 "Cargo containers line a shipping terminal at the Port of Oakland as Trump's new tariffs for over 90 countries come into effect. AP")
India is rallying its export activities as Trump’s tariffs go into effect from tomorrow (August 27). The US Homeland Security on Tuesday issued a notification saying that Washington would impose an additional 25 per cent tariff on all Indian-origin goods.
President Donald Trump imposed an additional 25 per cent duty on Indian goods over New Delhi’s import of Russian oil. In total, India will face a tariff of up to 50 per cent , which is among the highest imposed by the American leader.
The new duties will apply to goods entering the US for consumption or withdrawn from warehouses for consumption from 12:01 am EDT on Wednesday or 9:31 am IST, according to the Homeland Security notice.
India intensifies exports
An official from the Ministry of Commerce told Reuters that the government has “no hopes for any immediate relief or delay in US tariffs.” However, the government has readied mechanisms to provide financial assistance to exporters who are affected by Trump tariffs, the official added.
Authorities are also encouraging exporters to diversify to alternative markets, including China, Latin America and the Middle East. “The government has identified nearly 50 countries for increasing Indian exports, particularly of textiles, food processed items, leather goods, marine products,” the official said.
PM Modi vows to protect
Prime Minister Narendra Modi on Monday (Aug 25) said that India would withstand the economic pressure and continue strengthening the country’s resilience.
“No matter how much pressure comes, we will keep increasing our strength to withstand it,” Modi said while addressing a public gathering in Ahmedabad’s Nikol area. He stressed that small entrepreneurs, farmers and livestock rearers would remain his government’s top priority.
Without directly naming Washington, Modi said , “Today in this world, there is politics of economic self-interest; everyone looks out for themselves. We are witnessing this. From the soil of Ahmedabad, I promise you that the interests of small entrepreneurs, shopkeepers, farmers and livestock rearers are of utmost priority for Modi… No matter how much pressure comes, we will keep increasing our strength to withstand it.”