Summary
The United States has imposed 50% tariffs on many Indian products due to India's purchase of Russian oil. The tariffs affect $48.2 billion in Indian exports and may harm sectors like textiles and automobiles. Prime Minister Modi of India has promised not to give in to U.S. pressure on trade issues.
Key Facts
- The U.S. placed a 50% tariff on Indian goods, up from a 25% tariff.
- Tariffs target $48.2 billion worth of India's exports to the U.S.
- Affected sectors include textiles, gems, jewelry, leather goods, and automobiles.
- Some sectors, like pharmaceuticals and electronics, are exempt from the tariffs.
- Indian exporters fear that these tariffs will harm small and medium enterprises.
- India and the U.S. have held trade talks but have not reached an agreement.
- Prime Minister Modi has promised to protect Indian farmer and small business interests.
- India plans to implement local reforms to boost its economy amid these tariffs.
