US Set to Increase Import Tariff on Indian Goods from 10% to 15%

New Delhi: According to a News First report and official highlights from various national and international digital media platforms, the import tariff on Indian goods in the US is going to increase from 10% to 15% this week. Traders in India and the US are currently waiting for official guidelines and details from the government. According to English and Hindi newspapers and recent reports by NDTV, Hindustan Times and The Wire, the US Supreme Court overturned President Donald Trump's previous global tariff decisions. Subsequently, President Trump invoked Section 122 of the Trade Act of 1974 to impose a new temporary tariff of 10% for all countries. However, within twenty-four hours of this decision, he announced an increase in the tariff to the maximum limit of 15%. Under this law, the US President can impose this temporary tariff for 150 days without the approval of the Congress. Earlier, Indian exporters were relieved that they would only have to pay the 10% tariff, but after a huge outcry from the Federation of Indian Export Organisations (FIEO) and the White House, a new 15% tariff was announced.