50% US tariff on India comes into effect, additional 25% levied over Russia oil trade

The US-prosposed 50% tariff has been levied on India, which came into effect at 9.30 AM on Wednesday (August 27) morning. Left, right and centre, the Trump administration is out there slapping tariffs on countries exporting goods into America. Of late, it is India's oil trade with Russia that has not gone down well with the US president. He had warned that an additional 25% tariff shall be imposed. Essentially, the 50% will impact $48.2 billion worth of export merchandise. This is likely to impact the exports of garments, jewellery, gems, footwear, furniture and chemicals.

In a draft order, the US Department of Homeland Security said, "The duties…are effective with respect to products of India that are entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 am Eastern Daylight Time on August 27."

The two countries are in discussion about the bilateral trade agreement. On August 25, the US delegation was to be in India, but that has been deferred. When Trump announced tariffs, he was unsparing as even in the world's remotest region – a place ruled by penguins, seals, and birds. Heard and McDonald Islands – the icy archipelago does not have a single human on the land, and the last time people visited is believed to be about a decade ago.