He explained that because of the increased tariffs, Indian goods will be up to 35 per cent costlier in the American market compared to competitors, prompting buyers to look elsewhere.
The recent move by the United States to impose steep tariffs on Indian goods is expected to weigh on the U.S. economy, pushing up inflationary pressures and impacting growth, according to a report by the State Bank of India (SBI).
Criticising the additional 25 per cent tariffs to be imposed by the US on Indian goods as "grossly unfortunate and highly condemnable", CPI(M) MP John Brittas on Tuesday stated that Washington is treating India like a colony, noting that the tariffs were either " a sanction or an embargo".
The Indian stock market on Tuesday witnessed a sharp sell-off after the Trump administration issued a notification to impose an additional 25 per cent tariff on Indian imports. The secondary tariffs will come into effect from August 27 and take the total tariff on Indian goods to 50 per cent
Raising questions at the government's economic policies, Khera stated that the demonetisation and Goods and Service Tax (GST) had destroyed the Micro, Small and Medium Enterprises (MSME) completely.
Indian stock markets opened under pressure on Tuesday as the United States Customs Department went ahead with the decision to impose 50 per cent tariffs on Indian goods and published a draft notice.
The U.S. Customs and Border Protection (CBP) has issued a draft notice on the implementation of additional duties on products imported from India, following the announcement by U.S. President Donald Trump to increase tariffs on Indian goods to 50 per cent.
Ambassador of India to the US, Vinay Mohan Kwatra, on Friday engaged in productive discussions with US lawmakers to strengthen bilateral relations between the two countries after President Donald Trump imposed 50 per cent tariffs on Indian goods.
Noting that United States has benefited greatly from free trade but now is using tariffs as a bargaining chip, Chinese Ambassador to India Xu Feihong has said his country is opposed to US decision to impose 50 per cent tariffs on Indian goods and said that "silence or compromise only embo
Amid US decision to impose 25 per cent additional tariffs on Indian goods for purchase of Russian oil, External Affairs Minister S Jaishankar said on Friday that China, not India, is the biggest purchaser of Russian oil and EU is the biggest purchaser of LNG and that the logic of singling
The Rashtriya Swayamsevak Sangh (RSS) has called a meeting in the national capital on August 19 and 20, which will be attended by top leaders and affiliates working in various sectors, including those likely to be impacted by the US tariffs on Indian goods.