About 55% of India’s merchandise exports to the United States will be hit by the tariffs imposed by President Donald Trump’s administration, the Indian government said on Monday.
Last week, Trump announced an additional 25% tariff on Indian goods as retaliation for New Delhi’s purchases of Russian oil. This move raised the total duty on Indian exports to the U.S. to 50%—one of the highest rates applied to any American trading partner.
India’s junior finance minister, Pankaj Chaudhary, said in a written response to a lawmaker that the government’s estimate factored in the initial 25% tariff earlier imposed on goods.
“The Department of Commerce is engaged with all stakeholders, including exporters and industry, to gather their assessment of the situation,” Chaudhary added.
Bilateral goods trade between the world’s largest and fifth-largest economies was valued at around $87 billion in the last fiscal year, according to Indian government data.
Source: Reuters
