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Trump's new tariffs likely to hit 50% of India's $7 bn export of auto parts
As US President Donald Trump continues to raise tariffs on Indian goods, experts warned that high American duties would impact 50 per cent of India's $7 billion worth of export of auto parts read more New vehicles are parked on the pier in Baltimore, Maryland. Experts note that India's auto sector will be relatively insulated from Trump's levies. File image/AFP US President Donald Trump's decision to raise tariffs on auto parts from India is expected to significantly impact the country's export industry, experts warned. It is pertinent to note that nearly half of India's $7 billion auto parts exports to the US will be affected. The United States already had duties on cars and auto parts. However, this additional tariff is expected to impact India's auto sector immensely. Trump's wrath comes as retaliation for India's oil imports from Russia amid the Ukraine war. STORY CONTINUES BELOW THIS AD On Wednesday, Trump signed an executive order introducing additional 25 per cent tariffs on Indian goods. While speaking to The Economic Times, senior industry experts say that these tariffs would impact nearly half of the country's $7-billion, or about ₹61,000-crore of annual auto parts exports to the US. India's auto industry takes the hit Before this, the US was already levying a 25 per cent duty on cars, small trucks and their parts from all countries since May 3. However, at that time, tariffs on components for commercial vehicles, earth-moving equipment and tractors were 10 per cent. Things changed with the latest announcement, with tariffs now rising to 50 per cent on Indian auto part components. 'While the tariffs levied this year now impact component exports across categories, today's announcement specifically will hit nearly half of the total exports business to the US,' one of the executives told The Economic Times. What makes the rise in tariffs concerning is the fact that the US is the largest destination for Indian auto parts, accounting for about 32 per cent of total shipments from the country in FY25. Meanwhile, India does not export vehicles to the US. India, on the other hand, levies customs duty of 5-15 per cent on auto parts imported from the US. Initially, Trump had said higher tariffs would push companies to set up manufacturing plants within the US, which would ultimately create more jobs. He also claimed that Indian oil imports from Russia are undermining US National Security and foreign policy amid the ongoing national emergency related to Russia's actions in Ukraine. With inputs from agencies.
Economic Times
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What is Jenna Ortega's soaring net worth after ‘Wednesday' success and blockbuster roles
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Doval in Russia: Focus on S-400 purchase and talks for SU-57 fighter jets, says report; meeting with Putin likely
Amid tensions with the United States, Indian National Security Adviser Ajit Doval headed to Moscow in a bid to expand defence and industrial ties between India and Russia. Here's what is on the cards read more NSA Ajit Doval has a storied career. In his days at the Intelligence Bureau, he's been known to go undercover, with various disguises. File image/PTI As US President Donald Trump continues to oppose stronger India-Russia ties, India's National Security Adviser Ajit Doval is set to visit Moscow. Doval would focus on expanding defence ties between the two nations as he embarked on the visit on Wednesday. Apart from defence, India and Russia will also focus on strengthening industrial ties amid the tariff threats unleashed by US President Donald Trump. Doval's visit would also focus on the purchase of additional S-400 missile defence systems and dialogue on Su-57 fighter jets. STORY CONTINUES BELOW THIS AD According to a report by The Economic Times, the two sides would discuss the possibility of the purchase of additional S-400 missile systems and the talks could include setting up S-400 MRO facilities in India. The current geopolitical situation demands greater ties It is pertinent to note that the Russian S-400 systems played a crucial role in Operation Sindoor that targeted nine terror camps located in Pakistan and Pakistan-Occupied Kashmir. The attack, which eventually led to a four-day military escalation between the two nations, was conducted two weeks after the Pahalgam terror attack that led to the death of 26 people in Kashmir. Similarly, BrahMos missiles jointly developed by India and Russia rattled the Pakistani military during the four-day military escalation. According to The Economic Times, ahead of Doval's visit, Indian ambassador to Russia Vinay Kumar met Russia's deputy defence minister, Colonel-General Alexander Fomin. The Indian NSA is also expected to meet the Russian President, Vladimir Putin. Interestingly, the visit is coming at a time when the US President Donald Trump's special envoy, Steven Witkoff, is also in Moscow. It is important to note that this is Witkoff's fifth visit to Russia since the beginning of the year. 'The current escalation of the geopolitical situation will also be discussed. Apart from that, the topics will include such pressing matters as supplies of Russian oil [to India],' a Russian source close to the matter told The Economic Times. The visit becomes significant since Trump imposed additional 25 per cent tariffs on India on Wednesday. The Trump administration has been vehemently against India purchasing oil from Russia amid the war in Ukraine.
