US targets extra 12.5% tariffs on India, 59 other countries for not enforcing forced labour ban
The United States (US) plans to impose fresh tariffs of at least 10% on imports from major trading partners due to forced-labor practices. India may face a higher 12.5% tariff, the Mint news agency reported on Wednesday.
US Ambassador Jamieson Greer said that "the failure of our most important trading partners to address the importation of goods made with forced labor is unacceptable. This creates a dynamic where American workers are forced to compete globally on an unlevel playing field.”
On Tuesday, the United States Trade Representative (USTR) stated that 54 of the economies "failed to impose and effectively enforce a forced labor import prohibition." And these countries are likely to face 12.5% levies. This group includes China, Vietnam, India, Taiwan and the United Kingdom (UK).
Market reaction
At the press time, the USD/INR pair is up 0.33% on the day to trade at 95.65.
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