Parliament: During the monsoon session, Union Minister of State for Commerce and Industry Jitin Prasada responded to a question related to the impact of the US imposing 50 percent tariff in the Lok Sabha, know what he said

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During the monsoon session of Parliament, Union Minister of State for Commerce and Industry Jitin Prasada on Tuesday (August 19, 2025) responded to a question in the Lok Sabha related to the impact of the US imposing a 50 percent tariff. The Union Minister of State said in the Lok Sabha that the 50 percent tariff imposed by the US will apply to India’s export of goods worth about $ 48.2 billion (based on the trade value of 2024).

In a written reply to a question asked to the Central Government in the Lok Sabha, Union Minister of State for Industry Jitin Prasada said, “The government is committed to protecting the welfare of farmers, laborers, businessmen, exporters, MSME and all sections of the industry along with securing and advancing the national interests of the country.” He said, “All necessary steps are being taken to reduce the impact of tariffs on trade, including appropriate export promotion and trade diversification measures.

Trump imposed 50 percent tariff on India for importing oil from Russia

US President Donald Trump imposed an additional 25 percent tariff on goods exported by India on August 6. The White House had argued behind Trump’s move that New Delhi is continuously importing oil and natural gas from Russia. India’s import of oil from Russia is proving to be helpful in generating revenue for Moscow in the Ukraine war.

Trump signed an executive order to address threats from the Russian Federation government. Under which President Trump talked about imposing an additional 25 percent tariff on India in addition to the 25 percent tariff already imposed. After this order of Trump, from August 27, 50 percent tariff will be imposed on all goods except some small goods from India.