The United States doubled tariffs on many imports from India to 50 percent, implemented Wednesday, after earlier imposing 25 percent duties this month. The tariffs are presented as punishment for India buying discounted Russian oil, a trade that accounted for more than one-third of its crude imports last year. The Indian government calls the move unfair and estimates more than $48bn of exports will be affected. Officials warn the duties could make exports commercially unviable, trigger job losses and slow growth in the world's fifth-largest economy. Brazil is also facing similar 50 percent duties on many exports to the US.
Washington's move to double tariffs on many Indian goods poses a huge risk to India's biggest export market. The United States has doubled tariffs on many imports from India to 50 percent, as US President Donald Trump followed through on his threat to punish New Delhi for buying discounted Russian oil. The steep tariffs, which came into force on Wednesday, risk inflicting significant damage on the Indian economy by threatening trade with its largest export market.
The Indian government, which has criticised the move as unfair, unjustified and unreasonable, estimates the tariffs will impact more than $48bn worth of exports. Indian officials warn that the new duties could make exports to the US commercially unviable, leading to job losses and slowing growth in the world's fifth-largest economy, The Associated Press news agency reported. The US had already slapped 25 percent tariffs on Indian goods earlier this month, as part of a wave of additional duties on goods from allies and competitors alike since Trump returned to the White House.
More than one-third of India's crude oil imports came from Russia last year, a trade relationship that has spurred criticism from Washington. Trump's trade adviser, Peter Navarro, told reporters last week that India doesn't appear to want to recognise its role in the bloodshed in Ukraine. The move leaves Indian exporters facing among the highest US duties Trump has slapped on goods from overseas. Brazil is also grappling with 50 percent tariffs on many of its exports to the US.
Collection
[
|
...
]