Trump's Tariff Turmoil: India's Export Ecosystem Faces Major Blow
An executive order by U.S. President Donald Trump imposes an additional 25% tariff on imports from India as a response to its oil trade with Russia. The hike threatens India's export competitiveness, impacting sectors like gems and jewelry, with potential implications on GDP growth if unresolved within 21 days.
In a significant move, U.S. President Donald Trump has announced an additional 25% tariff on Indian goods, attributing the decision to India's indirect import of Russian oil. This executive order places Indian exporters at a disadvantage compared to regional competitors such as Vietnam and Bangladesh.
Industry experts are voicing concerns as the tariffs are set to take effect in 21 days. Brian Jacobsen of Annex Wealth Management suggests the tariffs might be more symbolic than substantive, indicating the possibility of a negotiated settlement within the provided window.
The jewelry sector anticipates a severe impact, with Colin Shah highlighting the potential decline in studded gold jewelry exports. Economists warn of GDP growth hits if no trade agreement is reached, urging India to diversify its trade dependencies.
(With inputs from agencies.)
ALSO READ
Russia's 'July Storm': Unprecedented Naval Drills Ignite Global Attention
Azerbaijan's Economy Forecast: A 2025 Look Ahead
The Impact of Google Play and Android on India's Digital Economy
Concert Controversy: Russian Maestro's Italian Performance Cancelled Amid Political Pressures
Controversy Strikes as Italy Cancels Russian Maestro's Concert
Google News