India braces for export shock as 50% U.S. tariff takes effect
Euronews · New
Euronews
New
India is bracing for a sharp blow to its overseas trade as steep US tariffs take effect on a range of Indian products on Wednesday. The move threatens over half of India’s exports to its largest market and highlights the fragile trade ties between the two countries.
Breakdown
- US imposes a 50% tariff on a range of Indian products, doubling the previous rate. 8s
- The increase is linked to India's purchases of Russian oil. 14s
- Officials warn the tariffs could make US-bound exports commercially unviable, risking job losses. 28s
- Labor-intensive sectors like textiles, gems, leather, food, and automobiles are most at risk. 33s
- India is seeking to boost local consumption and expand exports to other regions, including Latin America, Africa, and Southeast Asia. 46s
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Global Tariffs
Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.