Officials expect a limited number of goods, including some generic medicines and aviation, to be granted a lower rate than the 15% baseline this week.

In figuring out why the U.S. tariff shock hasn't sent the economy or financial world into a tailspin, Britain's exit from the European Union trade bloc provides something of a playbook - and without a particularly happy ending.

The European Union announced Monday it was pausing a plan to impose retaliatory tariffs on U.S. goods as it continued trade negotiations with the Trump administration

President Donald Trump said he will “substantially” raise tariffs on India because it’s still buying Russian oil.

After Trump's post, an Indian foreign ministry spokesman rejected U.S. and EU criticism over Russian oil. "The targeting of India is unjustified and unreasonable," he said. Over the weekend, two Indian government sources told Reuters that India will keep purchasing oil from Russia despite Trump's threats.