The United States has issued a notification to implement a 50% tariff on Indian goods, effective within hours on August 27. According to a draft notice from the U.S. Department of Homeland Security, this significant tariff will impact numerous sectors.
In response, the Modi government has taken immediate action. The Prime Minister’s Office (PMO) will hold a high-level meeting today to assess the potential impact of the tariff and review measures to address it.
America has imposed 50 percent tariff on India for buying oil from Russia. In this, 25 percent base tariff is applicable from 7 August. While 25 percent additional tariff has been imposed on India as a penalty for buying oil from Russia at a cheaper price.
A high-level meeting is going to be held by the Prime Minister’s Office on Tuesday to assess the impact of the US high tariff and to review the steps to be taken in this regard. The Prime Minister’s Principal Secretary will chair this meeting. On the other hand, the Ministry of Commerce and Industry is already holding meetings with Indian Exports and Export Promotion Council and consulting with them in this regard.
On one hand, the 50 percent US tariff on Indian goods will reduce the profitability of exports, while on the other hand, they will not be able to compete in the US market in important sectors like clothing, leather, chemicals and engineering goods. Amidst the concerns of Indian exports and US tariffs, the Indian government has turned to Russia as well as other new markets. Apart from this, big announcements like GST reform have already been made by the central government to consume goods domestically and boost the economy. Along with this, many other steps are also being considered by the government to help exports.
Join our whatsapp group for Latest updates
Click Here for Chhattisgarh News
Click Here for Entertainment News