That comes after a Nikkei Asia report on Thursday that stated that the automakers are "passing some of the expense of U.S. tariffs."

"This is the worst downturn since 2013 or 2014," Shayak Sengupta, a senior research associate at Columbia University's Center on Global Energy Policy, told Newsweek.

“We value our ongoing engagement with the Government of India on trade and investment matters. We look forward to continuing to advance a trade agreement that leads to a productive and balanced trade...

External Affairs Minister S Jaishankar also said that he was “perplexed” by the logic during a press briefing on Thursday.

The EU-US trade agreement is poised to cut the US import tax on cars from the EU from 27.5% to 15%. However, details released Thursday reveal that the lower rate won’t take effect until the EU takes separate action to reduce its own tariffs on US goods.

Sales at Walmart’s US stores rose nearly 5 percent in its most recent quarter, a better-than-expected result that suggests shoppers squeezed by inflation and wary of economic uncertainty continue to flock to the retailer for staples and other goods,

America's largest retailer, Walmart is raising prices because of tariffs.