Exports to take big hit as US slaps 27% tariff

President Donald Trump slapped universal duties on all countries exporting goods to the US and additional steep levies on countries like India, potentially impacting sales of products from shrimp to steel in the world's biggest economy.

- AGENCIES WASHINGTON/NEW DELHI

The US imposed a steep 27 percent tariff on all goods, barring pharmaceuticals, semiconductors, energy and certain minerals not available in the United States, that are imported from India, calling the country the "worst offenders" of unfair trade practices.

Export of products such as shrimp, carpet, medical devices and gold jewellery to the US will be impacted. On the other hand, exports of electronics, textiles, and pharma will get an edge over its competitor countries.

Exemption of energy from the tariffs would also mean that India can continue to export fuels like gasoil and gasoline to the US.

The goods that were exempted from the tariffs made up for just over 25 percent of the total exports from India to the US.