Today, the President of the USA Donald Trump announced via Truth Social that starting August 1, India will face a 25% tariff on exports to the USA. Additionally, India has been assigned an unspecified penalty for purchasing Russian military equipment and energy resources. Trump criticized India for having one of the highest trade barriers in the world, and also noted that the country is a major buyer of Russian goods, which he assessed as support for military actions in Ukraine.
The new tariffs are likely to impact the export of goods from India to the United States, which was estimated at approximately $87 billion in 2024. They will be directed, in part, at goods such as textiles, pharmaceuticals, precious stones, and jewelry, as well as petrochemical products. According to official US data, last year the trade balance deficit of the USA with India amounted to $45.7 billion. After the announcement of the introduction of tariffs, the cryptocurrency market fell by approximately 4%, with Bitcoin retreating to a range of $117,000. Likely, not for long. Analysts believe that inflation and the weakening of the dollar, caused by trade tensions, may be experienced better by cryptocurrencies (especially Bitcoin) than by traditional assets. India is among the fastest-growing cryptocurrency jurisdictions in the world, including in terms of cryptocurrency adoption: its number of users exceeds 107 million, which constitutes approximately 7% of the population. According to Statista, it is expected that this year the revenue of the country's cryptocurrency market will reach $9.7 billion, and by 2026 it will increase to $10 billion.
