India may seek to rebalance its global partnerships after increased tariffs from the United States. Prime Minister Narendra Modi and Brazil's President Luiz Inacio Lula da Silva discussed tariffs and other economically relevant topics in a recent phone call. Trump's 25 percent tariff on Indian goods has raised the total duty to 50 percent, affecting bilateral trade. Modi and Lula aim to boost annual trade to over $20 billion by 2030 from around $12 billion last year and are considering expanding a preferential trade agreement.
Trump announced an additional 25 percent tariff on Indian goods on Wednesday, raising the total duty to 50 percent. The additional tariff, effective August 28, is meant to penalise India for continuing to buy Russian oil.
Brazil and India are, to date, the two countries most affected by the unilateral tariffs imposed by the United States. Lula's office stated that the international economic scenario was discussed during the call.
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