India, Aug. 1 -- U.K. stocks are down in negative territory on Friday, weighed down by trade concerns after U.S. President Donald Trump announced sweeping tariffs on several countries. The President's letters to 17 major pharma firms, urging them to cut prices, has triggered a sell-off in the pharmaceutical sector.
The U.S. slapped dozens of trading partners with steep tariffs, ranging from 10 to 41%.
India, Brazil and Canada faced steep tariffs as Trump pushes to rebalance deficits and protect American manufacturing, citing national security.
A 25 percent duty was imposed on Indian goods along with a penalty for Russian imports that could dent India's economic growth by 30 bps in FY26.
Investors are also digesting the latest batch of e...