CNBC Daily Open: Is India the first to face Trump’s ‘secondary’ tariff on Russia?

CNBC Daily Open: Is India the first to face Trump’s ‘secondary’ tariff on Russia?


India’s Prime Minister Narendra Modi (L) attends a meeting with US President Donald Trump during the G20 Osaka Summit in Osaka on June 28, 2019.

Brendan Smialowski | AFP | Getty Images

In the frenzied run-up to Friday, Aug. 1 — the day when U.S. President Donald Trump’s new tariffs come into effect (no more delays!) — America’s major trading partners such as Japan, the European Union and now, South Korea, have come to an agreement with the country. All of them will be subject to 15% tariffs on U.S. imports of their goods.

But India? Not only has there not been a deal yet, Trump unilaterally imposed a 25% tariff on the South Asian country — a higher-than-expected number, as analysts had widely expected India to secure a favorable deal with America. Worse, the tariff will exist alongside an additional “penalty,” which Trump said is the price India has to pay for its military and energy transactions with Russia. That essentially sounds like the “secondary tariff” Trump had previously threatened to slap on Moscow.

In doing so, Trump’s actions seem to be suggesting that the White House’s trade policies is not based simply on the balance of trade, as Trump is fond of bringing up, or even how much he likes you — see his admiration of the U.K.’s King Charles and the country’s 10% tariff rate.

It’s also about who your friends are. Essentially, Trump appears to be implying that, even if you are an up-and-coming influential figure, if you hang out with the uncool kids (who buy Russian arms), you can’t sit with us.

Perhaps Trump can afford to alienate allies because the U.S. economy is still unexpectedly strong. It expanded 3% in the second quarter, much higher than the 2.3% Dow Jones estimate, and Magnificent Seven earnings are handily topping estimates. Much has been discussed about the decline of American exceptionalism, but, for now, the U.S. is still the queen bee.

What you need to know today

And finally…

U.S. President Donald Trump calls on a reporter during a meeting with Philippine President Ferdinand Marcos Jr. in the Oval Office at the White House on July 22, 2025, in Washington, D.C.

Chip Somodevilla | Getty Images News | Getty Images



Source

Nvidia-supplier SK Hynix third-quarter profit jumps 62% to a record high on AI-fueled memory demand
World

Nvidia-supplier SK Hynix third-quarter profit jumps 62% to a record high on AI-fueled memory demand

A man walks past a logo of SK Hynix at the lobby of the company’s Bundang office in Seongnam on January 29, 2021. Jung Yeon-Je | AFP | Getty Images South Korea’s SK Hynix, one of the world’s largest memory chipmakers, on Wednesday posted record quarterly revenue and profit, boosted by a strong demand for […]

Read More
Stock futures were little changed as investors await Fed rate decision: Live updates
World

Stock futures were little changed as investors await Fed rate decision: Live updates

Traders work at the New York Stock Exchange on Oct. 28, 2025. NYSE U.S. stock futures were little changed Tuesday night after the major averages hit fresh records ahead of the Federal Reserve’s interest rate decision. Dow Jones Industrial Average futures fell by 10 points, or 0.02%. S&P 500 futures and Nasdaq 100 futures climbed […]

Read More
Can AI create next ‘Grand Theft Auto’? Take-Two Interactive CEO says no
World

Can AI create next ‘Grand Theft Auto’? Take-Two Interactive CEO says no

Strauss Zelnick, the CEO of video game publisher Take-Two Interactive, said he is not a “naysayer” when it comes to the promise of artificial intelligence. But at the same time, Zelnick, who leads the company that publishes the “Grand Theft Auto,” “NBA 2K,” “Red Dead” and “Borderlands” video game series, said the signs that the […]

Read More