President Donald Trump has imposed a 25 percent tariff on Indian imports, along with an unspecified penalty, citing India’s continued purchases of Russian oil and weapons, according to BBC.
Experts warn the move could dent India’s economic growth. Icra cut its GDP forecast from 6.5 percent to 6.2 percent, while Nomura estimates a 0.2 percent hit. Markets reacted negatively to the news.
The tariffs come despite recent efforts by India to ease trade tensions. Analysts say the move could hurt India’s competitiveness and weaken its chances of attracting global manufacturing investment, BBC reported.
