Trump Trade: United States’ 50% tariffs on India come into force

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:

TARIFFS ON INDIA: President Trump’s 50% tariffs on India took effect on Wednesday as punishment for that country’s buying Russian oil, one of the highest duties imposed during Trump’s global trade war, NBC News reports. Trump started the tariff rate at 25% but doubled it earlier this month as punishment for India buying Russian oil, making it one of the highest of the many tariffs imposed during Trump’s ongoing global trade war.

NO PLANS FOR STAKE IN NVIDIA: Treasury Secretary Scott Bessent said a U.S. stake in chipmaker Nvidia (NVDA) is not currently planned, but raised the possibility the administration could take stakes in other industries, Reuters reports, citing comments made in an interview with Fox Business. “I don’t think Nvidia needs financial support, so that seems not on the table right now,” Bessent said.

UNION STATION CONTROL: Transportation Secretary Sean Duffy announced Wednesday that his department is taking management of Union Station, the main transportation hub in Washington, away from Amtrak, in another example of how the federal government is exerting its power over the nation’s capital, Associated Press’ Darlene Superville reports. Duffy made the announcement in a statement before he was to join Amtrak President Roger Harris at Union Station for the launch of the NextGen Acela, the rail service’s new high-speed train.

CRACKER BARREL LOGO: On Tuesday, President Donald Trump stated in a Truth Social post, “Cracker Barrel should go back to the old logo, admit a mistake based on customer response (the ultimate Poll), and manage the company better than ever before. They got a Billion Dollars worth of free publicity if they play their cards right. Very tricky to do, but a great opportunity. Have a major News Conference today. Make Cracker Barrel a WINNER again. Remember, in just a short period of time I made the United States of America the ‘HOTTEST’ Country anywhere in the World. One year ago, it was ‘DEAD.’ Good luck!”

Later that night, Cracker Barrel (CBRL) said on Facebook, “We thank our guests for sharing your voices and love for Cracker Barrel. We said we would listen, and we have. Our new logo is going away and our ‘Old Timer’ will remain. At Cracker Barrel, it’s always been – and always will be – about serving up delicious food, warm welcomes, and the kind of country hospitality that feels like family. As a proud American institution, our 70,000 hardworking employees look forward to welcoming you to our table soon.”

Meanwhile, President Trump said on social media, “Congratulations ‘Cracker Barrel’ on changing your logo back to what it was. All of your fans very much appreciate it. Good luck into the future. Make lots of money and, most importantly, make your customers happy again!”