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India’s economy could take a multibillion dollar hit after President Donald Trump raised tariffs on Indian goods to 50% — one of the highest levies on any trading partner — over objections to the South Asian country’s oil trade with Russia.
Trump had previously imposed tariffs of 25% on Indian goods due to the country’s high trade barriers.
While only around 20% of India’s goods exports — or 2% of GDP — are U.S.-bound, certain sectors are disproportionately exposed. UBS estimates $8 billion worth of exports are most vulnerable, including gems and jewellery, apparel, textiles, and chemicals.
The new tariffs are set to go into effect in 21 days, according to the order, while the previously announced tariffs are set to take effect on Thursday.
