6 hours agoTrump sets 50% tariff to India as punishment for buying Russian oil
Periskopi(10 months ago)
(10 months ago)Donald Trump set a 50% tariff for most American imports from India, meeting a threat to punish one of the world's largest economies for its Russian oil purchases. According to foreign media, it tracks thegraphy, tariffs that entered into force shortly after midnight Wednesday in Washington, [...]
According to foreign media, the telegrams -- which entered into force shortly after Wednesday's midnight in Washington -- risk causing significant damage to the Indian economy and further break up global supply chains.
US tariffs of 25% for Indian goods went into effect earlier this month, but Trump announced plans to double the rate, citing Russian oil purchases from New Delhi, which the White House has argued are indirectly financing Russia's fight against Ukraine.
The American president has significantly raised US tariffs for goods from most of the world since the White House re-entering in January, straining relations with the economies of allies and rivals and boosting fears of higher inflation.
This latest move leaves Indian exporters facing one of the highest US obligations Trump has set for goods from abroad.
Brazil is also facing 50% tariffs for its US exports.
Ministers in India argue that their country has been unjustly isolated for its trade relationship with Russia, and officials warn that the country will likely work more closely with Moscow and Beijing é and leave Washington further.
Most Indian goods exports to the United States ($87.3 billion for the US last year, according to US Trade Representative) now face high obligations, although some key products, including intelligent phones, will be spared for the moment.
The move, confirmed in a report by the US Department of National Security earlier this week, prompted some economists to predict an immediate decline in trade between the two countries. /Periscope/
