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The Customs department release came after US President Donald Trump signed an government order on Friday last week eliminating the 25 per cent tariff penalty imposed on India in August, 2025 over the purchase of Russian oil. This potential tariff gap has raised concerns about India’s competitiveness in the key US market, particularly in labour-intensive segments corresponding to attire manufacturing. While this marks a sharp reduction, the prospect of zero tariffs for Bangladesh may give its exporters a pricing advantage over Indian friends. Nifty 50 fashioned a indwin7 Doji-like candle on the day by day chart, reflecting indecision amongst market participants. The Indian inventory market benchmark indices, Sensex and Nifty 50, are prone to open greater on Wednesday, regardless of blended cues from global markets.

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President Donald Trump rescinded 25% tariffs on Indian items that had been imposed over Russian oil purchases, stating that New Delhi had “committed to cease directly or indirectly” importing Russian oil. The two sides just lately introduced a framework aimed toward reducing tariffs and strengthening financial ties, with a target to finalise the settlement by March. This comes after US President Trump and Prime Minister Narendra Modi announced that India and the US had agreed on a commerce deal that might see tariffs on India reduced from 50% to 18%. Days after the India and the Usa introduced a ‘historic’ commerce deal, the US Customs and Border Protection on Tuesday notified the removing of 25 per cent further tariffs on Indian goods. Underneath the just lately introduced US–India trade deal, Washington decreased reciprocal tariffs on Indian textile exports to 18 per cent from the earlier 50 per cent. Stay knowledgeable with the most recent maritime and offshore news, delivered straight to your inbox

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Vitol and Trafigura had been granted U.S. licences to promote Venezuelan oil following final month’s U.S. military operation to seize President Nicolas Maduro. IOC earlier processed Merey crude at its Paradip refinery in Odisha. In January, HPCL had indicated it was seeking Venezuelan crude for its 300,000 barrels-per-day refinery in Visakhapatnam, Andhra Pradesh, which was just lately upgraded to deal with heavier grades. IOC, the country’s largest refiner, had previously processed Venezuelan oil in 2024, based on data compiled by Reuters.

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• The Customs and Border Safety document mentioned the additional 25% tariff responsibility wouldn’t be relevant to India, adding that the reciprocal tariff will remain in place.
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