Trump hits India with punishing 50% tariff, among the highest the US charges
- Donald Trump doubles tariffs on imports from India to 50%
- could endanger relations with important trading partner
- just weeks after Trump instituted new 25% baseline tariff on Indian goods
- Levies on India among the highest the US charges all countries
- New Delhi signaled it would retaliate against Trump’s tariffs
- other countries that import oil from Russia aren’t facing such levies
- China is the top buyer of Russian oil, but faces minimum 30% tariff
- 2024 US imported $87 billion worth of goods from India
- compared to $42 billion American goods exported to India
OSTB: This will be a big whack in the face for Narendra Modi who has made much of his special friendship with 'Dolan' Trump. Indians were told that premier Modi is America's best friend in the world.
The Russia issue may not be the entire story. China is not being hit with 50% tariff although China buys more oil and does more business with Russia than India.
The US wants more access to the Indian market. Hardly any American cars are sold in India. Or agricultural equipment. Because India imposes high tariffs and non-tariff barriers on American products.
