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Effective Aug. 27, India faces a 50% tariff on its goods exported to the United States. And the short-term implications could be grave, according to market expert Ajay Bagga.
The immediate impact of the tariffs will be uneven, Bagga said, warning of pain that will concentrated in certain exposed sectors and firms, as well as the labour market.
“There is short-term impact, and for particular companies it will be catastrophic,” he told NDTV Profit, adding that some exporters could face bankruptcies and job losses.
The Trump administration’s additional 25% punitive tariff on India for oil purchases from Russia kicked in on Wednesday. The country already faced 25% levy since Aug. 7. Indian goods are now some of the highest taxed in the world.
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