About $48 billion worth of goods to be impacted by US’ 50% tariff: Govt

In reply to a question regarding the impact of US’s 50 per cent tariff, Union Minister of State Jatin Prasada said it is estimated that around $48.2 billion of India’s merchandise export (based on 2024 trade value) will attract tariffs.

In the written reply, he said the Government is committed to secure and advance country’s national interest and protect the welfare of farmers, workers, entrepreneurs, exporters, MSMEs and all sections of industry, adding that all necessary steps are being taken to help mitigate impact on trade including through appropriate export promotion and trade diversification measures.

On August 6, Trump slapped an additional 25 per cent tariff on goods coming from India as penalty for New Delhi’s continued purchase of Russian oil.

Trump signed an executive order – Addressing Threats to the US by the Government of the Russian Federation – imposing the additional tariff over an above the 25 per cent levy which came into effect from August 7.

After this order, the total tariff on Indian goods, barring a small exemption list, will be 50 per cent from August 27.