U.S. President Donald Trump’s move to double tariffs on Indian exports took effect on Wednesday, raising duties to 50% on a wide range of goods, though steel, copper, aluminum, autos, pharmaceuticals, and electronics were excluded.
The measure stems from Washington’s frustration over India’s continued purchases of Russian oil. Indian Prime Minister Narendra Modi rejected calls to curb imports, declaring that India would hold its ground despite higher tariffs.
Analysts warn the move could hit key Indian export sectors, dampen investment flows, and keep the rupee hovering near historic lows. On Tuesday, India’s Nifty 50 index fell 1% before markets closed, reflecting investor caution.