On Thursday, industrialist Goenka responded to the United States decision to impose another 25% tariff on Indian imports and stated that India would bow to such measures in any way.
Formerly on Wednesday, US President Donald Trump signed an executive order that stored another 25 % tariff on imports from India.
Also read: Trump Tariff News Live: Donald Trump deposits another 25% of tariffs on India, Mea calls “unfair, unfounded”
In the X, Goenka post said, “You can value our exports, but not our sovereignty. Increase your tariffs- we will increase our determination, find better alternatives and build independence. 🇮🇳 India will bow.”
Also read: India now faces the highest American tariff along with Brazil to 50%. As they compare the tariffs worldwide
According to an order issued by the White House, he quoted national security and concerns about foreign policy, as well as other relevant commercial laws, for an increase and claimed that Indian imports of Russian oil directly or indirectly represent a “unusual and extraordinary threat” for the United States. After the order, the total tariff for Indian goods will be 50 %. While the initial obligation will come into force on August 7, the additional fee will come into force after 21 days and will be deposited on all Indian goods imported to the US, except for goods already in transit or those that meet specific exceptions.
Starting from Thursday, 25 % of the “reciprocal tariff, modified” adapted to India.
Trump stated in the Executive Regulation that some business partners agreed or on the verge of consent to meaningful business and security obligations with the United States, signaling their sincere intentions to permanently remedy commercial barriers and in accordance with the United States on economic and national security matters.
The tariff modifications will be “effective with regard to goods entered for consumption or withdrawn from the consumption warehouse, at 12:01 or after 12:01 Eastern daily time 7 days after the date of this order”.
The tariffs in the list ranged from 10 %to 40 %, while Japan was charged 15 %, Laos and Myanmar (every 40 %), Pakistan (19 %), Sri Lanka (20 %) and the United Kingdom (10 %).
(With the entry from agencies)
(Tagstotranslate) Indian imports
