Nonilex
@Nonilex@masto.ai  ·  activity timestamp 6 days ago

Full Weight of #US#Tariffs Slams Into Effect Against #India

As punishment for buying #oil from #Russia, #Trump is doubling the tax on goods imported from India, jeopardizing a relationship decades in the making.

Trump on Wednesday followed through on his threat to impose a 50% tariff on nearly all goods arriving from India, leveling one of his most punitive tariffs at a country with deep ties to the #UnitedStates.

#economy #inflation #recession
https://www.nytimes.com/2025/08/27/business/india-tariffs-trump-russia-oil.html?smid=nytcore-ios-share&referringSource=articleShare
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp 6 days ago

The 50% rate, half of which is punishment for #India buying #oil from #Russia, is expected to damage many Indian exporters that collectively employ millions of people. The move could rupture America’s expanding economic relationship with India, where ⅔ of the largest #US #corporations have #offshore operations. The tariff also undermines the stability of billions of dollars of foreign investment in India’s #StockMarket, the world’s 4th largest.

#Trump #economy #tariffs #inflation #recession
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp 6 days ago

The extraordinary levy puts #India at a disadvantage in the new trading order #Trump set in motion when he announced #tariffs on dozens of countries in April.
Trump has declared a truce w/ #China, which ran a >$1 trillion global surplus last year & is considered the principal antagonist in his #trade war. In that context, the 50% tariff on India risks undermining a key strategy used more by US importers in recent years to shift production to India to lessen their dependency on Chinese factories.
FediThing 🏳️‍🌈
@FediThing@social.chinwag.org replied  ·  activity timestamp 6 days ago
@Nonilex The unpredictability and extreme nature of Trump's moves combined with his record of large scale fraud makes one wonder if the tariffs are mainly about personal enrichment through insider trading. If only a handful of people know about extreme and unusual financial acts in advance, it maximises their ability to exploit the stock market.
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp 6 days ago

Recent weeks have brought a turnabout for #India, which was confident that its importance to the #US & the rapport between PM Narendra #Modi & #Trump would earn it a reprieve. But now India is alone with #Brazil — led by a leftist president who has antagonized Trump directly — with 50% tariffs, higher than any other country.

…It did not help that India had been denying Trump’s claim that he single-handedly brought about the end of a conflict India had with #Pakistan in May.

#RevengePolitics