Business
Trump raises new global tariffs to 15% after hitting out at ‘terrible’ Supreme Court
Donald Trump has increased global tariffs to 15 per cent as he hit out at a Supreme Court ruling that struck down his previous import levies, calling the ruling “terrible” and branding the justices who rejected his trade policy as “fools”.
On Friday, the US president said he would replace the tariffs axed by the court with a 10 per cent tax on all goods entering the US. But in a post on Truth Social on Saturday he announced plans to increase this to 15 per cent.
The US president’s “reciprocal tariffs”, imposed on most of the rest of the world last April under an emergency powers law, were overturned by the US Supreme Court on Friday in a major blow to the president’s economic agenda.
But he doubled down on imposing levies following the decision, claiming the court “has been swayed by foreign interests” and other countries were “dancing in the streets, but they won’t be dancing for long, that I can assure you”.
The UK scrambled to respond in the wake of the announcement, with ministers saying they expect the country’s “privileged trading position with the US” to continue following the Supreme Court’s ruling.
The UK received the lowest tariff rate of 10 per cent, and a subsequent deal struck by Sir Keir Starmer and Mr Trump saw further carve-outs for Britain’s steel industry and car manufacturers.
The US president’s latest tariff announcements raise questions over whether those deals still stand, although officials are understood to believe it will not impact on most of the UK’s trade with America, including preferential deals on steel, cars and pharmaceuticals.
Posting on Truth Social on Saturday afternoon, Mr Trump said: “I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been ‘ripping’ the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level.”
It came after a post on Friday evening said: “It is my Great Honor to have just signed, from the Oval Office, a Global 10 per cent Tariff on all Countries, which will be effective almost immediately. Thank you for your attention to this matter! PRESIDENT DONALD J. TRUMP”
He later added in a follow-up post criticising the Supreme Court Justices who ruled against his levies: “Their decision was ridiculous but, now the adjustment process begins, and we will do everything possible to take in even more money than we were taking in before!”
Speaking at the White House earlier, Mr Trump said the Supreme Court decision affirmed his ability to charge more tariffs under different statutes.
He said: “In order to protect our country, a president can actually charge more tariffs than I was charging in the past… period of a year.
“Under the various tariffs authorities, so we can use other of the statutes, other of the tariff authorities, which have also been confirmed and are fully allowed.
“Therefore, effective immediately, all national security tariffs under Section 232 and existing Section 301 tariffs, they’re existing, they’re there, remain in place, fully in place. And in full force.
“Today I will sign an order to impose a 10 per cent global tariff under Section 122, over and above our normal tariffs already being charged.
“And we’re also initiating several Section 301 and other investigations to protect our country from unfair trading practises of other countries and companies.”
A UK government spokesperson said: “This is a matter for the US to determine but we will continue to support UK businesses as further details are announced.
“Under any scenario, we expect our privileged trading position with the US to continue and will work with the administration to understand how the ruling will affect tariffs for the UK and the rest of the world.”
It was an updated version of a statement released earlier in response to the court ruling, but removed a reference to the UK enjoying “the lowest reciprocal tariffs globally”.
In the wake of the announcement, Liberal Democrat leader Sir Ed Davey said the UK government should sue Mr Trump for $100bn for the damage caused to the UK by trade tariffs, arguing it is “the only language he understands”.
He branded Mr Trump the “most dangerous, damaging US president of modern times” as he welcomed the “brilliant” decision by the US Supreme Court on Friday.
It came after Mr Trump said that some trade deals negotiated after he imposed his reciprocal tariffs will no longer be valid after the US Supreme Court ruling.
“Some of them stand. Many of them stand. Some of them won’t, and they’ll be replaced with the other tariffs,” he said.
When he first announced the 10 per cent “global tariff”, the US president said it would be in place for around five months.
“We’re going straight ahead with 10 per cent straight across the board… and then during that period of about five months, we are doing the various investigations necessary to put fair tariffs, or tariffs period, on other countries.
“So we’re doing that, period, but we’re immediately instituting the 10 per cent provision, which we’re allowed to do. And in the end, I think we’re taking more money than we’ve taken in before.”
The US has collected more than $133bn (£98.4bn) since Mr Trump imposed the tariffs, but now faces the prospect of having to refund that money to importers.
Friday’s decision, approved by a 6-3 majority, found that a 1977 law did not give Mr Trump the power to impose tariffs without the approval of the US Congress.
The British Chambers of Commerce (BCC) said the decision did little to “clear the murky waters for business” around US tariffs.
William Bain, head of trade policy at the BCC, said Mr Trump could use other legislation to reimpose tariffs.
He said: “For the UK, the priority remains bringing tariffs down wherever possible. It’s important the UK government continues to negotiate on issues like steel and aluminium tariffs and reduces the scope of other possible duties.”
Campaign group Best for Britain said the decision “underlines the instability of doing deals with Trump’s USA and the importance of forging deeper, more reliable trade with our EU neighbours”.
Business
Fuel price hike impact: How it will change what you eat, how you travel and what you can afford
Your next trip to the fuel station just got more expensive!Fuel prices across the nation saw another revision, now becoming costlier by Rs 7.5 per litre since the Middle East crisis began. Early Monday, petrol prices were hiked by Rs 2.61 per litre, while diesel prices were increased by Rs 2.71, marking the fourth increase in just ten days.These back-to-back revisions are now raising concerns over a ripple effect on household budgets, inflationary pressures, and everyday commuting costs, leaving consumers to quietly do the math all over again.The latest round of price hikes comes against the backdrop of the ongoing conflict in the Middle East, which has tightened global energy supplies. With crude shipments under pressure and geopolitical tensions showing little sign of easing, international oil prices have been trending higher, with the impact steadily filtering into domestic retail markets.Retail fuel prices had remained largely unchanged for nearly four years before the first hike on May 15, making the sharp, fortnight-long surge in prices all the more striking.Prices continue to vary across states due to differing local taxes.
Impact of rising petrol and diesel prices
Impact on transportation
Transportation is the first and most direct sector to feel the impact of petrol and diesel price hikes. Your drive to the office, that weekend road trip, and quick grocery run — everything will now cost slightly more. With the latest increase, transporters are under significant operational pressure after four rapid fuel revisions. Fuel alone accounts for more than half of truck operating costs, and when added to rising expenses such as tires, insurance, tolls, maintenance, finance costs and statutory compliances, transport operations are now facing severe pressure on viability.“Fuel alone accounts for nearly 55% of truck operating costs. Along with increasing costs of tyres, insurance, tolls, maintenance, finance costs and statutory compliances, the viability of transport operations is under severe pressure,” one transporter told TOI.Transporters also argue that instead of repeated smaller hikes, a single transparent fuel pricing decision would allow better planning of freight structures and business viability.
Supply chains and deliveries
Rising fuel prices are also creating wider pressure across supply chains and delivery networks in the country. Logistics operations are under strain, with transporters already raising freight charges, a move that is expected to increase the cost of delivered goods, including essential items. At the same time, higher operating costs are affecting delivery schedules, reducing overall efficiency in supply chains and last-mile distribution systems.In several regions, reports suggest that a large number of vehicles are being kept idle as operating costs and challenges continue to rise, leading to estimated losses of nearly Rs 3,500 per vehicle per day in some sectors. The ripple effect is already visible, with disruptions in vehicle movement, pressure on supply chains, delayed deliveries, and growing strain on manufacturing, import-export activity, and the movement of essential commodities.
Household bills go up
Rising petrol and diesel prices are set to squeeze household budgets, making everyday expenses, from food delivery and groceries to dining out, more expensive. As fuel costs climb, transport-linked expenses across essential goods are also rising, adding to the burden on consumers and pushing up overall living costs. The impact is expected to deepen further, with inflationary pressures building across the economy. Your daily consumption basket: including staples, packaged foods and other essentials could get costlier in the months ahead as higher fuel prices feed into supply chain and input costs. The latest fuel price revision, amid ongoing Middle East tensions, is also likely to pressure FMCG companies, which may be left with limited options such as selective price hikes or reductions in product grammage, according to industry executives. Freight costs are set to increase distribution and input costs, further straining margins of companies already grappling with 8-10% inflation.“If fuel prices remain elevated over multiple quarters, companies may eventually resort to calibrated price hikes or grammage reductions, which could weigh on consumption recovery, particularly in price-sensitive rural markets’’ Naveen Malpani, partner and consumer & retail industry leader, Grant Thornton Bharat had told TOI.FMCG companies like Nestle, Hindustan Unilever, Marico and Dabur have seen demand recovery but are facing rising input costs and inflation pressures. To offset this, they have already taken 2–5% price hikes and may consider further increases along with cost-cutting measures.
Impact on economy
Finance minister Nirmala Sitharaman on Monday assured that India’s economy continues to show resilience on a broader note. “We should appreciate that the challenges are more externally driven. We must also recognise that India’s domestic economic situation remains positive and resilient even today,” the FM said.
At the same time, rising fuel prices have raised concerns about creating wider economic pressure as transportation costs feed into supply chains. This is increasing the cost of essentials, including fruits and vegetables, and adding inflationary pressure across sectors. The movement of goods, manufacturing activity, and import-export operations are all experiencing stress due to higher logistics costs and delivery disruptions.
OMC shares soar
Fuel price revisions have also influenced market activity. Shares of major oil marketing companies moved higher on Monday, with Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation (IOC), and Bharat Petroleum Corporation Limited (BPCL) all soared in green.IOC shares rose 4% to Rs 145, HPCL surged 6% to Rs 412.55, and BPCL advanced over 4.5% to Rs 309 on the BSE. The movement came as crude oil prices touched a two-week low amid signs of progress in US-Iran peace talks.Meanwhile, before the recent price hike, the government had been stepping in to help oil marketing companies (OMCs) manage the pressure from rising crude prices by cutting excise duties. Now, the FM highlighted, any reduction in excise duty on petrol and diesel would result in a revenue impact of around Rs 1 lakh crore.
What’s ahead for OMCs?
Earlier, in the absence of price hikes, oil marketing companies (OMCs) were facing heavy losses of up to Rs 1,000 crore per day. Now, with fuel prices rising by nearly Rs 7 per litre, the question is whether these losses will be reduced or not.The recent series of back-to-back price increases is expected to provide some relief to OMCs, but it is unlikely to fully offset their burden. Even if the situation in West Asia stabilises, uncertainty around the Strait of Hormuz is expected to persist for some time, keeping crude prices elevated, likely above $90 per barrel.At the same time, a weakening rupee continues to add pressure on margins. “Combined with a weakening rupee, this continues to pressure OMC margins, and they could still face under-recoveries. Going forward, some calibrated price revisions may be required. The government will need to balance OMC financial health against the impact on consumers,” Sourav Mitra, Partner – Oil and Gas, Grant Thornton Bharat told TOI.
3 F’s in focus
Finance minister Nirmala Sitharaman has also urged the country to focus on the 3 Fs, of fuel, fertiliser and forex. Apart from elevated crude oil prices, fertiliser costs have also surged to “unimaginable” levels, the FM noted, adding that high gold prices are creating additional challenges on the external front. She emphasised the need to focus on the “three Fs,” fuel, fertiliser and forex, pointing out that Prime Minister Narendra Modi’s recent appeals have been made in this context.Taken together, the latest fuel price revisions are no longer just a heavier cost at the petrol pump, they are beginning to ripple through daily lives. From transporters recalibrating freight rates and supply chains under strain, to households quietly tightening monthly budgets, the impact is gradually seeping into everyday life. With global crude trends still uncertain and geopolitical tensions far from settled, the outlook for fuel prices remains vulnerable to developments beyond the country.
Stock market rallied sharply on Monday, with the Sensex soaring more than 1,000 points and the Nifty reclaiming the 24,000 mark, as easing geopolitical tensions in West Asia and falling crude oil prices boosted investor sentiment globally.The 30-share BSE Sensex jumped 1,073.61 points, or 1.42 per cent, to close at 76,488.96, while the NSE Nifty 50 surged 312.40 points, or 1.32 per cent, to settle at 24,031.70.The rally came after optimism grew around a possible agreement between the United States and Iran, following remarks by US President Donald Trump over the weekend that a deal was “largely negotiated”.
Nifty50 top gainers
| Company Name | Current Price (Rs) | Price Change | % Change |
|---|---|---|---|
| Eicher Motors | 7,414 | 433.00 ↑ | 6.20% ↑ |
| Adani Ent. | 2,850 | 132.00 ↑ | 4.88% ↑ |
| Bajaj Finance | 941.90 | 25.40 ↑ | 2.77% ↑ |
| Tata Motors PV | 373.25 | 9.90 ↑ | 2.73% ↑ |
| L&T | 4,033 | 107.00 ↑ | 2.72% ↑ |
| HDFC Bank | 786.85 | 20.10 ↑ | 2.62% ↑ |
| Eternal | 247.67 | 5.72 ↑ | 2.37% ↑ |
| Bajaj Finserv | 1,807 | 41.40 ↑ | 2.35% ↑ |
| Kotak Bank | 392.85 | 8.71 ↑ | 2.27% ↑ |
| Shriram Finance | 961.95 | 21.00 ↑ | 2.23% ↑ |
Sensex top gainers
| Company Name | Current Price (Rs) | Price Change | % Change |
|---|---|---|---|
| Bajaj Finance | 941.90 | 25.40 ↑ | 2.77% ↑ |
| L&T | 4,033 | 107.00 ↑ | 2.72% ↑ |
| HDFC Bank | 786.85 | 20.10 ↑ | 2.62% ↑ |
| Eternal | 247.67 | 5.72 ↑ | 2.37% ↑ |
| Bajaj Finserv | 1,807 | 41.40 ↑ | 2.35% ↑ |
| Kotak Bank | 392.85 | 8.71 ↑ | 2.27% ↑ |
| ICICI Bank | 1,292 | 27.50 ↑ | 2.18% ↑ |
| SBI | 969.60 | 20.40 ↑ | 2.15% ↑ |
| Axis Bank | 1,311 | 25.80 ↑ | 2.01% ↑ |
| Titan Company | 4,159 | 79.40 ↑ | 1.95% ↑ |
Nifty50 top losers
| Company Name | Current Price (Rs) | Price Change | % Change |
|---|---|---|---|
| Max Healthcare | 1,001 | -22.40 ↓ | -2.19% ↓ |
| ONGC | 284.95 | -5.06 ↓ | -1.75% ↓ |
| Hindalco | 1,100 | -9.61 ↓ | -0.87% ↓ |
| Nestle India | 1,414 | -9.50 ↓ | -0.67% ↓ |
| Bajaj Auto | 10,491 | -58.50 ↓ | -0.56% ↓ |
| Infosys | 1,169 | -6.00 ↓ | -0.52% ↓ |
| TCS | 2,308 | -9.11 ↓ | -0.40% ↓ |
| Tata Consumer | 1,187 | -4.60 ↓ | -0.39% ↓ |
| HUL | 2,197 | -7.10 ↓ | -0.33% ↓ |
| Sun Pharma | 1,841 | -4.00 ↓ | -0.22% ↓ |
Sensex top losers
| Company Name | Current Price (Rs) | Price Change | % Change |
|---|---|---|---|
| Infosys | 1,169 | -6.00 ↓ | -0.52% ↓ |
| TCS | 2,308 | -9.11 ↓ | -0.40% ↓ |
| HUL | 2,197 | -7.10 ↓ | -0.33% ↓ |
| Sun Pharma | 1,841 | -4.00 ↓ | -0.22% ↓ |
| Kwality Wall’s | 26.33 | -0.06 ↓ | -0.19% ↓ |
Oil prices tumble as Iran deal hopes rise
Investor confidence improved as markets increasingly priced in the possibility of a diplomatic breakthrough between Washington and Tehran, which could lead to the reopening of the Strait of Hormuz and ease global energy supply concerns.According to news agency ANI, market expert Ponmudi R said optimism surrounding a potential US-Iran agreement revived risk appetite across global markets.“Investor sentiment improved significantly after Donald Trump stated over the weekend that a deal was ‘largely negotiated’, encouraging markets to increasingly price in the possibility of a near-term diplomatic resolution,” he said.He added that markets would look for the “successful implementation of a lasting peace agreement and the credible reopening of the Strait of Hormuz”.Brent crude prices dropped sharply below the $100 per barrel mark and were trading around $98 per barrel, down more than 5 per cent during the session.The Indian rupee also recovered strongly, gaining 48 paise to trade at Rs 95.21 against the US dollar after recent weakness.
Banking stocks lead market rally
Financial stocks led the gains on Dalal Street. Bajaj Finance, Larsen & Toubro, HDFC Bank, Eternal, Bajaj Finserv and Kotak Mahindra Bank emerged among the top Sensex gainers.Sectorally, Nifty PSU Bank rose 2.73 per cent, while Nifty Private Bank advanced 2.02 per cent, as per ANI. Nifty Auto climbed 1.66 per cent and Realty gained 1.54 per cent.However, FMCG stocks remained under pressure. Infosys, Tata Consultancy Services, Sun Pharma and Hindustan Unilever were among the laggards.
Global markets gain amid improving sentiment
Asian markets also ended higher on Monday amid improving global risk appetite. Japan’s Nikkei 225 surged 2.76 per cent, while Taiwan’s weighted index jumped 3.15 per cent.European markets were trading in positive territory, while US markets had settled higher on Friday.Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,440.47 crore on Friday, according to exchange data.
Business
Gold price today: Yellow metal rises; check 24K, 22K city-wise rates in Delhi, Mumbai, Kolkata and more
Gold prices rose in futures trade on Monday, tracking gains in global markets amid growing optimism surrounding a possible peace agreement between the United States and Iran. Retail gold rates across major Indian cities also moved higher, with 22K, 24K and 18K prices recording gains compared to the previous day.On the Multi Commodity Exchange (MCX), gold contracts for June delivery climbed by Rs 426, or 0.27 per cent, to Rs 1,59,105 per 10 grams in a business turnover of 5,312 lots. As per PTI, analysts attributed the rise to a weaker US dollar and positive sentiment linked to the ongoing US-Iran negotiations.Gaurav Garg, research analyst at Lemonn Markets Desk, said easing crude oil prices and hopes of a peace deal supported bullion prices globally. In the international market, Comex gold futures for the June contract rose nearly 1 per cent to USD 4,590.62 per ounce in New York, as quoted by news agency PTI.Analysts also noted that hopes of easing tensions in West Asia have reduced fears of another inflationary spike driven by oil prices, supporting sentiment in precious metals markets.
City-wise gold rates today
Gold rate in Bengaluru today:Gold prices in Bengaluru have moved higher today. The 24K gold rate stands at Rs 15,938 per gram, while 22K gold is priced at Rs 14,610 and 18K at Rs 11,954 per gram, all up from yesterday’s levels.Gold rate in Delhi today:In Delhi, gold prices recorded gains across categories. The 24K gold rate is Rs 15,953 per gram, while 22K gold stands at Rs 14,625 and 18K at Rs 11,964 per gram.Gold rate in Mumbai today:Mumbai has also witnessed an increase in bullion prices. The 24K gold rate is Rs 15,938 per gram, while 22K and 18K gold are priced at Rs 14,610 and Rs 11,954 per gram, respectively.Gold rate in Chennai today:Gold prices in Chennai have risen sharply compared to other cities. The 24K gold rate stands at Rs 16,124 per gram, while 22K gold is at Rs 14,780 and 18K at Rs 12,400 per gram.Gold rate in Kolkata today:Kolkata has seen a rise in gold prices today. The 24K gold rate is Rs 15,938 per gram, while 22K gold is priced at Rs 14,610 and 18K at Rs 11,954 per gram.Gold rate in Hyderabad today:Gold prices in Hyderabad have edged higher. The 24K gold rate stands at Rs 15,938 per gram, while 22K and 18K gold are available at Rs 14,610 and Rs 11,954 per gram, respectively.Gold rate in Ahmedabad today:Ahmedabad has recorded gains in gold prices. The 24K gold rate is Rs 15,943 per gram, while 22K gold stands at Rs 14,615 and 18K at Rs 11,959 per gram.Gold rate in Jaipur today:In Jaipur, gold prices have moved up today. The 24K gold rate stands at Rs 15,953 per gram, while 22K and 18K gold are priced at Rs 14,625 and Rs 11,964 per gram, respectively.Gold rate in Bhubaneswar today:Gold prices in Bhubaneswar have increased from yesterday’s levels. The 24K gold rate is Rs 15,938 per gram, while 22K gold is at Rs 14,610 and 18K at Rs 11,954 per gram.Gold rate in Pune today:Pune has also witnessed higher bullion rates. The 24K gold rate stands at Rs 15,938 per gram, while 22K and 18K gold are priced at Rs 14,610 and Rs 11,954 per gram, respectively.Gold rate in Kanpur today:Gold prices in Kanpur have edged higher today. The 24K gold rate is Rs 15,953 per gram, while 22K gold stands at Rs 14,625 and 18K at Rs 11,964 per gram.
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