"Analysts have warned that the 50 percent duty the US has imposed on Indian goods is akin to a trade embargo. India will not bow down to the United States and will instead turn its attention to attracting new markets, its trade minister has said, in his first public remarks since the US's stiff 50 percent tariffs on Indian goods took effect."
"The remarks came as the steep tariffs on many Indian imports into the US took effect this week as punishment for New Delhi's massive purchases of Russian oil, part of US efforts to pressure Moscow into ending its more than three-year war in Ukraine. Since his return to the White House this year, US President Donald Trump has wielded tariffs as a wide-ranging policy tool, with the levies upending global trade."
The US imposed 50 percent tariffs on many Indian goods, a measure analysts warn is akin to a trade embargo that will likely hurt smaller firms and cost jobs. India’s trade minister pledged that India will not bow to the United States and will pursue new markets and free trade agreements while protecting farmers and key sectors. The tariffs were framed as punishment for India’s large purchases of Russian oil amid US efforts to pressure Moscow over the war in Ukraine. The levies have strained US-India ties, disrupted trade negotiations on agriculture and dairy, and prompted export cancellations in textiles, seafood and jewellery. The government will unveil measures to support affected sectors and boost exports.
Read at www.aljazeera.com
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