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Experts have warned that India’s exports to the US could drop sharply.
With the new tariff rates coming into force, India's marine, ornament, textile, and furniture exporters could not compete with their rivals.
The research institute GTRI noted that the additional tariffs will primarily affect industries that contribute more than 30 per cent of India's exports to the US.
The US imposed the additional tariff on Indian goods as a punitive measure for New Delhi importing oil from Russia
The move is part of Washington’s penalties on India for continuing to buy Russian crude oil and military equipment.
The executive order builds on earlier measures aimed at curbing 'Russia’s harmful foreign activities.'
Many countries, particularly in Europe, have levied taxes on the sales revenue of digital service providers.
The rating agency also warns of a moderate impact on GDP growth due to proposed US tariffs while acknowledging India's robust economic outlook relative to peers.
The shift to a two-slab structure could significantly impact Kerala's financial position and welfare programs.
US Treasury Secretary Scott Bessent warned of potential increases in secondary tariffs on India if discussions between Presidents Trump and Putin don't progress favorably.
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