Indian exports face blow as US enforces steep new trade tariffs

Indian exporters are bracing for disruptions after a US Homeland Security notification confirmed Washington would impose an additional 258 tariff on all Indian-origin goods from Wednesday, ramping up trade pressure on the Asian nation.

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Indian exports will face US duties of up to 508 - among the highest imposed by Washington - after President Donald Trump announced extra tariffs as punishment for New Delhi's purchases of Russian oil. The new duties will apply to goods entering the US for consumption or withdrawn from warehouses for consumption from 12:01 a.m. EDT on Wednesday or 9:31 a.m. IST, according to the Homeland Security notice. The Indian rupee weakened 0.28 to 87.75 per US dollar in early trade, even as the greenback declined against many other currencies. The benchmark equity indexes and were each trading 0.78 lower.

White House trade adviser Peter Navarro and US Treasury Secretary Scott Bessent have accused India of indirectly funding Russia’s war against Ukraine by boosting Russian oil purchases, and said that must stop.

Bessent earlier this month said India was profiteering from its sharply increased purchases of Russian oil, which now accounts for 428 of India’s total oil imports, up from under If before the war - a shift Washington has called unacceptable.

India’s Commerce Ministry did not immediately respond to an email seeking comment on the latest notification.