President Trump's Executive Order and New Tariffs
On August 6, President Trump issued a new Executive Order under the International Emergency Economic Powers Act (IEEPA), citing concerns over Russian actions in Ukraine that threaten U.S. national security and foreign policy.
Implementation of Tariffs on Indian Imports
As a response, a 25% tariff has been levied on goods imported from India, specifically targeting Indian imports of Russian oil.
Effective Date and Tariff Details
This additional tariff takes effect from 12:01 a.m. EDT on August 27 and applies to goods entered for consumption or withdrawn from warehouse for consumption on or after this date. When combined with the existing 25% reciprocal tariff under IEEPA, Indian imports face a total tariff rate of 50%.
Potential Future Adjustments
The Executive Order allows for future adjustments, including potential increases if India retaliates or decreases if the country addresses specific concerns. It also permits similar measures against other nations importing Russian Federation oil.
Advisory and Support
Mohawk Global Trade Advisors continues to monitor these de...