Gulte Movie News And Politics
Will Indian imports face 100% tariffs from US government led by Donald Trump ? This is now the most anticipated development among the diplomatic circles of both countries.
The reason behind this speculation is that the United States House of Representatives passed a major Russia sanctions bill with a 262 to 159 vote on Wednesday.
This new law gives US President Donald Trump full powers to impose up to 100 percent tariffs on countries buying Russian oil and gas. All it requires is a just one signature from Trump.
India and China are major targets under this legislation because both nations are top buyers of discounted Russian crude oil over past years. Under the new rules, the US president can impose heavy import taxes on top five importers of Russian energy if they keep making new buys.
However, the bill gives President Trump special authority to pause or waive these tariffs if he feels US national interest needs it.
If President Donald Trump signs the document soon, it could create fresh tension between US and its trading partners across Asia and Europe. Indian exporters fear that high tariffs could make Indian goods very expensive in the competitive American consumer market.
USA is one of the major importers of Indian goods. Already, the tariffs previously imposed by Trump’s administration have impacted so many sectors across the country. Any further imposition will have severe economic impact on India.
As both India and USA have been maintaining cordial trade relations and Trump repeatedly calling Modi a close ally, business circles and diplomatic channels are optimistic that Washington will chalk out an ideal decision rather than taking any extreme measures.
For now, the ball is in Trump’s court. How he will treat it will decide the fate of India – US bilateral ties.
