Following President Donald Trump’s plan to impose harsher charges of 50% on imported Indian goods, Indian exporters issued a warning on Thursday that the expense of new US tariffs could render their operations “not viable.”
Rahul Gandhi, the leader of the opposition Congress party, referred to the taxes as “economic blackmail” and “an attempt to bully India into an unfair trade deal,” while Prime Minister Narendra Modi stated that he was prepared to “pay a great personal price.”
Following the implementation of a first 25% US tax, stocks began slightly lower on Thursday, with the benchmark Nifty index down 0.31%.
After Trump signed an order on Wednesday to impose an additional 25% duty due to New Delhi’s continuous purchases of Russian oil, a vital source of revenue, that levy will treble in three weeks.
