India Faces 100% Tariff Risk As Russia Sanctions Bill Advances In US
The US House of Representatives voted to advance a bill that would authorise President Donald Trump to impose 100 per cent tariffs on India and other countries for buying oil and gas from Russia and extend existing sanctions on Iran.
New Zealand's parliament has approved legislation to implement a historic free trade agreement with India, eliminating or significantly reducing tariffs on approximately 95% of New Zealand's exports to the country. The legislation received overwhelming support, including from the opposition Labour Party, with 93 votes in favor and only 29 against.
The deal marks a significant milestone in the two nations' relationship, as negotiations have been ongoing for a decade. Once in effect, the agreement will bring about substantial benefits for New Zealand exporters, with half of all products covered becoming duty-free immediately upon implementation.
Under the agreement, Indian goods will enjoy duty-free access to New Zealand markets, while Wellington, the New Zealand capital, has committed to investing $20 billion in India over the next 15 years. Both countries had previously signed the trade agreement in April.
The trade deal is expected to take effect following the completion of the respective ratification procedures by both nations. As of June 2026, two-way trade between New Zealand and India had reached NZ$3.99 billion ($2.29 billion), positioning India as New Zealand's ninth-largest market for goods and services exports.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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