India is looking at levying import duties on some products made in the United States to counter Washington's tariffs on steel and aluminium products, a document submitted to the World Trade Organization shows, Reuters reported. "The proposed suspension of concessions or other obligations takes the form of an increase in tariffs on selected products originating in the United States," the document dated May 12 said.

The United States will cut the "de minimis" tariff for low-value items imported from China, a White House executive order said on Monday, further de-escalating a potentially damaging trade war between the world's two largest economies, Reuters reported. The tariff relief, which affects big Chinese e-commerce players including Shein and Temu, follows a deal between Beijing and Washington to unwind most of the duties imposed on each other's goods since early April, after weekend talks in Geneva.

Bank of Japan board members have signaled their intention for further rate hikes while citing the need to stay vigilant due to the potential economic impacts from U.S. tariff measures, according to a summary of opinions from their April 30 to May 1 meeting, Bloomberg News reported. "The bank’s stance to continue to raise the policy interest rate is unchanged” given low real rates and the outlook for its price goal to be met, one of the nine board members said at the gathering, according to the summary released Tuesday, which doesn’t disclose speakers’ identities.

The number of corporate bankruptcies with debts of at least ¥10 million in Japan totaled 828 in April, the highest level in 11 years for the reporting month, amid inflation and rising labor costs, Tokyo Shoko Research said on Monday, the Japan Times reported. The monthly figure rose 5.7% from a year before. More failures were seen mainly among smaller companies with weak business bases as their revenue was squeezed by rising prices and higher labor costs amid labor shortages.

Mumbai-based Tikona Infinet Pvt Ltd moves to settle its dues related to Series 'E' Compulsorily Convertible Debentures (CCDs) with L&T Finance Ltd, bringing closure to the insolvency resolution process against the broadband services provider, the Economic Times of India reported. The process for formal withdrawal of the insolvency petition from the NCLT is currently underway, said the company in its release. “It was a dispute amongst the shareholders about Coupon Rights,” said Prakash Bajpai, founder and chief executive of Tikona Infinet, in a statement.

Creditors have realised ₹3.89 lakh crore under resolution plans till March, accounting for 32 per cent of the admitted claims by them, a senior official from the Insolvency & Bankruptcy Board of India said on Saturday, TelegraphIndia.com reported. A total of 1,194 cases have been resolved under the Insolvency & Bankruptcy Code, 2016 till that period and the realised recovery represents 170.02 per cent of the liquidation value and 93.36 per cent of the fair value, Jithesh John, executive director of the IBBI, informed.

The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world's two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets, Reuters reported. The U.S. will cut extra tariffs it imposed on Chinese imports in April this year to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125%, the two sides said on Monday. The new measures are effective for 90 days.

Financial Services Secretary M. Nagaraju chaired a review meeting on Thursday to assess the progress of Public Sector Banks in clearing pending cases awaiting admission at the National Company Law Tribunal (NCLT), KNNIndia.co.in reported. The meeting followed up on key issues aimed at enhancing the effectiveness of the insolvency resolution process. Senior officials from the Department of Financial Services, Ministry of Corporate Affairs, Insolvency and Bankruptcy Board of India, and top management from Public Sector Banks attended the meeting.

President Donald Trump on Friday floated cutting tariffs on China from 145% to 80% ahead of a weekend meeting among top U.S. and Chinese trade officials as he looks to deescalate the trade war between the world's two largest economies, the Associated Press reported. Top U.S. officials are set to meet with a high-level Chinese delegation in Switzerland in the first major talks between the nations since Trump sparked a trade war with stiff tariffs on imports. “80% Tariff on China seems right!