Trump Trade: U.S. to impose tariff of 25% on goods from India

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

TARIFF ON INDIA: President Donald Trump stated in a post to Truth Social, “Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country. Also, they have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE – ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!”

CRYPTO POLICY: On Wednesday, a cryptocurrency working group formed by President Donald Trump is set to release a report that is expected to outline the administration’s stances on tokenization and market-defining crypto legislation, among other digital asset industry issues, Reuters’ Hannah Lang reports. Publicly traded companies in the space include Bit Digital (BTBT), Bitfarms (BITF), Coinbase (COIN), Core Scientific (CORZ), Greenidge Generation (GREE), Mara Holdings (MARA), Riot Platforms (RIOT), Strategy (MSTR), Stronghold Digital Mining (SDIG) and TeraWulf (WULF).

INTEREST RATES: In a post to Truth Social, President Donald Trump wrote, “2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED! ‘Too Late’ MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!”

DEADLINE: President Donald Trump stated in a post to Truth Social, “THE AUGUST FIRST DEADLINE IS THE AUGUST FIRST DEADLINE – IT STANDS STRONG, AND WILL NOT BE EXTENDED. A BIG DAY FOR AMERICA!!!”

President Trump says will put tariffs on Russia 10 days from today in reference to threatened secondary sanctions on Russian oil, according to Bloomberg.