Washington: Up to 50% tariffs have been imposed on Indian imports in the United States (US) by President Donald Trump, the highest tariff imposed on any nation.
This follows a 30% tariff imposed on South African imports on August 7 raised from at least 10% by Trump’s executive orders and other nations including China and Brazil that face the steep tariffs. Other nations like Japan, South Korea and the European Union have successfully negotiated for 15% of the US tariffs.
Now to India, a further 25% punitive tariff that has to do with the South Asian nation’s continued purchasing of Russian oil was imposed, taking effect on Wednesday August 27 and delivering a serious blow to the nations’ ties.
Reuters referred to it as doubling of the tariffs on Indian imports.
It takes varied goods such as apparels, gems, jewellery, footwear, furniture and chemicals as high as 50% on duties, prior to a 25% tariff on many imports.
Concerns around the tariffs are that thousands of jobs for small exporters in India – the world’s fastest growing economy – are threatened and hurt its economy.
Reuters reported that there were no indications of renewed talks between Washington and New Delhi on Wednesday, after five rounds of talks failed to yield a trade deal to cut U.S. tariff rate.
But the Indian Prime Minister Narendra Modi left the country on Thursday to meet with leaders from China, Japan and Russia for diplomatic talks.
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