Follow-up: US tariffs for India rise to 50 per cent
The US government imposed 25 percent tariffs on India effective July 31. Apparently, that wasn't enough. A second round is coming. Starting August 27, tariffs on India will rise to 50 percent—one of the highest rates in the world.
The customs crime continues
The drama surrounding the import tariffs imposed by the US on India continues, reports JCK onlineThey have been at 10 percent since April, which has already put a strain on the Indian economy and thus also on the Indian jewelry and gemstone industry. At the end of July, President Donald Trump announced that he would raise tariffs to 25 percent; now, starting August 27, a full 50 percent tariff burden is set to take effect on India. This puts India at the forefront of the international tariff war with the United States.
A possible background for the new step can be found in a statement by US President Donald Trump: Since India imports oil from Russia, the country would use it to power the Russian war machine.
Customs duties "unfair, unjustified and unreasonable"
The Indian Ministry of External Affairs responded with a statement: India's imports are based on market factors and are made with the overriding objective of securing energy supplies for India's 1.4 billion people. The statement continued:
"It is therefore extremely regrettable that the United States should choose to impose additional tariffs on India for actions that many other countries also take in their own national interest. We reiterate: This action is unfair, unjustified, and unreasonable. India will take the necessary steps to protect its national interests."
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