Now that the expiration deadline initiated by President Donald Trump on imposing additional duties on India has passed, the latter country has officially imposed a 50 per cent tariff on the export products to the United States. The anti-India high tariff of an extra 25 per cent on top of the initial 25 per cent that had been imposed this month was instituted as punishment to India because of its continued import of Russian oil. India has protested against this vehemently, terming it to be unfair, unjustifiable and unreasonable.
The US Department of Homeland Security posted a draft notice, which confirmed that higher duties would be charged on Indian goods that would be entered for consumption, or withdrawn from the warehouse for consumption. The tariffs are effective since 9.31 am IST on August 27 and are a part of the larger plan by the US to tighten the flow of oil revenues to Moscow and coerce it to push Vladimir Putin to come out of the war in Ukraine.
Exporters in India are on the other hand preparing to witness a plunge in orders that emanated in the US because of the tariffs. Officials suggested financial assistance to affected exporters who will then be advised to venture into other markets in China, Latin America and the Middle East.
In a rally in Ahmedabad on Monday, Prime Minister Narendra Modi reiterated his government’s stand to withstand foreign pressure. He emphasised that safeguarding the interests of farmers, cattle rearers, and small-scale industries will be given priority, no matter how significantly the international pressure increases. Increased pressure on us may exist, but we are going to endure it all, Modi added.
Tariffs were levied once the 5 rounds of trade negotiations between Washington and New Delhi yielded no results. The exemptions provided are products such as iron and steel, aluminium, copper, passenger vehicles, light trucks, auto components, pharmaceuticals and electronics.
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