New Delhi [India], August 2 (ANI): Karnataka Chief Minister Siddaramaiah on Friday said that the United States’ decision to impose a 25 per cent tariff, along with an additional penalty on India for importing oil from Russia, would affect not just the nation but also the individual states.
“It will impact the state also, and the whole country at large. I will discuss this issue with the concerned Minister,” the Chief Minister told reporters.
Karnataka Minister Priyank Kharge expressed concern over the development, saying he hoped the central government would re-engage in dialogue with the United States to mitigate the tariff hike.
Priyank Kharge said, “This is something that we might have to live with, but we’ll see how it impacts. I’m hopeful that the central government will get its act together, get to the negotiating table, and do something practical that ensures the business thrives as usual. Hopefully, this time they’ll be able to convince their friend Donald Trump to ensure that the tariffs are not this huge.”
US President Donald Trump on Wednesday made a shocking statement on his social media platform Truth Social after the announcement of 25 per cent tariffs against India and threatened an additional “penalty” for importing Russian oil.
“I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India; their tariffs are too high, among the highest in the world.” Trump said.
Trump signed a fresh executive order imposing revised tariffs for 70 countries, including India and Pakistan, in a move that is expected to strain global trade relations further.
Tariffs imposed on India’s neighbouring countries are less than India’s 25 per cent, except for Myanmar at 40 per cent. The new tariffs for Pakistan, Afghanistan, Bangladesh, Indonesia, Japan, and Sri Lanka are 19%, 15%, 20%, 19%, 15%, and 20%, respectively.
The new tariffs, outlined in a sweeping order signed on Friday (IST), will come into effect from 12:01 a.m. Eastern Daylight Time on August 7.
The executive order states that the revised tariffs are aimed at addressing the national emergency declared earlier under Executive Order 14257.
Trump noted that he had “recently received, among other things”, new information and had determined it “necessary and appropriate” to impose additional ad valorem duties on the goods of certain trading partners.
These new duties will replace those previously imposed under the same order, as amended.
Other countries on which the US imposed tariffs are higher than India include Iraq (35 per cent), Laos (40 per cent), Libya (30 per cent), Serbia (35 per cent), South Africa (30 per cent), Switzerland (39 per cent), and Syria (41 per cent).
Countries that imposed lower tariffs than India include the UK (10 per cent), Vietnam (20 per cent), Taiwan (20 per cent ), and South Korea (15 per cent), to name a few.
The order by Trump stated, “I have determined that it is necessary and appropriate to deal with the national emergency declared in Executive Order 14257 by imposing additional ad valorem duties on goods of certain trading partners”.The executive order further directs that these changes will apply to goods entering the US for consumption or withdrawn from warehouses on or after the effective date.
However, goods already in transit before the deadline, loaded on vessels and en route before August 7 and entering the US before October 5, 2025, will not be subjected to the revised duties but will instead continue under the previously applicable tariff rates under the amended Executive Order 14257.
The government told the Parliament on Thursday that it is examining the impact of the recent events and will take all necessary steps to safeguard the national interest.
Commerce and Industry Minister Piyush Goyal made a statement in the lower House of Parliament a day after Trump announced the tariff. He later made a similar statement in the Rajya Sabha.
Goyal said the Ministry of Commerce and Industry is holding talks with exporters, industries and all stakeholders and gathering information on their assessment of this issue. (ANI)
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