India, Aug. 6 -- Indian shares look set to open lower on Thursday after U.S. President Donald Trump signed an executive order imposing an additional 25 percent tariff on India as a "penalty" in response to its continued purchase of Russian oil.
The Ministry of External Affairs has called the decision "extremely unfortunate" and said the government will continue to protect national interests.While the initial duty comes into effect today, the additional U.S. import tax will take effect in 21 days.
The tariffs, now totaling at 50 percent, threaten to disrupt India's access to its largest export market, where shipments totaled nearly $87 billion in 2024.
The overall impact on GDP is expected to be around 30-40 bps if these tariffs are susta...