50% Tariffs For India Go Into Effect.
President Donald Trump made good on his threat to double tariffs on imports from India to 50%, a move that could endanger relations with one of America’s most important trading partners and send consumer prices higher.
This comes just weeks after Trump instituted a new 25% baseline tariff on Indian goods. Levies on India, the world’s fifth-largest economy, are now among the highest the United States charges across all countries.
The latest round of tariffs on India seeks to punish the country for importing Russian oil and helping Russia finance its war with Ukraine, Trump has previously said.
The US leader recently held separate meetings with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy to help broker a deal to end their years-long war. However, the talks remain at an impasse.
By
Elisabeth Buchwald, CNN
The President has introduced a huge tariff on a nation that is considered the largest democracy in the World. The increase in money charged on Indian producers will inevitably be filtered down to consumers in America in some fashion. As fall approaches and the Holiday season in America kicks off consumers could be in for a shock in the check out isle.
