India said roughly 55% of its merchandise exports to the United States will face a 50% import duty after President Donald Trump doubled the existing levy, citing New Delhi’s continued purchases of Russian oil. The hike, announced last week, places India among Washington’s most heavily penalised trading partners. Despite the escalation, the foreign and commerce secretaries told a parliamentary panel that bilateral trade negotiations remain on track. A sixth round of talks is scheduled for 25 August in New Delhi, and lawmakers were assured that relations with Washington are “multi-dimensional” and should not be viewed solely through the prism of trade. Goods trade between the world’s first- and fifth-largest economies was valued at about $87 billion in the last fiscal year. To cushion domestic exporters—especially micro, small and medium-sized enterprises—the government is preparing a ₹2,250 crore support mission that will offer branding assistance, easier credit and new market access. Separately, the commerce ministry plans credit guarantees for loans overdue up to 90 days and is targeting 50 alternative markets in the Middle East and Africa that together account for 90% of India’s overseas sales. June exports were flat year-on-year at $35.14 billion.
India plans to target 50 countries, primarily in the Middle East and Africa, covering 90% of its exports to offset US tariffs. The Commerce Ministry emphasizes export diversification, import substitution, and competitiveness. June exports remained flat at $35.14 billion.
India pushes ahead with US trade talks despite tariff hike to 50% https://t.co/KVezirzPKW https://t.co/KVezirzPKW
India plans credit guarantees for small firms, exporters hit by US tariffs, sources say https://t.co/ZLQZ3zLfzh https://t.co/ZLQZ3zLfzh