India hit with high tariffs

Indian prime minister Narendra Modi enjoyed a blossoming friendship with US president Donald Trump during the latter’s first term in the White House, says The Economist. But now the US president has slapped India with punitive 25% tariffs, and threatened even higher charges because of India’s large oil purchases from Russia. Moscow supplies 35%-40% of India’s oil imports. Worse, Trump’s tariffs put Indian exporters at a disadvantage compared with regional rivals such as Vietnam (tariffed at 20%)...