Starting today, 9:31 am, Indian exporters will face one of the harshest trade actions in recent memory – the United States will double down on duties, slapping a 50 per cent tariff on a wide range of goods from India.
25 per cent tariff on India is already in place, imposed by the Trump administration and another 25 per cent as retaliation for India’s continued purchases of Russian crude oil and military equipment, will come into effect today.
According to the economic think tank GTRI, the impact will be sweeping. Nearly two-thirds of India’s exports to the US, worth close to $60 billion, will be caught in the new tariff net, making them far costlier in American markets and eroding their competitiveness against rivals.
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