US Customs and Border Protection has imposed tariffs of over 50% on many Indian products, effective 27th of August, citing India’s Russian oil purchases. The move impacts over $60 billion of Indian exports, hitting labour-intensive sectors like textiles, diamonds, and auto components, with duties surging up to 63%. The economic fallout includes a sharp drop in the stock market and warnings of over 1 lakh potential job losses in Gujarat’s diamond industry alone. One factory owner stated, “we are confident that some or the other work around may come and we will not be in a need to go for a cut down.” In response, the Indian government has called the tariffs “unfair and unjustified” and is considering a relief package for exporters, while Prime Minister Narendra Modi has reiterated his call for ‘Swadeshi’. #ustariffs #indiaustrade #tradewar #itwebvideos #indianexports #donaldtrump #narendramodi #makeinindia #swadeshi #vocalforlocal #indianeconomy #stockmarket #jobscrisis #textileindustry #diamondindustry #autoindustry
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