India has had less than a month to adjust to the fact that President Trump deemed it “not a good trading partner” and deserving of punishment. After months of hopeful negotiations over the details about soybeans and trade surpluses, on July 30 India found out that it was getting stuck with a 25 percent rate. A week later, the other shoe dropped: An additional 25 percent penalty would be applied because India buys Russian crude oil, the New York Times reported. Those tariffs took full effect on Wednesday.

Mexico's government is set to raise tariffs on Chinese imports, including cars, textiles and plastics, as part of its 2026 budget proposal next month, Bloomberg News reported. The tariff increases may also target other Asian countries, according to sources.

South Korea's central bank expects a "significant" economic shock from higher U.S. tariffs even after a trade deal, it said on Thursday, citing comparably steeper tariff hikes versus rival exporters and high exposure to product-specific duties, Reuters reported. "Despite a comparably successful negotiation, the average tariff rate the U.S. imposes on our country rose greatly to around 15%, from zero tariffs under the previous Korea-U.S. Free Trade Agreement," the Bank of Korea (BOK) said in a report.

China's two largest airlines narrowed their first-half losses but remained firmly in the red as a capacity surplus kept fares low, earnings reports released on Thursday showed, underscoring the fragility of the sector's post-pandemic recovery, Reuters reported. Flagship carrier Air China reported a net loss of 1.8 billion yuan ($252 million) for the six months to June, 35% lower than the loss of 2.78 billion yuan a year earlier. Guangzhou-based China Southern Airlines recorded a loss of 1.5 billion yuan, 64% less than the 4.21 billion yuan loss in the same period in 2024.

A comprehensive set of reforms across taxation, insolvency and procedural frameworks can help streamline the insolvency resolution process, according to a report prepared by IIIPI, the Economic Times of India reported. The report by the study group of the Indian Institute of Insolvency Professionals of ICAI has suggested aligning the Income Tax Act with the Insolvency and Bankruptcy Code (IBC) by granting tax-neutral treatment to resolution plans and exempting debt waivers from tax liabilities.

The Competition Commission of India (CCI) on Tuesday approved the acquisition of Jaiprakash Associates by Adani Entities, the Economic Times of India reported. In an official statement, the CCI said that the deal proposes acquisition of up to 100 per cent shareholding of JAL by Adani Enterprises (AEL), Adani Infrastructure and Developers (AIDPL), or any other entity part of the Adani Group.

U.S. President Donald Trump's tariffs on Chinese imports are biting into the income of some American retail-focused companies, with at least two already in bankruptcy court and others forecasting significant losses, the South China Morning Post reported. Exporters were shouldering a relatively small share of duties on goods sent from China to the US, leaving American firms to absorb the remaining costs or pass them on to consumers, according to minutes from the Federal Open Market Committee's meeting on July 29-30, citing the views of its participants.

The Japanese government reiterated concerns about the risks of U.S. trade policies to economic growth, prompting a downgrade of its view on corporate profits, in a monthly report released on Wednesday, Reuters reported. While Japan's economy grew much faster than expected in the April-June quarter, analysts warn global economic uncertainties fuelled by U.S. tariffs could weigh on the world's fourth-largest economy in the coming months.