US President Donald Trump has taken a major economic action against India and imposed an additional 25 percent tariff on Indian goods. This tariff became effective from 9:31 am on Wednesday. There was already a 25 percent tariff; now it has increased to a total of 50 percent. The Trump administration says that India is buying cheap oil from Russia, and that is why there is a need to put economic pressure on it. The Indian government’s stand is clear that this tariff is unfair and it will affect the relations between the two countries.
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Trump’s objective and pressure on Putin
On Monday, the US Department of Homeland Security released a formal draft imposing a 50 percent tariff on Indian goods. Trump’s goal is to increase pressure on Russian President Vladimir Putin so that he considers stopping the Ukraine war. The US administration hopes that through this economic pressure on India, Russia’s energy supply can be affected.
Modi Swadeshi Mantra
Amid the announcement of US tariffs, Prime Minister Narendra Modi addressed a gathering in Ahmedabad on Tuesday. He made it clear that India will not be afraid of external pressure, and self-reliance is the only solution. Modi said that hard work and sweets should be Indian, whether the money is in dollars or pounds. The Prime Minister also assured that the interests of farmers, dairy farmers, and small industries will not be affected under any circumstances.
The biggest blow to the textile and leather industry
The imposition of a 50 percent tariff in the US market has had a profound impact on the Indian textile, leather, and lobster business. It has now become very difficult for these industries to compete in America. Many factories have stopped production because the products are not able to sell in the US market after the increase in cost.
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Exporters’ concerns and future challenges
Federation of Indian Export Organizations (FIEO) President S.C. Ralhan said that the leather, textile, and chemical industries are in a serious crisis. Many units at major centers like Surat, Tirupur, and Noida have stopped production. He says that countries like Bangladesh and Vietnam are selling goods at low cost, which is eliminating India’s competitiveness. This crisis is directly affecting the livelihood of millions of employees and workers.