New Delhi. New Delhi: Us President Donald Trump’s order to impose additional tariffs on Indian goods while buying Russian oil has added more complexity to the business, indian exporters said.

They warned that businesses had fallen after the initial 25 percent U.S. tax was imposed. Us tariffs on Indian goods will double in three weeks after Us President Donald Trump on Wednesday signed an order imposing an additional 25 per cent tariff on the purchase of Russian oil, the main source of Moscow’s war in Ukraine.

India has become the second largest buyer of Russian oil, saving billions of dollars in crude oil at discounts. India’s Ministry of External Affairs condemned Trump’s announcement of additional taxes, calling the move “unfair and unjust”.

Federation of Indian Export Organisations (FIEO) president S C Ralhan said he was scared of the worrying impact.

“The move is a major setback for Indian exports, with about 55 per cent of our shipments in the US market being directly impacted,” he said in a statement, adding, “The 50 per cent reciprocal tax effectively imposes a cost burden, putting our exporters at a competitive disadvantage of 30-35 per cent compared to peers in countries with lower reciprocal taxes.” ’

“If the additional 25 per cent tax announced by President Trump on imports from India continues, India’s attractiveness as an emerging manufacturing hub will be greatly weakened,” Sylan Shah of Capital Economics said in a note.

Shah said us spending accounted for about 2.5 per cent of India’s GROSS domestic product (GDP).