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Trump Imposes 50% Tariffs on Indian Exports Amid Russia Oil Trade Dispute
Trump Imposes 50% Tariffs on Indian Exports Amid Russia Oil Trade Dispute
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BTCCSquare news:
The WHITE House has escalated trade tensions with India, imposing a 50% tariff on Indian exports in response to New Delhi's continued oil purchases from Russia. The move directly targets sectors accounting for $8 billion in trade—approximately 2% of India's GDP—with apparel, textiles, chemicals, gems, and jewelry exports most vulnerable. UBS analysts warn of significant disruption risks.
Separately, India's domestic fuel demand showed signs of softening in July. Diesel consumption fell 9% month-over-month to 7.36 million metric tons, while gasoline demand remained resilient with a 5.8% annual increase. The data suggests shifting consumption patterns amid global trade realignments.
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