50% Tariff Blow For India: Major Setback For Trade Ties And Export Industries
A staggering 50 per cent US tariffs took effect on many Indian products on Wednesday, doubling an existing 25 per cent duty as American President Donald Trump sought to punish New Delhi for buying Russian oil, escalating tensions between the world's two largest democracies and strategic partners.
Trump has raised pressure on India over the energy purchases, as part of the US campaign to end the conflict in Ukraine. He imposed a punitive 25 per cent tariff due to India's purchases of Russian oil, over a prior 25 per cent US duty on many products from India.
