The United States is set to impose a 25% tariff on Indian goods starting August 7, following the collapse of trade talks between the two countries. Indian Prime Minister Narendra Modi has urged citizens to buy local products in response to the tariffs. While the tariff broadly affects Indian exports, some key products like the iPhone 17 series are reportedly not seeing price increases due to strategic pricing decisions by Apple. Indian exporters have called on their government to share the burden of these tariffs and expedite the implementation of a pending ₹2,250 crore Export Promotion Mission to support affected industries. Meanwhile, Taiwan is facing challenges in its semiconductor industry due to a shrinking workforce caused by a declining birth rate. To address labor shortages, Taiwanese chip firms and universities are organizing summer camps and specialized courses aimed at attracting young and overseas talent to sustain the country's chip manufacturing dominance. These developments come amid broader geopolitical and economic tensions, including ongoing conflicts in the Middle East and shifts in global oil production.