Trump Tariffs LIVE Updates: Sensex, Nifty plunge as 50% US tariff take effect, govt extends import duty exemption on cotton

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Donald trump, Narendra Modi, us tariff Prime Minister Narendra Modi speaks as President Donald Trump listens during a news conference in the East Room of the White House, in Washington. (Source: AP Photo)

Donald Trump Tariffs Effect On India LIVE News Updates: India is now facing a cumulative 50% tariff on its goods being exported to the United States as President Donald Trump led administration imposed an additional 25% tariff on Indian products which came into effect on Wednesday. The 50% tariff, which is one of the highest levies on any country in the world, has been charged over America’s accusations that India’s crude oil purchase from Russia is financing Moscow to attack Ukraine in the war.

Sectors that will be hit by US tariffs: After the Trump administration went ahead with 50% tariffs on Indian goods, exports of low margin are bound to be affected by it. The sectors which could face the brunt of higher US tariffs, include apparel, textiles, gems, jewellery, shrimps, carpets and furniture among others. These sectors comprise labour intensive goods which could become unviable in the American market, and could also threaten low-skilled jobs in India.

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India’s response to US tariffs: A day after the 50% tariffs came into effect on Indian goods import in the US, the Finance Ministry extended exemption on cotton import duty till December 31 which could help the textile industry of India to place long-term cotton import orders. “In order to support exporters further, the Central Government has decided to extend the import duty exemption on cotton,” said the Finance Ministry’s statement.

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