US President Donald Trump today announced an additional 25 per cent tariff on goods coming from India as penalty for what he called New Delhi's continued buying of Russian oil.
Mr Trump signed an executive order imposing the additional tariffs less than 14 hours before his initial tariffs were to come into effect.
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After the order, the total tariff on Indian goods, barring a small exemption list, will be 50 per cent.
While the initial duty becomes effective on August 7, the additional levy will come into effect after 21 days.
What It Means For India?
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.
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