“The Government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs,” the Ministry of Commerce and Industry said in a statement, adding that India will take all necessary steps to secure its national interest—just as it has done in recent trade deals, including the Comprehensive Economic and Trade Agreement with the UK.
President Donald Trump, in a post on Truth Social on Wednesday, accused India of maintaining among the highest tariffs in the world and implementing “the most strenuous and obnoxious” non-monetary trade barriers. He also criticised India’s continued military and energy cooperation with Russia, calling it contrary to global efforts to pressure Moscow over the war in Ukraine.
Trump stated that while India is a “friend,” the US has “done relatively little business with them over the years” due to persistent trade restrictions. The new tariff will take effect August 1, in line with the administration’s broader plan to impose higher duties on countries lacking bilateral trade deals with the US.
ALCHEMPro News Desk (KD)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
