economies, as several nations have yet to finalise trade agreements with the Trump administration. A minimum tariff of 10% is now applied globally.

President Donald Trump said on Wednesday the United States is still negotiating with India on trade after announcing earlier in the day the U.S. would impose a 25% tariff on goods imported from the country starting on Friday.

India vowed on Thursday to protect its labour-intensive agriculture sector, a central sticking point in bogged-down trade talks with the U.S., as Washington threatened 25% tariffs, triggering outrage from the opposition and a slump in the rupee.