Trump's tariffs on India: Industries expected to be hit hardest
CBS News · Just In
CBS News
Just In
President Trump's steep 50% tariff on Indian goods is now in effect. The president had initially announced a 25% tariff on India, but earlier this month he signed an executive order imposing an additional 25% tax because India buys Russian oil.
Breakdown
- President Trump has enacted a 50% tariff on Indian goods, citing India's purchase of Russian oil.
- The tariffs are expected to impact over $48 billion worth of Indian exports, particularly in textiles, plastics, engineering goods, gems, jewelry, leather, food, and automobiles. 21s
- Pharmaceuticals and technology-related electronics are exempted from the tariffs due to their strategic importance. 1m 0s
- Indian officials have criticized the tariffs and stated they will not bow to pressure, with trade talks between the U.S. and India now strained. 2m 6s
- India may turn to China to mitigate the effects of the tariffs, highlighting broader geopolitical tensions. 2m 41s