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U.S. tariffs on goods from India doubled to 50% at midnight ET, raising levies on the Asian nation to among the highest in the world.
On Wednesday, a 25% duty was stacked on top of the 25% “reciprocal” tariff imposed in early April by President Donald Trump due to India’s continued purchases of discounted Russian oil. Trump has sought to broker peace between Russia and Ukraine, and has been using tariffs to apply pressure to countries that provide support to Russia.
The U.S. makes up 20% of India’s goods exports but just about 2.2% of the country’s GDP, UBS analysts wrote earlier this month. They wrote that Indian “gems and jewellery, apparel, textiles and other chemicals” are especially exposed to the tariffs. India’s other exports— including pharmaceuticals and consumer electronics, as the country is a big producer of Apple (AAPL) iPhones—are exempt for now.
India is a relatively minor trading partner of the U.S., meanwhile, accounting for under 3% of imports.
