US EditionIndia Readies for Punishing US Tariffs
India rejects U.S. tariffs linked to its Russian oil imports, emphasizing energy security and economic sovereignty amid potential 50% duties impacting exports worth $87.3 billion, analysts say.
- Indian exports to the United States will face some of the highest tariffs in the world this week, barring a last-minute reversal from President Donald Trump.
- Economists estimate tariffs could shave 70 to 100 basis points off India's GDP growth this fiscal year, dragging growth below 6 per cent, the weakest pace since the pandemic.
- Trump has tied issues of war and peace to trade, threatening to slap 50 per cent duties on New Delhi in retaliation for its continued purchases of Russian oil.
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Indian exporters are bracing for a sharp drop in orders from the United States after trade talks between the two countries collapsed, with Washington confirming that steep new tariffs on the South Asian country's goods will come into effect from today.
From Wednesday, steep US tariffs to hit Indian exports as trade tensions rise
Indian exporters face steep US tariffs of up to 50 percent from Wednesday after trade talks collapsed. The Trump administration imposed the duties over India’s Russian oil imports, escalating bilateral tensions.
India will continue to buy oil where it gets the “best deal” because it benefits the nation’s 1.4 billion people. The statement from India’s ambassador to Russia suggests the country is refusing to budge on Donald Trump’s 50 percent tariffs that take effect on Wednesday.
Textiles, gems, seafood: Sectors that will be hardest hit by Trump's 50% tariffs from tomorrow
Trump tariffs on India: Textiles, seafood and gems and jewellery could be badly impacted. Textiles comprise around 26 per cent of India’s total exports worth $10.3 billion (Rs 85,500 crore), while New Delhi sends Washington seafood, mostly shrimp, worth Rs $7.23 billion (Rs 60,000 crore) every year. Gems, another labour-intensive sector that employs millions, could also take a massive hit
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