In 2024, the newest yr with knowledge obtainable from the World Commerce Group (WTO), India's easy common tariff was estimated at 16.2%, with agricultural merchandise at 36.7% and non-agricultural items at 13%. Following the February Funds, this common is predicted to have declined additional.
In response to the WTO database cited by TOI, the typical US tariff in 2024 was 3.3%, with farm items dealing with a 5% levy and non-agricultural merchandise attracting a 3.1% import obligation. Nevertheless, extra duties exceeding 10% for many international locations are set to push the typical tariff larger. India and Brazil face a further 50% tariff, whereas China and South Africa are within the 30% bracket.
Although the US common tariff stays low—reflecting its long-standing assist for low tariffs—sure items face steep levies. For instance, peanuts in shells have a Most Favoured Nation (MFN) obligation of 54.6%, which is able to rise to just about 105% for India and Brazil following the reciprocal tariffs. Peanut butter attracts a 44% customs obligation, whereas numerous footwear classes face tariffs of 37.5% on an MFN foundation.
Different merchandise with excessive duties embrace dates, apricots, and dried onions at round 30%, girls's trousers and a few tracksuits at 28.2%, and boys' trousers and bovine meat within the 26-27% vary. Complicated tariff buildings apply to objects like wristwatches, involving a mixture of particular and advert valorem duties.
The brand new tariffs are extensively considered as a revenue-generating measure by former President Donald Trump, with customs income hitting $30 billion (round Rs 2.5 lakh crore) in July. US Commerce Secretary Howard Lutnick instructed TOI in a current interview that customs income is on monitor to succeed in $50 billion (roughly Rs 4.4 lakh crore), almost double India's projected customs income for the 2025-26 fiscal yr.
