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US President Trump imposed a 25% tariff on Indian imports from August 1, citing high tariffs and Russia ties. India is studying the impact.
Prime Minister Narendra Modi with US President Donald Trump. (Image: PTI/File)
US Tariffs On India: US President Donald Trump has imposed a 25 per cent tariff on Indian imports along with an unspecified penalty, starting August 1. In his social media platform Truth Social, Trump accused India of maintaining excessively high tariffs, “strenuous and obnoxious” non-monetary trade barriers and deep energy and defence ties with Russia.
In response to the announcement of new tariffs, India said it has taken note and is currently studying its implications. It further said that New Delhi and Washington have been engaged in ongoing trade negotiations aimed at concluding a fair, balanced and mutually beneficial agreement.
With the new trade tariffs on India, imports are on the horizon. Let’s see the India-US trade snapshots.
In FY2024, the US imported goods and services worth $87.4 billion from India, while it exported goods and services worth $41.8 billion. It marked a trade deficit of $45.7 billion for US against India.
Engineering goods, electronic goods, biologicals, petroleum and RMG cotton were the major exports to US from India. Engineering goods worth $17.6 billion had the largest share in the exporting items in FY2024. It was followed by electronic goods ($9.9 billion) and biologicals ($8.7 billion). Petroleum goods worth $5.8 billion and RMG cotton worth $4.7 billion were exported to US.
The major items that US exported to India in FY24 were: Mineral fuels & oil ($12.9 billion), precious stones ($5.16 billion), boilers & machinery ($3.7 billion), and electrical machinery ($2.4 billion).
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
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