Trump Tariffs LIVE Updates: As 50% tariffs begin, US treasury secy sends positive signal: ‘At end of day, we will come together’

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https://indianexpress.com/article/india/us-trump-tariff-india-live-updates-10211697/

US President Donald Trump has accused India of profiting from the Russia-Ukraine conflict by buying Russian oil and selling it on the open market for huge profits. (Source: File)

Trump’s India Tariffs Deadline Today LIVE Updates: As tariff tensions between India and the US escalated further on Wednesday, with Washington imposing an additional 25 per cent penalty on New Delhi over its purchase of Russian oil, US Treasury Secretary Scott Bessent expressed confidence in bilateral ties between the two countries. In an interview with Fox Business, Bessent said: “I do think India’s the world’s largest democracy, the US is the world’s largest economy. I think at the end of the day we will come together.”President Donald Trump-led administration has termed India’s continued purchase of Russian oil a “national security concern” and Vice President JD Vance recently told NBC News that President Trump had applied “aggressive economic leverage”, including “secondary tariffs on India” to “make it harder for the Russians to get rich from their oil economy”.

Which sectors will be affected the most? With US slapping 50 per cent tariffs on India, exports of low-margin and labour-intensive goods ranging from apparel, textiles, gems and jewellery to shrimps, carpets and furniture, are set to become unviable in the American market, jeopardising low-skilled jobs in India. Trade experts  estimate that the value of India’s merchandise exports to the US could drop by as much as 40-45% in 2025-26 compared with the previous year.