😮 Get ready: as of Wednesday, the US has doubled duties to 50% on many Indian exports to punish New Delhi for buying Russian oil. This move is one of the highest tariffs Washington has ever imposed on a trading partner.
Why the tough stance? 💡 The Trump administration is stepping up pressure on India’s energy deals with Russia, a major source of revenue for Moscow amid the Ukraine conflict. By hitting exports, the US aims to curb support for Russia.
Here’s the lowdown on what’s affected (and what’s safe for now):
- 🔴 Exempted: pharmaceuticals, computer chips, smartphones, steel, aluminum, autos
- 🚧 Under review: pharma and chip sectors could face separate investigations and more duties
India was the US’s top export destination in 2024, shipping goods worth $87.3 billion. Analysts warn that a 50% tariff is almost like a trade embargo and could hurt smaller firms the most.
🇮🇳 In response, Prime Minister Narendra Modi has promised tax cuts and doubled down on Atmanirbhar Bharat (self-reliance) to shield businesses and citizens. He’s also vowed to defend India’s economic interests.
Next steps? Keep an eye on new investigations and government relief measures. We’ll update you as things evolve! 🔥
Reference(s):
Trump's punishing 50% tariffs on Indian exports come into effect
cgtn.com
