Import duties ranging from 10% to 50% have been imposed on products shipped to the US from major trading partners, including the European Union. President Trump announced a 25% additional tariff on Indian imports, increasing the total to 50%. This measure is in response to India's purchase of Russian oil and is part of an effort to address perceived unfair trade practices. Analysts predict US businesses will transfer the financial burden to consumers. Taiwan's TSMC is exempt from a 100% tariff on semiconductor chips due to its significant operations in the US.
The latest wave of "reciprocal" tariffs targets trade practices deemed unfair by Washington, expanding Trump's measures to reshape global trade. Analysts expect US businesses to pass along more of the bill to consumers.
India will face an extra 25% tariff on their imports to the US, bringing the total rate to 50%. Trump said the steep rate was over India's continued purchase of Russian oil.
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