Trade
Trump’s Tariff May Cut India GDP by 1%, Analysts Say
Workers sift through piles of clothes at the grading area of a factory floor in Kandla, India.
Photographer: Prashanth Vishwanathan/BloombergUS President Donald Trump’s additional tariffs on India will further damage the South Asian nation’s already slowing economy and shrink its gross domestic product by as much as 1%, analysts said.
Trump on Thursday doubled tariffs on Indian goods to 50% as penalty for buying Russian oil, in a move that could make exports to the US of many industries uncompetitive.