The baseline of 10 per cent tariffs on all imports to the United States, and higher for many major trading partners, will not apply to crude oil, natural gas, and refined products, the White House said on Wednesday.
This will save India’s oil and petroleum exports to the United States — valued at $5.8 billion in 2023–24 (FY24) — from being saddled with import duties.
The US remains India’s largest export destination, with total outbound trade reaching $60 billion in the April–December period of FY25, accounting for 18.62 per cent of total exports. Read more
Source: Business Standard