50% US Tariff Kicks In: Indian Textiles, Gems, Shrimp Industries Brace For Blow
On August 27, the US government raised tariffs on many Indian exports to 50%, effectively doubling the existing rate, in response to India’s ongoing purchases of Russian oil. This move—widely described as one of the most severe trade shocks India has faced in recent years—will hit labor-intensive industries like textiles, gems and jewellery, seafood, shrimp, carpets, and furniture the hardest.
