Trump's Tariffs Hit 55% of India's Exports to the US
The Indian government announced that about 55% of their exported goods to the United States will be subject to new tariffs imposed by President Donald Trump's administration. These tariffs came after Trump added a 25% import duty on Indian products due to India’s purchase of oil from Russia. As a result, the total tariffs on Indian exports to the US now reach 50%, one of the highest compared to other countries trading with America.
Some time ago, President Trump imposed an additional 25% tariff as a punishment against India. This policy doubled the import duties and had a significant impact on trade between the two countries. The Indian government had already taken the initial 25% tariff into account when calculating the latest impact. This was stated by Pankaj Chaudhary, India’s Junior Finance Minister, in a written response.
To address this situation, India’s Department of Commerce is working together with various parties, including exporters and industry players. The goal is to gather feedback and understand how this condition affects their businesses. The government hopes this step will help them develop the right strategy to face the new tariffs.
Trade in goods between the United States and India is quite large, reaching around 87 billion US dollars in the last fiscal year. India is the world’s fifth-largest economy, while the United States is the largest. This tariff policy will certainly affect trade relations between the two countries and impact businesses on both sides. (az)
Source: Newsmaker
