Latest news with #America-bound
Mint
3 days ago
- Business
- Mint
Trump's additional 25% tariff may affect India's 40-50% exports to US: GTRI's Ajay Srivastava breaks down impact
The tariffs recently announced by the US could have a severe impact on India's exports to the US. The tariffs are expected to make Indian goods far more expensive in the US, with the potential to cut America-bound exports by 40–50 per cent, think tank Global Trade Research Initiative (GTRI) said on Wednesday. The White House said earlier that the measures are imposed in response to India's continued purchase of Russian oil, as reported by PTI. On August 6, Washington announced an additional 25 per cent tariff on all Indian imports, on top of an existing 25 per cent duty, taking the total to 50 per cent from August 27. These new 'reciprocal' tariffs come with their own set of consequences: Economic disadvantage: This move places India among the "most heavily" taxed US trading partners, putting it at a disadvantage compared to rivals such as China, Vietnam, and Bangladesh, which face lower tariffs. Broad impact: The tariff threatens most of India's $86.5 billion in annual exports to America, from textiles to machinery. Adding to the consequences, Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said that China bought $62.6 billion of Russian oil in 2024, which is more than India's $52.7 billion, yet the country does not face any such penalties. Washington avoids targeting Beijing because of China's dominance over critical minerals such as gallium, germanium, rare earths, and graphite, which are crucial for US defence and technology, he said. Srivastava also added that the US has also overlooked its allies' trade with Russia such as the European Union (EU) which imported $39.1 billion of Russian goods last year, including $25.2 billion in oil. The US itself purchased USD 3.3 billion in strategic materials from Russia, the news agency said. "The tariffs are expected to make Indian goods far costlier in the US, with potential to cut US bound exports by 40–50 per cent," he said.
Economic Times
3 days ago
- Business
- Economic Times
Trump tariffs may impact India's 40-50% exports to US: GTRI
Synopsis The US has imposed a 25% additional tariff on Indian imports, raising the total duty to 50% in response to India's continued purchase of Russian oil. This move, effective August 27, could slash India's exports to the US by 40-50%. The tariffs announced by the US are expected to make Indian goods far costlier in the US, with the potential to cut America-bound exports by 40-50 per cent, think tank GTRI said on Wednesday. On August 6, Washington announced an additional 25 per cent tariff on all Indian imports, on top of an existing 25 per cent duty, taking the total to 50 per cent from August 27. The White House said the measure responds to India's continued purchase of Russian oil. The move places India among the "most heavily" taxed US trading partners, far above rivals such as China, Vietnam, and Bangladesh, and threatens most of India's USD 86.5 billion in annual exports to America, from textiles to machinery, Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. He said in 2024, China bought USD 62.6 billion of Russian oil, more than India's USD 52.7 billion, yet faces no such penalties. Washington avoids targeting Beijing because of China's leverage over critical materials such as gallium, germanium, rare earths, and graphite, vital for US defence and technology, he said adding the US has also overlooked its allies' trade with Russia such as the EU which imported USD 39.1 billion of Russian goods last year, including USD 25.2 billion in oil. The US itself purchased USD 3.3 billion in strategic materials from Russia. "The tariffs are expected to make Indian goods far costlier in the US, with potential to cut US bound exports by 40-50 per cent," he said.
Time of India
3 days ago
- Business
- Time of India
Trump tariffs may impact India's 40-50% exports to US: GTRI
The tariffs announced by the US are expected to make Indian goods far costlier in the US, with the potential to cut America-bound exports by 40-50 per cent, think tank GTRI said on Wednesday. On August 6, Washington announced an additional 25 per cent tariff on all Indian imports, on top of an existing 25 per cent duty, taking the total to 50 per cent from August 27. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program The White House said the measure responds to India's continued purchase of Russian oil. The move places India among the "most heavily" taxed US trading partners, far above rivals such as China, Vietnam, and Bangladesh, and threatens most of India's USD 86.5 billion in annual exports to America, from textiles to machinery, Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. He said in 2024, China bought USD 62.6 billion of Russian oil, more than India's USD 52.7 billion, yet faces no such penalties. Live Events Washington avoids targeting Beijing because of China's leverage over critical materials such as gallium, germanium, rare earths, and graphite, vital for US defence and technology, he said adding the US has also overlooked its allies' trade with Russia such as the EU which imported USD 39.1 billion of Russian goods last year, including USD 25.2 billion in oil. The US itself purchased USD 3.3 billion in strategic materials from Russia. "The tariffs are expected to make Indian goods far costlier in the US, with potential to cut US bound exports by 40-50 per cent," he said.
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Business Standard
3 days ago
- Business
- Business Standard
Trump tariffs may cut India's US-bound exports by up to 50%: GTRI
The tariffs announced by the US are expected to make Indian goods far costlier in the US, with the potential to cut America-bound exports by 4050 per cent, think tank GTRI said on Wednesday. On August 6, Washington announced an additional 25 per cent tariff on all Indian imports, on top of an existing 25 per cent duty, taking the total to 50 per cent from August 27. The White House said the measure responds to India's continued purchase of Russian oil. The move places India among the "most heavily" taxed US trading partners, far above rivals such as China, Vietnam, and Bangladesh, and threatens most of India's $ 86.5 billion in annual exports to America, from textiles to machinery, Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. He said in 2024, China bought $ 62.6 billion of Russian oil, more than India's $ 52.7 billion, yet faces no such penalties. Washington avoids targeting Beijing because of China's leverage over critical materials such as gallium, germanium, rare earths, and graphite, vital for US defence and technology, he said adding the US has also overlooked its allies' trade with Russia such as the EU which imported $ 39.1 billion of Russian goods last year, including $ 25.2 billion in oil. The US itself purchased $ 3.3 billion in strategic materials from Russia. "The tariffs are expected to make Indian goods far costlier in the US, with potential to cut US bound exports by 4050 per cent," he said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
News18
3 days ago
- Business
- News18
Trump tariffs may impact Indias 40-50 pc exports to US: GTRI
Agency: New Delhi, Aug 6 (PTI) The tariffs announced by the US are expected to make Indian goods far costlier in the US, with the potential to cut America-bound exports by 40–50 per cent, think tank GTRI said on Wednesday. On August 6, Washington announced an additional 25 per cent tariff on all Indian imports, on top of an existing 25 per cent duty, taking the total to 50 per cent from August 27. The White House said the measure responds to India's continued purchase of Russian oil. The move places India among the 'most heavily" taxed US trading partners, far above rivals such as China, Vietnam, and Bangladesh, and threatens most of India's USD 86.5 billion in annual exports to America, from textiles to machinery, Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. He said in 2024, China bought USD 62.6 billion of Russian oil, more than India's USD 52.7 billion, yet faces no such penalties. Washington avoids targeting Beijing because of China's leverage over critical materials such as gallium, germanium, rare earths, and graphite, vital for US defence and technology, he said adding the US has also overlooked its allies' trade with Russia such as the EU which imported USD 39.1 billion of Russian goods last year, including USD 25.2 billion in oil. The US itself purchased USD 3.3 billion in strategic materials from Russia. 'The tariffs are expected to make Indian goods far costlier in the US, with potential to cut US bound exports by 40–50 per cent," he said. RR MR MR (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
