NEW DELHI: Indian exporters are bracing for a sharp decline in US orders as Washington confirmed steep new tariffs on the South Asian nation’s goods will take effect on Wednesday (Aug 27), escalating trade tensions between the two strategic partners.
An additional 25 per cent duty announced by President Donald Trump, and confirmed in a notice by the US Department of Homeland Security, takes total tariffs to as much as 50 per cent, among Washington’s highest, in retaliation for New Delhi’s increased purchases of Russian oil.
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