Over half of Indian exports to US to face Trump's tariff,says Centre

Nearly 55% of India’s merchandise exports to the United States will come under the ambit of the latest tariff measures announced by President Donald Trump’s administration, the Indian government said on Monday.According to information,last week, Trump levied an additional 25% duty on Indian goods, citing New Delhi’s continued purchases of Russian oil as the reason for the move. The fresh tariff hike takes the overall duty on Indian exports to the U.S. to 50%, among the steepest imposed on any of Washington’s trading partners.
Pankaj Chaudhary, Minister of State for Finance Ministry,said the government’s 55% estimate factored in the earlier 25% tariff already imposed by the U.S. “The Department of Commerce is engaged with all stakeholders including exporters and industry for taking feedback of their assessment of the situation,” Chaudhary noted in a written reply to a lawmaker’s query.Trade in goods between the United States, the world’s largest economy, and India, the fifth-largest, was valued at around $87 billion in the last fiscal year, according to government data. The new tariffs could weigh heavily on key sectors such as textiles, engineering goods, and pharmaceuticals, which together form a significant share of India’s U.S.-bound exports.Meanwhile,industry groups have expressed concern over the potential impact on competitiveness and market access, even as the government explores diplomatic and trade channels to address the dispute.

(Business Correspondent)