India may be looking at a one percent drop in the country’s gross domestic product (GDP) after U.S. President Donald Trump added to potential tariffs on goods from India. Analysts say the new costs were imposed on India because it purchased Russian oil. The Economic Times said the tariffs, announced on Thursday (today), will take effect in 21 days. The move happened hours ahead of a separate 25 percent tariff that is set to take effect, which means many Indian exports may soon face 50 percent duties. Bloomberg says the hike may cut down India’s outbound shipments of goods to the U.S. by 60 percent, potentially cutting one percent from the GDP. New Delhi reacted strongly to the U.S. announcement, calling the move “unjustified.” The Indian government said the country has been unfairly targeted because other nations are buying oil from Russia and not getting targeted by the White House.
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