Trump applies 50% of India’s export tariffs to buy Russian oil

The United States has doubled India’s export tariffs to 50%, acts of punishment associated with the continuous purchase of New Delhi Russian oil, increasing tensions that increase between the two allies.

The new tariff, which came into force on Wednesday, covered more than half of India’s exports to the US – estimated 55% of trade worth around \ $ 87 billion, according to Reuters.

Analysts warn that steep levies can cut Indian export orders by 30%, with small and medium producers are expected to receive the most difficult blows. The sectors driven by labor such as textiles, jewelry, seafood, and leather have reported “cancellation of orders,” while regional competitors such as Bangladesh and Vietnam stand to get benefits.

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Outside of trade, the tariff marks the lowest new in Washington’s relationship with New Delhi. Politico described the move as part of the encouragement of former US President Donald Trump to punish India for “profiteering” of Russian crude oil – a critic of inconsistent attitude, bearing in mind that China imported more Russian oil but faced fewer US sentences.

“One of the most troubling developments in Trump tariff saga is how India has moved from a promising candidate for initial trade agreements to countries facing among the highest tariffs charged by the US on each trading partner,” said Wendy Cutler, senior vice president at the Asia Society Policy Institute.

He added: “High tariffs quickly erode trust between the two countries, which can take years to rebuild.”