Trump imposed 50% tariff on goods from India
US President Donald Trump has imposed a 50% tariff on Indian imports to punish New Delhi for continuing to purchase Russian oil.
This was reported by Bloomberg, according to Censor.NET.
The new tariffs took effect on Wednesday night, doubling the 25% duty.
The tariffs will affect more than 55% of goods supplied to the US. It is noted that the industries that provide mass employment, in particular textiles and jewellery, will be most affected.
At the same time, pharmaceuticals and electronics, including Apple's large investments in India, are currently exempt from restrictions.
Bloomberg writes that Trump's decision sharply worsens relations between the US and India, which in recent years have been developing a partnership to counterbalance Beijing.
The director of Farida Shoes Pvt. Ltd., which supplies more than 60% of its products to the US, noted that this will have a very significant impact on Indian exporters, as 50% tariffs are not acceptable to customers.
Citigroup Inc. estimates that the cumulative 50% tariff creates a risk of reducing India's annual gross domestic product growth by 0.6-0.8 percentage points.
"The economic impact may be cushioned by the fact that India’s economy is largely driven by domestic demand, rather than exports. Private consumption makes up about 60% of India’s GDP — and although the US is India’s biggest export market, with shipments of $87.4 billion in 2024, that still amounts to only 2% of India’s total GDP," the newspaper writes.
US tariffs against India for purchasing Russian oil
We would like to remind you that US President Donald Trump previously announced that he would impose a 25% tariff on imported goods from India starting August 1, 2025, as the country is one of the largest importers of Russian oil.
US President Donald Trump's adviser Stephen Miller claimed that India is effectively financing Russia's war against Ukraine by purchasing oil from Moscow.
On Wednesday, August 6, US President Donald Trump signed an executive order imposing an additional 25% tariff on imports from India in response to its continued purchases of Russian oil.
Subsequently, the Indian Ministry of Foreign Affairs commented on US President Donald Trump's decision to impose additional 25% tariffs, calling such actions "unfair and unreasonable."
On August 6, Trump signed an executive order imposing an additional 25% tariff on imports from India. This tariff rate will apply to goods entering the US market starting at 12:01 a.m. 21 days after the date of publication of the executive order.
