Business
‘US has long benefitted from free trade’: Chinese envoy slams 50% tariffs on India; calls them ‘unfair, unreasonable’ – The Times of India
China took aim at the United States on Monday, sharply criticizing its 50% tariffs on Indian imports, calling the move “unfair, unreasonable” and making it clear that Beijing firmly opposes the move.China’s ambassador to India, Xu Feihong said that Washington has long taken advantage of free trade, but is now using it as a weapon.Speaking at a seminar marking the 80th Anniversary of the Victory in the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War, Xu said, “The United States has long benefited from free trade. But now it is using tariffs as a weapon to demand exorbitant prices… The 50% tariff on India is unfair, unreasonable, and China firmly opposes it.”The ambassador also stressed the importance of strong India-China ties for global development. “As the two most significant emerging economies, China and India should prioritise development and foster mutual support and success. This is what President Xi told PM Modi. PM Modi said that India-China cooperation will make the 21st century a genuine Asian century,” ANI reported him as saying.Xu’s remarks, delivered under the theme Learning from History to Safeguard the Light of Peace, Joining Hands to Chart a Blueprint for Development, highlighted the shared history of both nations and their commitment to peace and progress in Asia.His comments come amid growing economic uncertainty after the US imposed a an additional 25% levy on 27 August as a secondary sanction linked to India’s purchases of Russian crude. This came on the top of an already existing 25% tariff on Indian imports to the country, taking the total to 50%.US President Donald Trump defended these measures and warned that “Phase-2” and “Phase-3” tariffs have not yet been implemented against countries maintaining trade ties with Russia. Speaking at a White House press conference with Polish President Andrzej Duda, he said the secondary sanctions on India targeted Russia’s oil exports. “Would you say that putting secondary sanctions on India, the largest purchaser outside China, they are almost equal. Would you say there was no action? That cost hundreds of billions of dollars to Russia, you call that no action? I haven’t done Phase-2 yet or Phase-3,” he said.Trump also reiterated his earlier warning that India could face “big problems” if it continued Russian oil imports. “Two weeks ago, I said if India buys, India has got big problems, and that’s what happens,” he added.In a separate interview on The Scott Jennings Radio Show, the US president further claimed that New Delhi had offered a “no tariff” deal following the US decision to raise duties on Indian goods. “India was the most highly tariffed nation in the world, and you know what, they’ve offered me no tariffs in India anymore. If I didn’t have tariffs, they would never make that offer,” he said.Trump further stressed that tariffs are essential for rebalancing trade. “China kills us with tariffs, India kills us with tariffs, Brazil kills us with tariffs. I’ve understood tariffs better than any human beings in the world,” he claimed. Further, describing the US-India trade relationship as a “one-sided disaster,” he added that India had benefited disproportionately over decades, while American companies struggled to enter the Indian market due to high duties. “They have now offered to cut their tariffs to nothing, but it’s getting late. Until now, it was a totally one-sided relationship for many decades,” he concluded.
After the drop in gold price, Bitcoin price also fell.
Bitcoin fell below $77,000 in the global market, Bitcoin price fell by more than 13% in a week.
Bitcoin’s highest price in 6 months fell below $126,000, Bitcoin price has dropped by more than $49,000.
Last Updated:
The BSE Sensex is trading higher by 371 points, or 0.47%, at 81,090.24, while the NSE Nifty rises by 70 points to trade above 24,850 at 24,889.25.
Stock Market Today.
Market Updates Today: A day after the market crash following the Budget’s provision to hike Securities Transaction Tax (STT), the domestic equity market on Monday saw heightened volatility. After opening nearly flat, the NSE Nifty rose to the day’s high, then touched the day’s low before sharply recovering to trade at the day’s high of 25,093.
As of 3:16 pm, the BSE Sensex surged by 932 points, or up 1.13%, to 81,641.87 in the afternoon trade and the NSE Nifty rose by 267 points, or up 1.07%, to trade above 25,000 at 25,093.27. After opening nearly flat, the NSE Nifty rose to the day’s high, then touched the day’s low before sharply recovering to trade at the day’s high of 25,093.27.
Among the 30 Sensex shares, 25 stocks were trading in the green. Among the top gainers were PowerGrid, Adani Ports, BEL, Reliance, Mahindra & Mahindra, Larsen & Toubro, and IndiGo, rising by up to 7.91%. The laggards were Axis Bank, Infosys, Titan, TCS, and Trent, falling by up to 1.97%.
After opening nearly flat, at around 9:30 am, the BSE Sensex jumped by 350 points to 81,112.03 in the opening trade, while the NSE Nifty rose 91 points to trade above the 24,900 level at 24,910.85. However, the benchmarks gave up all gains and declined to day’s low amid heavy volatility.
Aakash Shah, technical research analyst at Choice Equity Broking Private Ltd, said, “Near-term sentiment remains cautious despite some support from domestic technical indicators. The broader market direction will largely be influenced by global equity cues, crude oil price movements, and institutional fund flows.”
On Sunday, the Nifty saw an aggressive sell-off after the Budget 2026 announcement to hike STT, plunging nearly 870 points from 25,440 to an intraday low of 24,571, before staging a partial recovery to close at 24,825.
“A strong bearish candle was formed, with the index closing decisively below the 200-day EMA, indicating a deterioration in trend strength. Immediate resistance is placed at 24,950–25,000, while key support lies in the 24,650-24,700 zone. The RSI slipped to 31, reflecting oversold conditions, while India VIX surged 10.73% to 15.09, highlighting elevated market volatility,” Shah said.
On Sunday, February 1, foreign institutional investors (FIIs) sold equities worth Rs 588 crore, while domestic institutional investors (DIIs) also remained net sellers, offloading shares worth Rs 682 crore, adding to the pressure on the market.
V K Vijayakumar, chief investment strategist at Geojit Investments Ltd, said, “Yesterday’s market selloff resulting in 495 point crash in Nifty was a knee-jerk reaction to the sharp increase in STT on F&O trades. This was not a revenue-raising measure, but a decision to discourage retail traders from complex F&O trading, in which 92% of them were losing money. This decision is in the interest of retail investors. But this decision impacted the market sentiments, which were already impacted by the decision to make no changes in the LTCGs tax, which a section of the market was expecting rather unrealistically.”
It is important to understand that the Budget is a growth-oriented Budget with fiscal prudence. The 10% nominal GDP growth projected in the Budget is achievable and has the potential to deliver around 15% earnings growth in FY27. The market will soon start discounting this positive. But it is possible that FIIs may continue to sell impacting the market. Retail investors should keep their cool and remain invested and continue to invest systematically. A significant upturn in the market may take time; perhaps a retreat from AI trade globally. We don’t know when this will happen. But we know that an earnings rebound is imminent in response to this growth oriented Budget. That is a clear positive, he added.
February 02, 2026, 09:34 IST
Read More
Gold and silver prices have continued to drop sharply in a “brutal” sell-off after hitting record highs in recent weeks.
The precious metals began falling on Friday in response to US President Donald Trump’s nomination for the incoming chairman of the Federal Reserve.
His choice for former Fed governor Kevin Warsh to replace current chairman Jerome Powell when his term ends in May soothed some investor nerves, which boosted the US dollar but saw appetite for safe-haven investments gold and silver slump in response.
Gold and silver suffered their worst trading days for decades on Friday and were down heavily again on Monday, with spot prices off by another 7% and 11% respectively at one stage.
Silver had plunged by nearly 30% on Friday and gold dropped over 9% in its worst one-day drop since 1983.
Gold and silver had been enjoying a record breaking rally as investors sought refuge amid global geopolitical uncertainty, conflict and tariff woes.
Ipek Ozkardeskaya, senior analyst at Swissquote, said: “The sell-off has been far more brutal than I, and many, expected.”
He added: “For silver, the rally on the way up was faster than gold’s, so the correction on the way down is faster too.”
Kathleen Brooks, research director at XTB, added: “If the sell off continues, then gold and silver are at risk of eroding their losses for the year so far.
“The historic move lower in silver prices has not stemmed a fall at the start of this week.
“Traders have not yet found a level that they are happy to buy the dips, and the timing of Chinese Lunar New Year in mid-February could accelerate the sell off, as Chinese traders reduce risk ahead of the holiday.”
UK and US stock markets are expected to open in the red on Monday, as the gold and silver rout has a knock on effect on mining giants, while Brent oil was also 5% lower.
Derren Nathan, head of equity research at Hargreaves Lansdown, said: “Mining stocks are likely to feel the heat as metal prices scramble to find a floor.
“Oil prices are also trending the wrong way for investors in commodity-focused companies.”
Canada could lift GDP 7% by easing internal trade barriers
How to Watch the 2026 Winter Olympics
Investors suffer a big blow, Bitcoin price suddenly drops – SUCH TV
-
Sports6 days agoPSL 11: Local players’ category renewals unveiled ahead of auction
-
Entertainment6 days agoClaire Danes reveals how she reacted to pregnancy at 44
-
Tech1 week agoICE Asks Companies About ‘Ad Tech and Big Data’ Tools It Could Use in Investigations
-
Business6 days agoBanking services disrupted as bank employees go on nationwide strike demanding five-day work week
-
Fashion1 week agoSpain’s apparel imports up 7.10% in Jan-Oct as sourcing realigns
-
Sports6 days agoCollege football’s top 100 games of the 2025 season
-
Politics1 week agoFresh protests after man shot dead in Minneapolis operation
-
Politics6 days agoTrump vows to ‘de-escalate’ after Minneapolis shootings