Trump's Trade Shock: New Tariffs on Indian Imports

In a surprising move, US President Donald Trump declared on Wednesday the imposition of a 25% tariff on goods imported from India, accompanied by an unspecified penalty. This new tariff, set to take effect from August 1st, is in response to India's acquisition of crude oil and military gear from Russia.

The announcement has raised eyebrows as it comes at a time when the US and India are actively negotiating a trade agreement. Currently, the United States is India's leading trading partner, accounting for significant portions of both imports and exports between the two nations.

Indian exports poised to be affected include pharmaceuticals, textiles, and precious stones, while US goods like crude oil and machinery will see increased duties. As both countries weigh these changes, the global trade community watches closely for the potential repercussions of this tense trade dynamic.

(With inputs from agencies.)