KEY TAKEAWAYS:
U.S. imposes 50% tariffs on Indian goods worth $48B
Key sectors hit include textiles, gems, jewelry, leather and autos
Modi vows to protect farmers and small businesses from U.S. pressure
India explores reforms and new markets to cushion tariff impact
Steep U.S. tariffs on a range of Indian products took effect Wednesday, threatening a serious blow to India’s overseas trade in its largest export market.
President Donald Trump had initially announced a 25% tariff on Indian goods. But earlier this month he signed an executive order imposing an additional 25% tariff due to India’s purchases of Russian oil, bringing the combined tariffs imposed by the U.S. on its ally to 50%.
The Indian government estimates the tariffs will impact $48.2 billion worth of exports. Officia