NEW DELHI
\nIndian exporters warned that additional US tariffs risked making businesses \u201cnot viable\u201d after President Donald Trump ordered steeper levies on Indian goods over New Delhi\u2019s purchasing of Russian oil.
\nStocks opened marginally lower on Thursday, with the benchmark Nifty index down 0.31 per cent after an initial 25pc US tariff came into effect. But that will be doubled in three weeks, after Trump signed an order Wednesday to impose an additional 25pc levy for New Delhi\u2019s continued purchase of Russian oil, a key revenue source for Moscow\u2019s war in Ukraine.
\nIndia is the second-largest buyer of Russian oil, saving itself billions of dollars on discounted crude. India\u2019s foreign ministry condemned Trump\u2019s announcement of further tariffs, calling the move \u201cunfair, unjustified and unreasonable\u201d.
\nS.C. Ralhan, president of the Federation of Indian Export Organisations (FIEO), said he feared a troubling impact. \u201cThis move is a severe setback for Indian exports, with nearly 55pc of our shipments to the US market directly affected\u201d, he said in a statement.
\n\u201cThe 50pc reciprocal tariff effectively imposes a cost burden, placing our exporters at a 30\u201335pc competitive disadvantage compared to peers from countries with lesser reciprocal tariff.\u201d Ralhan said \u201cmany export orders have already been put on hold\u201d as buyers reassess sourcing decisions.
\nFor \u201ca large number\u201d of small to medium-sized enterprises, profit \u201cmargins are already thin\u201d, he said. \u201cAbsorbing this sudden cost escalation is simply not viable\u201d, he added. The world\u2019s fifth-largest economy \u2014 and most populous nation \u2014 is bracing for a bumpy ride, as the United States is its largest trading partner, with New Delhi shipping goods worth $87.4 billion in 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI Indian exporters warned that additional US tariffs risked making businesses \u201cnot viable\u201d after President Donald Trump ordered steeper levies on Indian goods over New Delhi\u2019s purchasing of Russian oil. Stocks opened marginally lower on Thursday, with the benchmark Nifty index down 0.31 per cent after an initial 25pc US tariff came into effect. […]<\/p>\n","protected":false},"author":2,"featured_media":476410,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-495534","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\n