US Trade Tariffs Live News Updates: US President Donald Trump today announced 25 per more tariffs on India as “punishment” for buying oil from Russia, taking the total tariffs to 50 per cent.
Trump signed an Executive Order imposing additional 25 per cent tariff on Indian imports. According to the order, Trump cited matters of national security, foreign policy concerns, trade laws for the increase, adding that India’s imports of Russian oil pose an “unusual and extraordinary threat” to the United States.
While the initial duty becomes effective on August 7, the additional levy will come into effect after 21 days.
The additional tariffs obviously means a much higher cost for Indian exports in products like auto parts, textile, and electronics. The steel, chemical and pharma industries will be affected and may face a huge setback.
The trade imbalance between India and the US could widen. There could also be a possible shift or reconsideration in the supply chain.