US President Donald Trump’s ‘Liberation Day’ tariffs have brought limited tariffs for the United States even after six months of introduction, former IMF deputy managing director Gita Gopinath said.In a post on X, the she explained that while the tariffs have significantly boosted government revenue, the gains have come largely at the expense of domestic firms and households hitting American businesses and consumers.“Raise revenue for the government? Yes. Quite substantially. Borne almost entirely by US firms and passed on some to US consumers,” she noted.Gopinath also warned that the tariffs have contributed to higher prices, burdening households, pointing out that costs have risen in several everyday consumer items. “Raise inflation? Yes, by small amounts overall. More substantially for household appliances, furniture, coffee,” she said.She further added that there are still no signs of improvement in the US trade balance or manufacturing sector, two areas the tariffs were intended to support. Summing up, Gopinath called the overall “score card…negative,” indicating that the policy has failed to meet its broader economic goals while adding inflationary pressures.Donald Trump had imposed massive tariffs on many countries citing trade imbalance and announcing them as a part of efforts to boost American manufacturing and support US workers.The US imposed an additional tariff of 25% on Indian imports to the country on top of an already existing 25% tariff, taking the total amount to 50%.On 26 September, he further announced plans to impose a 100 per cent tariff on branded and patented pharmaceutical products from October 1, 2025, unless the manufacturers set up production facilities in the US, according to ANIMeanwhile, a World Bank report predicts that India will continue to be the world’s fastest-growing major economy. The growth expected to be supported by strong domestic consumption, improved agricultural output and rising rural wages, according to the World Bank’s latest South Asia Development Update.

Tata Capital Ltd’s initial public offering (IPO) was fully subscribed on Wednesday, the final day of bidding. The Rs 15,512 crore share sale drew bids for 45.85 crore shares against 33.34 crore shares on offer, a subscription of 1.38 times, according to NSE data till 1:36 PM IST.Among investors, the Qualified Institutional Buyers (QIBs) category was the most active, with 2.07 times subscription. Non-institutional investors applied for 1.46 times the shares allocated to them, while Retail Individual Investors (RIIs) saw 93% subscription.Ahead of the IPO, Tata Capital raised Rs 4,642 crore from 68 domestic and international institutional investors on Friday. The anchor book received nearly five times more demand than the allocation.The share price range for the IPO is Rs 310-326, placing Tata Capital’s valuation at about Rs 1.38 lakh crore at the top end. The IPO comprises 47.58 crore shares, with a fresh issue of 21 crore shares and an Offer For Sale (OFS) of 26.58 crore shares. Under the OFS, Tata Sons will sell 23 crore shares, while the International Finance Corporation (IFC) will offload 3.58 crore shares.Currently, Tata Sons holds an 88.6% stake in Tata Capital, and IFC owns 1.8%. The proceeds will boost the company’s Tier-1 capital base to support future lending and other capital needs.This is the Tata Group’s second listing in recent years, after Tata Technologies went public in November 2023. The move also meets the Reserve Bank of India’s requirement that upper-layer NBFCs be listed within three years; Tata Capital was classified as an upper-layer NBFC in September 2022.Tata Capital offers more than 25 lending products for individuals, entrepreneurs, small businesses, SMEs, and corporates. It also distributes third-party products like insurance and credit cards, provides wealth management services, and acts as a sponsor and investment manager for private equity funds.The company is set to make its stock market debut on October 13.