- US President Trump imposed an additional 25% tariff on India for buying Russian oil and arms
- Industrialist Harsh Goenka pledged India will build self-reliance and not bow to pressure
- Mr Goenka criticised Trump’s oil deal with Pakistan as unrealistic and unlikely to benefit India
India bows to none, said industrialist Harsh Goenka in a sharp response to the US' increased tariffs on India. US President Donald Trump Wednesday announced additional 25 per cent tariffs on India for buying Russian oil and arms. With this, exporting Indian goods to the US will draw at least 50 per cent tariffs.
Chairman of RPG Enterprises, Harsh Goenka, vowed to raise resolve in response to increased Trump tariffs. Mr Goenka also said that India will find better alternatives and build self-reliance. It won't bow down to anyone, said the industrialist.
"You can tariff our exports, but not our sovereignty. Raise your tariffs- we'll raise our resolve, find better alternatives, and build self-reliance. India bows to none," Mr Goenka wrote in a post on X (formerly Twitter).
This is not the first time Mr Goenka has hit back at Mr Trump. Last month, President Trump signed a trade deal with Pakistan, with the two countries agreeing to develop oil reserves in Islamabad.
"We are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they'll be selling Oil to India some day!" President Trump had said while announcing the deal.
Mr Goenka compared the idea of Pakistan selling oil to India to cricket, referring to the Bollywood movie 'Lagaan', and called it unrealistic.
"Saying Pakistan will sell oil to India is like saying a tailender will hit a triple century in a T20 match. Technically possible. Realistically? More likely to happen in Lagaan than in real life," he wrote.
Trump Imposes 50% Tariffs On India
On July 30, President Trump announced a 25 per cent tariff on goods exported from India to the United States. Calling India a "friend" of the United States, Mr Trump also warned of a "penalty" for buying military equipment and energy from Russia.
The penalty came in the form of an additional 25 per cent tariff announced by Mr Trump on Wednesday evening.
While the initial duty comes into effect from today, August 7, 9:30 am IST, the additional levy will become effective after 21 days.
The cost of exports will increase with a higher tariff, making Indian goods costly in the US market. Barring a few, most of the Indian products exported to the US will carry 50 per cent or more tariffs. This includes shrimps, organic chemicals, carpets, apparel (both knitted and woven), textiles, gems and jewellery, steel, aluminium, copper, machinery and mechanical appliances and furniture and bedding.
Vehicles will draw 26 per cent tariffs, and petroleum products will carry 6.9 per cent.
