New Delhi: The US has issued a public notice, formally announcing an additional 25% tariff on imports from India with effect from 12.01 am EST (9.31 am IST) on Wednesday, August 27.
Issued by the Department of Homeland Security through US Customs and Border Protection (CBP), the notice said the tariffs implement president Donald Trump’s Executive Order 14329, signed August 6.
This order directed US agencies to respond to “threats to the United States by the Government of the Russian Federation,” with India being targeted for new duties as part of that policy.
The tariffs will apply to a broad range of Indian products listed in the annex to the notice. The tariffs will apply to any goods that arrive for use or are taken out of warehouses after the deadline.
Trump has also signalled that he could impose additional tariffs on countries trading with Russia or impose additional sanctions on Moscow if a deal fails to materialise.
He warned of “very big consequences” in the coming weeks if no progress is made.
So far, the US has avoided imposing similar measures on other major purchasers of Russian oil, including China.
Trump imposed an additional 25 per cent tariff, raising the overall levy to 50 per cent on goods coming from India, as a penalty for New Delhi’s continued purchase of Russian oil.
India has called the secondary tariffs unfair, unjustified and unreasonable, while expressing hope that progress in peace talks could eliminate the need for the increased duties. India also maintained that it will do whatever it can to safeguard its national interest and dubbed the US move to hike the overall tariffs to 50 per cent “extremely unfortunate”.
On Monday, Prime Minister Narendra Modi said that his government will find a way out regardless of the economic pressure by Washington.
“No matter how much pressure comes, we will keep increasing our strength to withstand it. Today, the Atmanirbhar Bharat Abhiyan is getting a lot of energy from Gujarat and behind this are two decades of hard work…,” PM Modi said while speaking at a public address in Ahmedabad.