NEW DELHI — India will cut taxes on hundreds of consumer goods ranging from air conditioners to small cars to bolster local consumption, its government said Wednesday, as New Delhi moves to cushion its economy from the blow of steep U.S. import tariffs.

The announcement comes after U.S. President Donald Trump introduced new tariffs last month that threaten a chunk of New Delhi’s outbound shipments to its world’s biggest market.

Finance Minister Nirmala Sitharaman told a news conference late Wednesday that the reduced goods and services tax, or consumption tax, have been approved by an all-powerful government panel. They will take effect on Sept. 22, the first day of a major Hindu festival that precedes the festival of lights, Diwali, in October.

The government’s latest overhaul cuts the

See Full Page