12.5% to 10%: Why Trump admin imposed reduced tariff rate on India & what it means
A total of 60 economies were being probed by the Donald Trump administration under the Section 301 probe. (AP Photo) What’s the Section 301 probe?
A total of 60 economies were being probed by the Donald Trump administration under the Section 301 probe. (AP Photo) What’s the Section 301 probe? US Forced Labour Tariffs - What Changed for India List of Section 301 tariffs faced by major countries Following the latest decision, US tariffs on Indian exports broadly fall into three categories.
Products covered by Section 232: This includes steel, aluminium, copper, auto components and certain derivative products. According to GTRI, they account for about 8% of India's exports. They face 25% or 50% tariffs in addition to the normal US MFN duty, says GTRI. Second, a limited set of exempted products continues to pay only the normal MFN tariff.
Third, about 70% of India's exports - which includes engineering goods, chemicals, machinery, plastics, leather products, gems and jewellery, furniture and most other manufactured goods - these are subject to the 10% Section 301 forced-labour tariff in addition to the applicable MFN duty. What is Section 301 probe?
Why did the US reduce tariffs on India? US Tariff Snapshot- Indian Exports Over the Past Year What do the tariffs mean and which sectors will be impacted?
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