Trump imposes 50% tariff on goods from India
US President Donald Trump has imposed a 50% tariff on imports of Indian goods to punish New Delhi for continuing to buy Russian oil. Bloomberg reports.
The new tariffs came into effect on Wednesday night, doubling the 25% levy.
The tariffs will affect more than 55% of goods imported into the US. It is noted that industries that provide mass employment, including textiles and jewelry, will be hit hardest.
At the same time, pharmaceuticals and electronics, including Apple’s large investment in India, are currently exempt from restrictions.
Bloomberg writes that Trump’s decision sharply worsens relations between the US and India, which have developed a partnership in recent years in opposition to Beijing.
The director of Farida Shoes Pvt. Ltd., which exports more than 60% of its products to the US, said that this will have a very big impact on Indian exporters, since 50% tariffs are not suitable for customers.
Citigroup Inc. estimates that a combined 50% tariff poses a risk of reducing India’s annual gross domestic product growth by 0.6-0.8 percentage points.
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