Trump's 50% tariffs on India over Russian oil purchases take effect
Summary
Steep U.S. tariffs of 50% on Indian goods over Russia oil purchases have taken effect, threatening India's exports and economic growth in its largest export market.
Key Points
- President Donald Trump imposed combined 50% tariffs on Indian goods due to India's purchases of Russian oil.
- The tariffs affect $48.2 billion worth of Indian exports, potentially causing job losses and slower economic growth.
- Labor-intensive Indian sectors like textiles, gems and jewelry, leather goods, food, and automobiles are expected to be hardest hit.
- India's Prime Minister Narendra Modi vows not to yield to U.S. pressure and plans local reforms to cushion the economic impact.
