Trump Announces Substantial Hike In Tariffs On Indian Goods Again
Threatening India again with the increasing amount of Tariffs substantially, US President Donald Trump blamed India for fueling the Ukraine-Russia war by purchasing a large amount of Russian Oil. The US President accused India of ignoring the killing of Ukrainians by the Russian War Machine and said to raise the Tariff paid by India to the USA substantially.
The announcement came after the US President had already signed the executive order to impose 25 percent tariffs plus additional duties on goods imported from India. However, no specific details about the percentage of tariffs were announced this time, but the earlier announcement had already impacted the Indian share market significantly, with people withdrawing shares and avoiding new announcements.
Trump has pushed high duties on India for buying a massive amount of Russian Oil and selling it on the Open Market and profiting from the sales.
Read also: Analysis: How Will Trump’s 25% Tariffs On India Affect the Economy?
Meanwhile, the Indian government has not initiated any reciprocal tariff war and has not issued any statement on the US decision to impose high tariffs on India. While the reports were making the rounds that India would reduce its imports of Russian Oil, Donald Trump said it was a ‘Good Step’.
The Indian government is calculating its move to cushion India’s economy against the shockwave created by Trump’s announcement, also fact-checking the fake news being circulated in the name of the government’s decisions.
A PIB fact check dismissed reports by Pakistani propaganda accounts claiming that a financial emergency has been declared in India following a $60 billion market wipeout due to a 25% tariff announced by Donald Trump.
