Kerala Finance Minister Condemns US Tariff Hike, Calls It Economic Bullying
Kerala Finance Minister K N Balagopal criticized the US decision to impose a 50% tariff on Indian goods. He labeled it a tactic to control India's economy and called for unity in safeguarding national interests. He warned such tariffs could harm multiple sectors and emphasized India's economic sovereignty.
- Country:
- India
In a fiery denunciation, Kerala Finance Minister K N Balagopal on Friday lashed out at the United States for imposing a 50 percent tariff on Indian goods. Balagopal described the move as a 'bullying tactic' aimed at controlling India's burgeoning economy.
Highlighting the economic ramifications, he noted that the tariffs would detrimentally impact exports of key Indian goods like fish products, spices, textiles, and more. These changes, he argued, would also strain India's taxation systems and have a ripple effect across sectors such as health, education, and public services.
Pointing to a broader pattern, Balagopal cited a recent Bilateral Free Trade Agreement with the UK which saw luxury car import duties slashed. Such instances, he warned, are a threat to the country's tax revenue. The minister called for steadfastness in protecting India's economic autonomy.
(With inputs from agencies.)
ALSO READ
High Stakes Tariff Showdown: Trump's Trade Policy Faces Legal Challenge
U.S. Economy Stagnates Amid Trade Policy Uncertainty
Sweeping Tariffs: US Trade Policy Shakes India Export Sector
Job Market Stumbles Amid Trade Policy Turbulence
Tariff Troubles: EU Wine and Spirits Face Higher US Import Duties
Google News