Sensex
Indian market crashes amid Trump's fresh tariffs, Sensex down over 1000 points
The Indian market crashed on Tuesday, hours after US President Donald Trump announced a 25 percent tariff on import of steel and aluminium.
As per market trends at 2.08 pm, the BSE Sensex was down by 1223.32 points to stand at 76,088.48.
The Nifty traded 381.05 points below, 23,000.55.
Also Read: RBI cuts repo rate by 25 bps to 6.25% after 5 yrs; industry welcomes move
Trump, whose inauguration occurred on January 20, has ordered a 25 per cent import tax on all steel and aluminium entering the USA.
The White House said in a statement: "Following the initial imposition of 25 percent ad valorem tariffs, the U.S. steel capacity utilization rate increased to above 80 percent."
Trump described his move as a 'big deal'.
"This is a big deal, the beginning of making America rich again," Trump was quoted as saying by BBC.
"Our nation requires steel and aluminium to be made in America, not in foreign lands," he said.
America is the largest importer of steel in India.
Canada, Brazil and Mexico are the top three suppliers.
My statement on U.S. steel and aluminum tariffs: pic.twitter.com/mUur08KV7A
— François-Philippe Champagne (FPC) 🇨🇦 (@FP_Champagne) February 11, 2025
Reacting to Trump's move, Canada's Minister of Innovation, Francois-Phillippe Champagne said: "Steel and aluminium tariffs on Canada, the United States' closest ally, would be totally unjustified."
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