Trump Imposes 50% Tariffs on India Impacting Billionaires, Economy

President Donald Trump's imposition of a 50% punitive tariff on Indian exports, citing India's oil trade with Russia as financing the war in Ukraine, has severely impacted major Indian business families and key sectors such as textiles, gems, jewelry, and shrimp. Despite this, India has shown remarkable economic resilience, with its private sector recording record growth and strong domestic and export demand, including from the United States. Indian conglomerates like Reliance Industries, the largest buyer of Russian oil, and Adani Ports are particularly vulnerable due to their extensive exposure to US markets and energy sectors, with Reliance also collaborating with US tech giants on digital ventures. US officials have accused some of India’s wealthiest families of profiting from discounted Russian crude, intensifying tensions and complicating trade relations. While Trump maintains that US-India trade has been one-sided due to India’s high tariffs, Indian businesses brace for the ongoing challenges, emphasizing the importance of quality products to withstand the tariff pressures. This trade conflict unfolds amid India's broader geopolitical positioning between the US, China, and Russia, highlighting the complexities of international economics and diplomacy.