What's happening?
On Tuesday, the US slapped a fresh 25% tariff on a range of Indian goods, pushing total levies to 50%. Washington blames India’s Russian oil imports, but New Delhi calls it politically motivated.
Economic pinch 💸
India’s government warns that $48.2 billion of exports will take the hit. Capital Economics says growth could dip by 0.8 percentage points this year and next as exporters struggle.
Voices from the ground
- Ajay Srivastava: Labels the tariff a "strategic shock" that risks job losses in key export hubs.
- Pankaj Chadha (Engineering Export Promotion Council): Expects a 20-30% drop in shipments.
- Shamim Azad: US clients froze new orders, forcing some factories to halt operations or seek new markets.
With New Delhi pledging aid for affected exporters, the big question is whether relief measures can keep India’s export engines humming amid this trade clash. Stay tuned as we follow the next moves in this global trade ripple! 🌍🤝
Reference(s):
U.S. punitive tariffs on India take effect; New Delhi pledges aid
cgtn.com
