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    Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chairs 3rd Meeting of Apex Monitoring Authority of NICDIT and reviews the pro...
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    August 17, 2026
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    RERA compliance exemption for stalled housing projects raises whether statutory obligations may be waived to enable phased project completion.
    RERA compliance exemption is sought for completion of 16 stalled residential projects by a public sector construction entity appointed under a project-completion arrangement. The appellate insolvency tribunal declined to direct a waiver, considering itself incompetent to exempt compliance with statutory provisions. The arrangement requires phased completion, award and commencement of construction work, and oversight through an apex committee and project-wise committees. The projects remain incomplete owing to the developer's financial crisis.
    August 17, 2026
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    Deposit mobilisation and youth banking guide strategies for stronger public financial institutions, investment financing and Global Capability Centre opportunities.
    PSB Confluence 2026 considers strategic priorities for Public Sector Banks and Public Financial Institutions across deposit mobilisation, banking for youth, investment-cycle financing and Global Capability Centres. Discussions seek practical, scalable strategies to strengthen customer engagement, youth-responsive banking propositions, institutional financing capabilities and participation in the expanding Global Capability Centre ecosystem. Youth engagement may use the MY Bharat platform to strengthen links with the formal financial system and awareness of education finance, entrepreneurship, internships and financial-sector careers. Further themes include value-chain infrastructure, priority sector lending and credit card business reform.
    August 17, 2026
    Show AI Summary
    Banking-sector reform will guide lender capacity, financial stability, inclusion, consumer protection, deposit growth and responsible credit-card expansion.
    Banking-sector reform is proposed through a high-level committee on Banking for Viksit Bharat to review the sector and align it with growth needs while safeguarding financial stability, financial inclusion and consumer protection. Key themes include deposit mobilisation, youth banking, investment support, global capability centres, value-chain infrastructure, credit cards and priority-sector lending. Public-sector banks are expected to improve competitiveness through technology, sectoral expertise, product adaptation and customer-focused deposit growth. Credit-card development must maintain responsible underwriting, customer protection and appropriate risk controls.
    August 17, 2026
    Show AI Summary
    FCNR(B) concessional swap facility availability narrows to timely mobilised deposits amid rupee depreciation and foreign currency inflow concerns.
    Foreign-exchange conditions reflected rupee depreciation amid weak domestic equity markets and higher crude oil prices. FCNR(B) concessional swap facility availability is confined to foreign currency deposits mobilised by banks within the revised cut-off period, replacing the previously longer mobilisation window. The facility is intended to encourage foreign currency inflows, while banks use the FCNR(B) scheme to mobilise foreign currency deposits through attractive interest rates.
    August 17, 2026
    Show AI Summary
    Banking sector review panel will align future growth with financial stability, inclusion and consumer protection through government recommendations.
    High Level Committee on Banking for Viksit Bharat is proposed to comprehensively review the banking sector and align it with India's next phase of growth. It is intended to safeguard financial stability, financial inclusion and consumer protection, while providing views and recommendations to the Government on banking-sector development and reform.
    August 17, 2026
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    Prime Minister Internship Scheme enhances youth employability through paid industry exposure, cross-field learning, workplace readiness and potential full-time employment.
    The Prime Minister Internship Scheme provides paid internships with leading companies across India to improve youth employability through practical workplace exposure, industry experience and skills development. It addresses the gap between classroom learning and employers' expectations of workplace readiness. Participation is not confined to academic qualifications, allowing youth to pursue fields of interest and gain hands-on professional learning. Strong internship performance may lead to full-time roles, while the scheme stresses responsible work where errors may affect quality, consumer safety and organisational reputation.
    August 17, 2026
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    SAFTA origin fraud in areca imports allegedly enabled improper duty exemption through false Bangladeshi-origin declarations.
    SAFTA preferential duty treatment for areca-nut imports was allegedly misused by falsely declaring goods originating in South-East Asian countries as Bangladeshi origin. Since areca nuts normally attract 100% basic customs duty, the scheme sought to obtain the full SAFTA exemption reserved for qualifying Bangladeshi goods meeting Rules of Origin requirements. The alleged mechanism included routing goods through Bangladesh, changing containers and bags, using improperly obtained Certificates of Origin, and facilitating clearance through importers, Customs Brokers and IEC holders. Investigative findings also indicated cash proceeds, hawala channels and dummy entities.
    August 17, 2026
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    FCNR(B) concessional swap facility closure may reduce temporary foreign-currency inflow support and heighten rupee weakness concerns.
    The Reserve Bank of India restricted its concessional swap facility for FCNR(B) deposits to deposits mobilised by August 31, advancing the earlier cut-off date. The facility was intended to encourage foreign-currency inflows, while banks mobilise such deposits through attractive interest rates. Market commentary indicated that existing inflows may support the rupee in the near term, but the curtailed availability of the facility could reduce this temporary cushion and increase depreciation risk.
    August 16, 2026
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    Temporary tariff suspension for earthquake recovery is sought to ease pressure on affected Colombian businesses.
    Temporary suspension of high tariffs on Colombian products has been sought to support business recovery following a severe earthquake declared a natural disaster. The request links tariff relief to economic disruption affecting businesses amid extensive destruction, injuries and missing persons. United States emergency assistance has been provided through food, shelter and health supplies, while no response to the tariff-suspension request had been reported.
    August 16, 2026
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    Port-led industrial development and direct export operations aim to expand logistics infrastructure, market access and trade connectivity.
    Mission Samudra is proposed as a port-led industrial and logistics development programme linked to the commencement of export-import operations at Vizhinjam seaport. It covers industrial clusters, new cities, port connectivity, logistics, development initiatives, programme management and capacity building. Direct export shipments are intended to improve overseas-market access and reduce transit time and logistics costs, particularly for small and medium enterprises. The framework also anticipates growth in warehousing, cold storage, container freight stations and logistics parks, supported by private participation and road and rail connectivity.
    August 16, 2026
    Show AI Summary
    Electric vehicle export diversification strengthens India's presence across European, Asia-Pacific and Latin American markets through expanding overseas demand.
    India's electric motor car exports expanded sharply in the first quarter of 2026-27, reflecting increased international acceptance and competitiveness of India-manufactured electric vehicles. Europe became the principal export destination, led by Spain and the United Kingdom, with further demand across several European markets. Exports also reached Asia-Pacific markets, Nepal and emerging Latin American destinations. This wider market presence reflects improving quality and safety standards, stronger integration into global electric-vehicle supply chains, and diversification of India's electric-vehicle export profile.
    August 16, 2026
    Show AI Summary
    LPG production preparedness requires refiners and upstream producers to maintain capacity and increase output during supply constraints.
    Government has established a standing LPG production preparedness framework under which refining companies, oil marketing companies and upstream producers may be directed to increase production during supply constraints. Companies must maintain adequate LPG storage, evacuation and transportation infrastructure and pursue technically and economically feasible production-enhancing measures. Written directions may prescribe production quantities and periods, including restrictions on alternative uses of input streams required for LPG. The production schedule is updated twice yearly to reflect new facilities and added capacity from infrastructure, technology and distribution improvements.
    August 16, 2026
    Show AI Summary
    Free trade agreement market access requires MSMEs, farmers and exporters to meet global quality standards.
    Free trade agreements expand market-access opportunities for Indian MSMEs, exporters and producers through reduced or eliminated import duties on traded goods. Textiles, machinery, medicines, seafood and agricultural products can access international markets where they meet global standards and remain competitively priced. Farmers and producers are encouraged to develop export-oriented products, including chemical-free agricultural produce, while MSMEs may use preferential trade access to support manufacturing, exports, employment and growth.
    August 15, 2026
    Show AI Summary
    Chemical-free farming can strengthen agricultural exports by meeting global standards and responding to rising international demand.
    Chemical-free farming is urged to meet growing global demand and expand agricultural exports. Agricultural products must meet global parameters to facilitate access to international markets, including markets opened through free trade agreements. Food processing, export-oriented farm production, and global branding of traditional cuisine, millets, spices, fruits and flowers are identified as important elements of agriculture and food production policy.
    August 15, 2026
    Show AI Summary
    Voluntary foreign asset disclosure allows eligible taxpayers to regularise overseas holdings with immunity from further tax, penalties and prosecution.
    FAST-DS permits eligible taxpayers to disclose specified undisclosed foreign assets, foreign income, and foreign assets omitted from return schedules. Undisclosed assets or income not previously offered to tax may be declared up to Rs 1 crore on payment of an effective 60 per cent levy, based on fair market value as of 31 March 2026. Assets already offered to tax, or acquired during non-resident status but omitted from the return schedule, may be declared up to Rs 5 crore on payment of a fee. Valid declarations provide immunity from further tax, penalty and prosecution, while declared amounts are excluded from total income.
    August 15, 2026
    Show AI Summary
    Global pharmaceutical leadership is urged through Indian firms achieving top-five status, supported by generic manufacturing and export capacity.
    Indian pharmaceutical companies are urged to attain representation among the world's five leading pharmaceutical firms, despite India's established position as a major producer of generic medicines. India has a broad manufacturing base, supplies generic medicines across numerous therapeutic categories, and exports to worldwide markets including highly regulated jurisdictions. Although pharmaceutical exports and the domestic market have expanded, Indian firms have not yet secured positions among the largest global companies. Greater international scale may be supported through acquisitions and expanded established-brand and branded-generic operations.
    August 15, 2026
    Show AI Summary
    Foreign asset voluntary disclosure permits eligible small taxpayers to regularise qualifying assets through tax, additional levy, and statutory immunity.
    FAST-DS permits eligible small taxpayers to voluntarily disclose specified foreign assets or foreign income. It covers undisclosed foreign assets or income not offered to tax, subject to an aggregate value threshold of Rs 1 crore, and certain foreign assets omitted from the relevant return schedule, subject to a Rs 5 crore threshold and prescribed fee. Payment comprises 30 per cent tax and an additional equal amount. Disclosed income or investment is excluded from total income, with immunity from further tax, penalty and prosecution under the Black Money Act for the disclosed asset or income.
    August 15, 2026
    Show AI Summary
    Free trade agreement opportunities require MSMEs to meet global standards and expand exports across textiles, machinery, medicines and seafood.
    Free trade agreements are presented as export-market opportunities for Indian MSMEs because they reduce or eliminate import duties on a substantial range of traded goods. MSMEs are urged to expand exports of textiles, machinery, medicines and seafood, including shrimp, by meeting global quality standards and offering products competitively. Their export role is linked to self-reliance and their significant contribution to manufacturing, exports, GDP and employment.
    August 15, 2026
    Show AI Summary
    Windfall gains tax on petroleum exports was reduced to support domestic fuel availability and limit export price advantages.
    Special additional excise duty (windfall gains tax) on exports of petrol, diesel and aviation turbine fuel was reduced from 15 August 2026. Petrol export duty was reduced to nil, and export-duty rates on diesel and ATF were lowered. Duty rates for petrol and diesel cleared for domestic consumption remained unchanged. The export-duty framework seeks to maintain domestic petroleum-product availability and limit export advantages arising from higher global crude oil prices amid West Asia tensions.

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      Customs & Trade

      Trump's tariffs have launched global trade wars. Here's timeline of how we got here

      April 11, 2025

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      New York, Apr 11 (AP) Long-threatened tariffs from US President Donald Trump have plunged the country into trade wars abroad — all while on-again, off-again new levies continue to escalate uncertainty.

      Trump is no stranger to tariffs. He launched a trade war during his first term, taking particular aim at China by putting taxes on most of its goods.

      Beijing responded with its own retaliatory tariffs on US products ranging from fruit to automotive imports.

      Meanwhile, Trump also used the threat of more tariffs to force Canada and Mexico to renegotiate a North American trade pact, called the US-Mexico-Canada Agreement, in 2020.

      When President Joe Biden took office, he preserved most of the tariffs Trump previously enacted against China, in addition to imposing some new restrictions — but his administration claimed to take a more targeted approach.

      Fast-forward to today, and economists stress there could be greater consequences on businesses and economies worldwide under Trump's more sweeping tariffs this time around — and that higher prices will likely leave consumers footing the bill.

      There's also been a sense of whiplash from Trump's back-and-forth tariff threats and responding retaliation seen over the last few months.

      Here's a timeline of how we got here: January 20 Trump is sworn into office. In his inaugural address, he again promises to “tariff and tax foreign countries to enrich our citizens". And he reiterates plans to create an agency called the External Revenue Service, which has yet to be established.

      On his first day in office, Trump also says he expects to put 25 per cent tariffs on Canada and Mexico starting on February 1, while declining to immediately flesh out plans for taxing Chinese imports.

      January 26 Trump threatens 25 per cent tariffs on all Colombia imports and other retaliatory measures after President Gustavo Petro's rejects two US military aircraft carrying migrants to the country, accusing Trump of not treating immigrants with dignity during deportation.

      In response, Petro also announces a retaliatory 25 per cent increase in Colombian tariffs on US goods. But Colombia later reversed its decision and accepted the flights carrying migrants. The two countries soon signalled a halt in the trade dispute.

      February 1 Trump signs an executive order to impose tariffs on imports from Mexico, Canada and China — 10 per cent on all imports from China and 25 per cent on imports from Mexico and Canada starting February 4.

      Trump invoked this power by declaring a national emergency — ostensibly over undocumented immigration and drug trafficking.

      The action prompts swift outrage from all three countries, with promises of retaliatory measures.

      February 3 Trump agrees to a 30-day pause on his tariff threats against Mexico and Canada, as both trading partners take steps to appease Trump's concerns about border security and drug trafficking.

      February 4 Trump's new 10 per cent tariffs on all Chinese imports to the US still go into effect. China retaliates the same day by announcing a flurry of countermeasures, including sweeping new duties on a variety of American goods and an anti-monopoly investigation into Google.

      China's 15 per cent tariffs on coal and liquefied natural gas products, and a 10 per cent levy on crude oil, agricultural machinery and large-engine cars imported from the US, take effect February 10.

      February 10 Trump announces plans to hike steel and aluminum tariffs starting March 12. He removes the exemptions from his 2018 tariffs on steel, meaning that all steel imports will be taxed at a minimum of 25 per cent, and also raises his 2018 aluminum tariffs from 10 per cent to 25 per cent.

      February 13 Trump announces a plan for “reciprocal” tariffs — promising to increase US tariffs to match the tax rates that other countries charge on imports “for purposes of fairness”.

      Economists warn that the reciprocal tariffs, set to overturn decades of trade policy, could create chaos for global businesses.

      Beyond China, Canada and Mexico, he later indicates that additional countries, such as India and European nations, won't be spared from higher tariffs.

      February 25 Trump signs an executive order instructing the Commerce Department to consider whether a tariff on imported copper is needed to protect national security. He cites the material's use in US defence, infrastructure and emerging technologies.

      March 1 Trump signs an additional executive order instructing the Commerce Department to consider whether tariffs on lumber and timber are also needed to protect national security, arguing that the construction industry and military depend on a strong supply of wooden products in the US.

      March 4 Trump's 25 per cent tariffs on imports from Canada and Mexico go into effect, though he limits the levy to 10 per cent on Canadian energy. He also doubles the tariff on all Chinese imports to 20 per cent.

      All three countries promise retaliatory measures. Canadian Prime Minister Justin Trudeau announces tariffs on more than USD 100 billion of American goods over the course of 21 days.

      And Mexican President Claudia Sheinbaum says her country would respond with its own retaliatory tariffs on US goods without specifying the targeted products immediately, signalling hopes to de-escalate.

      China, meanwhile, imposes tariffs of up to 15 per cent on a wide array of key US farm exports, set to take effect March 10. It also expands the number of US companies subject to export controls and other restrictions by about two dozen.

      March 5 Trump grants a one-month exemption on his new tariffs impacting goods from Mexico and Canada for US automakers.

      The pause arrives after the president spoke with leaders of the “Big 3” automakers — Ford, General Motors and Stellantis.

      March 6 In a wider extension, Trump postpones 25 per cent tariffs on many imports from Mexico and some imports from Canada for a month. But he still plans to impose “reciprocal” tariffs starting on April 2.

      Trump credited Sheinbaum with making progress on border security and drug smuggling as a reason for again pausing tariffs. His actions also thaw relations with Canada somewhat, although outrage and uncertainty remains.

      Still, after its initial retaliatory tariffs of USD 30 billion Canadian (USD 21 billion) on US goods, the government said it had suspended its second wave of retaliatory tariffs worth USD 125 billion Canadian (USD 87 billion).

      March 10 China's retaliatory 15 per cent tariffs on key American farm products — including chicken, pork, soybeans and beef — take effect. Goods already in transit are set to be exempt through April 12, per China's Commerce Ministry previous announcement.

      March 12 Trump's new tariffs on all steel and aluminum imports go into effect. Both metals are now taxed at 25 per cent across the board — with Trump's order to remove steel exemptions and raise aluminum's levy from his previously-imposed 2018 import taxes.

      The European Union takes retaliatory trade action promising new duties on US industrial and farm products. The measures will cover goods from the United States worth some 26 billion euros (USD 28 billion), and not just steel and aluminum products, but also textiles, home appliances and agricultural goods.

      Motorcycles, bourbon, peanut butter and jeans will be hit, as they were during Trump's first term. The 27-member bloc later says it will delay this retaliatory action until mid-April.

      Canada, meanwhile, announces plans to impose retaliatory tariffs worth Canadian USD 29.8 billion (USD 20.7 billion) on US imports, set to go into effect March 13.

      March 13 Trump threatens a 200 per cent tariff on European wine, Champagne and spirits if the European Union goes forward with its previously-announced plans for a 50 per cent tariff on American whiskey.

      March 24 Trump says he will place a 25 per cent tariff on all imports from any country that buys oil or gas from Venezuela, in addition to imposing new tariffs on the South American country itself, starting April 2.

      The tariffs would most likely add to the taxes facing China, which in 2023 bought 68 per cent of the oil exported by Venezuela, per the US Energy Information Administration. But a number of countries also receive oil from Venezuela — including the United States itself.

      March 26 Trump says he is placing 25 per cent tariffs on auto imports, a move that the White House claims would foster domestic manufacturing. But it could also put a financial squeeze on automakers that depend on global supply chains.

      These auto imports will start being collected April 3 — starting with taxes on fully-imported cars. The tariffs are set to then expand to applicable auto parts in the following weeks, through May 3.

      April 2 Trump announces his long-promised “reciprocal” tariffs — declaring a 10 per cent baseline tax on imports across the board starting April 5, as well as higher rates for dozens of nations that run trade surpluses with the US to take effect April 9.

      Among those steeper levies, Trump says the US will now charge a 34 per cent tax on imports from China, a 20 per cent tax on imports from the European Union, 25 per cent on South Korea, 24 per cent on Japan and 32 per cent on Taiwan.

      The new tariffs come on top of previously-imposed levies, including the 20 per cent tax Trump announced on all Chinese imports earlier this year.

      Meanwhile, for goods from Canada and Mexico, the White House says USMCA-compliant imports can continue to enter the US duty free. Once the two countries have satisfied Trump's demands on immigration and drug trafficking, the White House adds, the tariff on the rest of their imports may drop from 25 per cent to 12 per cent.

      April 3 Trump's previously-announced auto tariffs begin. Prime Minister Mark Carney says that Canada will match the 25 per cent levies with a tariff on vehicles imported from the US.

      April 4 China announces plans to impose a 34 per cent tariff on imports of all US products beginning April 10, matching Trump's new "reciprocal” tariff on Chinese goods, as part of a flurry of retaliatory measures.

      The Commerce Ministry in Beijing says it will also impose more export controls on rare earths, which are materials used in high-tech products like computer chips and electric vehicle batteries. And the government adds 27 firms to lists of companies subject to trade sanctions or export controls.

      April 5 Trump's 10 per cent minimum tariff on nearly all countries and territories takes effect.

      April 9 Trump's higher “reciprocal” rates go into effect, hiking taxes on imports from dozens of countries just after midnight. But hours later, his administration says it will suspend most of these higher rates for 90 days, while maintaining the recently-imposed 10 per cent levy on nearly all global imports.

      China is the exception. After following through on a threat to raise levies against China to a total of 104 per cent, Trump says he will now raise those import taxes to 125 per cent “effective immediately” — escalating tit-for-tat duties that have piled up between the two countries.

      China upped its retaliation prior to this announcement — vowing to tax American goods at 84 per cent starting April 10.

      Canada's counter tariffs on auto imports also take effect. The country implements a 25 per cent levy on auto imports from the US that do not comply with the 2020 USMCA pact.

      Meanwhile, EU member states vote to approve their own retaliatory levies on 20.9 billion euros (USD 23 billion) of US goods in response to Trump's previously-imposed steel and aluminum tariffs. The EU's executive commission doesn't immediately specify which imports it will tax, but notes its counter tariffs will come in stages — with some set to arrive on April 15, and others May 15 and December 1.

      April 10 The White House clarifies that Trump's previously-announced 125 per cent figure for tariffs against China is actually 145 per cent, once his previous 20 per cent fentanyl tariffs are accounted for.

      Separately, the EU puts its steel and aluminum tariff retaliation on hold for 90 days, to match Trump's pause on steeper “reciprocal” levies. European Commission President Ursula von der Leyen says the commission wants to give negotiations with the US a chance — but warns countermeasures will kick in if talks “are not satisfactory”. (AP) PY PY

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