The Indian rupee declined in the non-deliverable forward market on Thursday after the U.S. President Donald Trump slapped a 26% tariff on imports from the Asian nation.

US President Donald Trump on Wednesday announced sweeping new tariffs as part of his ‘Liberation Day’ announcement event in the Rose Garden of the White House.According to the announcement, the United States will apply a 26 per cent tariff on imports from India.

The U.S. is India's biggest market for auto parts exports, making up almost a third of the $21.2 billion industry in the year ended March 31, 2024.

US President Donald Trump on Thursday exempted imports of pharmaceuticals, energy and certain other minerals from the scope of his newly announced reciprocal tariffs, providing a potential reprieve to India’s generic medicines industry.

US President Donald Trump hit India with a 26 per cent tax on its exports to America despite making friendly no.

An immediate tariff reduction would benefit Tesla, which has finalized plans to open showrooms in Mumbai and New Delhi, aiming to launch its imported vehicles in India this year, noted Reuters. Trump has argued that Tesla currently faces an “impossible” situation selling in India and should not be required to set up a local factory.

Trump's reciprocal tariffs are poised to raise duties on Chinese imports to 54%. In addition, the White House is imposing a base 10% tariff on imports from most foreign countries.

President Donald Trump and his advisers landed on tariffs of at least 10% on imports, with nearly 60 countries and the EU facing even higher taxes.

Apple, Amazon, and other tech companies reliant on global supply chains stand to lose the most from Trump's trade policies, but some software firms expect more demand for their services.