The 50 percent customs duties imposed by the US on Indian goods, doubling the existing tariff as President Donald Trump seeks to punish New Delhi for buying oil from Russia, came into force on Wednesday. This step was taken amid rising trade tensions between the two countries and could negatively impact India's economy.
Redaksiya reports that these duties are related to India's purchase of cheap oil from Russia. US officials stated that this move aims to prevent Russia from financing its war against Ukraine. India, however, called these duties "unfair, baseless, and unacceptable," urging the government to intervene and prevent severe job losses. India's export body on Wednesday asked the government to intervene in this matter and address concerns about job losses. These duties apply to various Indian products, including iron and steel products.
The imposition of these customs duties could significantly reduce India's exports to the US and harm India's economy. At the same time, this could mark the beginning of a trade war between the two countries. The Indian government has not yet announced what steps it will take in response to these duties, but there is a possibility of resuming trade talks or appealing to the World Trade Organization.
This situation could also have negative consequences for the global economy, as trade restrictions can lead to a decrease in global trade and an increase in prices.
Sevinj Karimova