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GIFT Nifty slumps 200 points after US doubles tariffs on Indian exportsThe index tracking Indian equities in the GIFT City fell 204 points to 24,536 today, indicating a gap-down start for Nifty 50 on Thursday.By Poonam Behura  August 6, 2025, 8:56:47 PM IST (Published)2 Min ReadGIFT Nifty fell over 200 points on Wednesday after US President Donald Trump signed an executive order imposing an additional 25% tariff on a wide range of Indian exports, citing India’s continued import of Russian oil despite Western sanctions.

The index tracking Indian equities in the GIFT City fell 204 points to 24,536 today, indicating a gap-down start for Nifty 50 on Thursday.

The order, which invokes the International Emergency Economic Powers Act and the National Emergencies Act, will come into effect on Aug. 27 and impacts sectors including textiles, automobiles, and jewelry. Pharmaceuticals and semiconductors are exempt under Section 232 of the Trade Expansion Act of 1962.

Goods already in transit before the effective date will not be subject to the new duties.

“I find that the Government of India is currently directly or indirectly importing oil from the Russian Federation,” Trump said in the executive order.

The new tariffs raise the effective duty on many Indian goods to 50%, bringing them in line with rates imposed on Brazilian exports.

The order allows for potential revisions depending on India’s response, including possible retaliation or steps to align more closely with U.S. strategic and economic interests.

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