7 Aug 2025
New pacts with Russia, recalibration with China, BRICS relations move up on India’s list of priorities.
W.e.f. August 27th, the new tariff rates for sectors would be:
- Gems and jewellery ($12 billion) – 52.1%
- Textiles and clothing ($10.3 billion) – 59%
- Electrical components and machinery (~$9 billion) – 51.3%
- Chemicals ($2.34 billion) – 54%
- Shrimp ($2.24 billion) – 33.26%
- Leather and footwear ($1.18 billion) – 50%
- Carpets ($1.2 billion) – 52.9%
India is now at the top of the tariff chart with Brazil. India’s yearly merchandise exports are $425 billion, 10% of the nation’s GDP. Unlike China, it is not an export-led economy.
Experts say the time is ripe to revive the Russia-India-China (RIC) trilateral. Conceptualised by Russia in the late 1990s, RIC was designed to counter Western dominance and promote cooperation among Eurasia’s largest powers.
RIC’s last virtual foreign ministers’ meeting in 2020 was stalled due to the pandemic and Indo-China border tensions. Russia and China are pushing to revive the RIC to counter Trump’s tariff war and Western pressure.
Despite acknowledging its value, India remains wary of RIC due to unresolved issues with China. While RIC revival could fuel India’s prowess in the global economy, the nation also wants to balance trade relations with the West.
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