New Delhi: A 50 per cent tariff will be imposed on Indian goods exported to America from today, which is being seen as a big shock for the businessmen. Earlier, a 25 per cent tariff was imposed, but US President Donald Trump announcethatto impose additional tariffs.
It will be implemented at 12:01 am on August 27 as per US time. That means it will be 9 o’clock in India at that time. If any Indian goods reach even one second late from the scheduled time, then they will have to pay a 50 per cent tariff. America has shared this information through a notice. America has imposed a 50 per cent tariff on India due to the large-scale purchase of oil from Russia. America has considered oil purchases from Russia as a threat to itself.
On which goods will the tariff be imposed?
People must be wondering which goods the 50 per cent tariff imposed on India is going to apply to. What is going to be its meaning? The US used to impose 9% tariff on textile imports from India, but now, after a 50% additional tariff, it has become 59%. On the same lines, readymade garments used to have a 13.9% tariff. Now it will become 63.9%.
Anyway, India’s highest number of people, 4.5 crore, work in this sector. This is a labour-intensive sector, due to which it is expected to affect the employment of 5 to 7% workers. Its effect can be seen more in factories in Tirupur in Tamil Nadu, Surat in Gujarat, Ludhiana in Punjab and Mumbai and Thane.
Tariffs on steel, aluminium and copper will also increase
The tariff increase by the SUS will also be imposed on steel, aluminium and copper imported from India. Earlier, a 1.7% tariff was imposed on these, but now a 51.7% tariff can be imposed. More than 55 lakh people work in this sector. However, the tariff will not have any effect on these people.
Some percentage of big businessmen and workers may be affected. Earlier, there was a 2.3% tariff on furniture, bedding and mattresses, but now a total of 52.3% tariff will be levied. 48 lakh people work in this sector too.