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Indian exporters said they will lobby the central bank to allow them to temporarily convert proceeds from their US business at a rupee rate that’s 15% lower than current levels, to help cushion the blow from President Donald Trump’s punitive tariffs.
US President Donald Trump said America maintains a good relationship with India but described the trade relationship as “one-sided” for many years due to India’s high tariffs on American goods.
Donald Trump Saturday clarified that all forms of tariffs imposed on multiple countries will continue to remain in effect even as a federal appeals court ruled that the US President had no legal right to impose such sweeping tariffs.
India has become Ukraine’s largest diesel supplier, despite facing a 50 per cent tariff from the US, according to a report on Saturday.
A US appeals court has ruled that most tariffs issued by US President Donald Trump are illegal, setting up a potential legal showdown that could upend his foreign policy agenda.
India is planning dedicated outreach programmes in 40 countries, including the UK, Japan, and South Korea, to push textiles exports amid a 50 per cent tariff imposed by the US on Indian products, an official said on Wednesday.
US tariffs of 50% on goods from India took effect on Wednesday as Donald Trump sought to punish Delhi for buying Russian oil and weapons.
Amid global uncertainties and tariff pressure, the Reserve Bank of India Governor Sanjay Malhotra said that he is hopeful that the negotiations between India and US will play out and the tariff impact is minimal. The additional 25% tariffs will be effective from August 27.
The trade winds have shifted sharply. US President Donald Trump’s decision to double tariffs on Indian exports from 25% to 50%, effective 27 August, has introduced a complex challenge for India’s economy.
India has temporarily suspended postal services to the US with air carriers refusing to accept shipments due to lack of clarity on the new norms issued by the American Customs Department, the Ministry of Communications said on Saturday.