The tariffs on India have been lowered to 10% from 18% after a decision passed by the US Supreme Court. President Trump announced a blanket 10% levy for 150 days on goods imported into the US from around the world, following the SC’s decision. This will be effective from February 24. This 10 per cent rate will be applicable to goods from across the world, including India. Some goods will be exempt from the temporary import duty due to the needs of the US economy and in order to ensure the duty more effectively addresses the fundamental international payment imbalances.
The goods include certain critical minerals, natural resources, fertilizers, metals used in currency and bullion and energy and energy products that cannot be mined, grown or produced in the US; some agricultural products such as beef, tomatoes, and oranges; pharmaceuticals and pharmaceutical ingredients; certain electronics; passenger vehicles, certain light trucks, certain medium and heavy-duty vehicles, buses, and certain parts of passenger vehicles, light trucks, heavy-duty vehicles, and buses and certain aerospace products.
India and US are yet to sign the agreement formally. When the judgement from the court came, Trump told reporters, “I’m ashamed of certain members of the court, absolutely ashamed, for not having the courage to do what’s right for our country.” He imposed those tariffs in order to protect his country.
