The United States has increased tariffs on Indian goods from 25% to 50%. This action comes after India continued to buy oil from Russia. President Donald Trump signed the order on Wednesday, 7 August. The new US tariffs will take effect 21 days after the order is signed. It will affect many Indian products such as textiles, leather, chemicals, gems, jewellery, and seafood. Experts say India is the only country facing this penalty, while other buyers of Russian oil, like China and Turkey, have not been affected.
Tariff Hike Likely to Affect Indian Trade
Industry experts say the 50% US tariff will make Indian goods more expensive and less competitive in the American market. Exports of carpets, clothes, furniture, gold, and machines may drop sharply. Businesses in India are worried about job losses and falling orders from the US.
