Trump’s tariff bomb explodes, India will be burdened with 10% global tax, know what will be the impact on your pocket and the country’s economy.

News India Live, Digital Desk: As soon as US President Donald Trump took office, he has taken a major economic decision under his ‘America First’ policy. Trump has announced to impose a ‘Global Baseline Tariff’ of 10 percent on all imported goods. This decision has raised concerns not only of China but also of big trading partners like India. Let us know how much money India will have to pay to America now and how it will affect you. How much tax will India have to pay? According to experts’ estimates, India exports goods worth billions of dollars to America every year. After the imposition of 10% additional duty: Burden on exports: Indian exporters may now have to pay an additional amount of about 6 to 8 billion dollars (about more than Rs 50,000 crore) annually to sell their goods in the American market. Indian goods will be expensive: Due to increase in tax, Indian products sold in America will become expensive, due to which there is a danger of their demand reducing. On which sectors will the burden fall? (Affected Industries) This decision of Trump may cause a big blow to some major industries of India: IT and Software: America is the biggest market for Indian IT companies. The new rules may increase service costs. Gems and Jewellery: There will be a direct impact on the export of diamond and gold jewellery. Pharmaceutical: Every third medicine used in America comes from India, which may now be expensive. Textile and Clothing: There will be tough competition in the American market for Indian clothes. What is Trump’s logic? Donald Trump believes that other countries are hurting American companies by selling their goods cheaply in America. They say that the money that will come from this 10% tax will reduce America’s debt and promote local manufacturing. What is India’s option? Economic experts say that India can adopt two paths to deal with this situation: Counter-Tariffs: India can also increase import duty on American goods (like Harley Davidson bikes, apples and almonds). Path of negotiation: Through trade agreements between India and America. An attempt can be made to keep some specific goods out of this list. What will be the impact on the common man? Although this tax is going to be imposed in America, its effect can be seen in India in the form of strengthening of dollar and weakening of rupee. If the rupee falls, petrol, diesel and electronic goods may become expensive in India.