US Imposes 50% Tariff on Indian Exports, Impacting $48 Billion Trade
The US plans to impose an additional 25% tariff on Indian exports, affecting over $48 billion worth of goods. Key sectors impacted include textiles, jewellery, and shrimp, facing increased competition due to lower tariffs from other countries. This action is a response to India's association with Russian oil and military purchases.
- Country:
- United States
The United States has announced a significant increase in tariffs on Indian exports, proposing an additional 25 percent levy that would bring the total tariff to 50 percent. This move is set to affect more than USD 48 billion worth of Indian goods entering the United States, with widespread implications for major Indian export sectors.
The draft order from the US Department of Homeland Security specifies that textiles, clothing, gems and jewellery, shrimp, leather and footwear, animal products, chemicals, and machinery are among the industries set to face the higher duties. Key sectors like pharma and energy remain unaffected by the hikes.
Amidst geopolitical tensions related to India's procurement of Russian crude oil, White House Press Secretary Karoline Leavitt stated that the tariff increase aims to end the conflict between Russia and Ukraine. The raised tariffs could significantly impede India's competitiveness in the US market, as other nations benefit from lower import duties.
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