💥 On Wednesday, the US slapped a jaw-dropping 50% tariff on many Indian exports, doubling existing duties. This bold move by President Trump aims to punish New Delhi for its continued purchases of Russian oil, a key cash cow for Moscow.
This tariff level ranks among the highest the US has ever imposed on its trading partners. From steel and aluminum to automobiles, certain industries remain exempt to avoid extra levies. Pharmaceuticals, computer chips, and smartphones also get a pass for now.
India was the US's #1 export destination in 2024, with 87.3 billion dollars in goods. But analysts warn a 50% duty feels like a trade embargo and could hurt smaller firms that can't absorb sudden cost hikes.
India's prime minister Narendra Modi slammed the move as unfair, unjustified and unreasonable. He's also looking to soften the blow by cutting taxes at home and pushing his self-reliance agenda.
Nearly 36% of India's crude oil came from Russia this year, helping keep fuel prices stable at home. Indian Oil, the state-owned refiner, says it will keep buying Russian crude if it makes economic sense.
🌊 Can India navigate these choppy trade waters and safeguard its growth? Stay tuned for more updates on how this tariff saga unfolds.
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Trump's punishing 50% tariffs on Indian exports come into effect
cgtn.com
