President Donald Trump’s 50% tariff on Indian goods took effect Wednesday, the Associated Press reports, potentially dealing a serious blow to the country’s overseas trade in its largest export market.
While Trump had initially announced a 25% tariff on Indian products, earlier this month he signed an executive order imposing another 25% tariff due to India’s purchases of Russian oil.
The Indian government anticipates the tariffs will impact $48.2 billion worth of exports, and officials said the new duties could make shipments to the U.S. commercially unviable.
That could trigger job losses and stymie growth in one of the world’s fastest-growing major global economies.
