Steep US tariffs set to hit Indian exports from Wednesday

MUMBAI/NEW DELHI — Indian exporters are bracing for a sharp decline in U.S. orders after trade talks collapsed and Washington confirmed steep new tariffs on the South Asian nation's goods take effect from Wednesday, escalating tension between the strategic partners. An additional 25 percent duty announced by President Donald Trump, confirmed in a notice by the Homeland Security Department, takes total tariffs to as much as 50 percent, among Washington's highest, in retaliation for New Delhi's increased buying of Russian oil. "The government has no hope for any immediate relief or delay in U.S. tariffs," said a commerce ministry official, who sought anonymity for lack of authorization to speak to media. Exporters hit by tariffs would receive financial assistance and be encouraged to diversify to alternative markets such as China, Latin America and the Middle East, the official added. However, the commerce ministry did not immediately respond to an email seeking comment on the latest notice. The new duties will apply from 9:31 a.m., on Wednesday (local time), it showed. Exceptions are shiWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times