India placed in 10% bracket as US announces new Section 301 tariff rates on around 60 countries
The United States placed India in the 10% tariff bracket as part of new Section 301 rates affecting around 60 countries, following discussions on labor practices. Initially categorized under a 12.5% tariff, India secured the lower rate after negotiations regarding the prohibition of goods produced with forced labor. The new tariffs, which will take effect on Friday, also affect major trading partners including the UK, EU, Canada, and Japan.