Trump's Tariff War Leads to 7-8% Drop in India's Edible Oil Prices

New Delhi, Apr 24 (KNN) In a surprising turn of events, U.S. President Donald Trump's recent tariff hikes have inadvertently benefited Indian consumers by causing a notable decrease in edible oil prices. 

According to a report by Business Standard, the landed price of palm oil in India, both crude and refined, has softened by approximately 7-8 per cent since the implementation of these tariffs earlier this month. 

The decline in prices is attributed to a combination of factors, including the global impact of the U.S. tariffs and fears of a recession, which have led to a sharp drop in crude oil rates. 

This, in turn, has influenced the global edible oil markets, resulting in lower prices. Specifically, the landed price of crude soybean oil, another major edible oil imported by India, has decreased by nearly $48 per tonne between April 11 and 21.​

India, being one of the world's largest importers of edible oils, relies heavily on imports to meet domestic demand. The recent price reductions offer some relief to Indian consumers, who have been grappling with high food inflation. 

However, experts caution that these benefits may be short-lived if global trade tensions persist or escalate.​

While the tariff war poses challenges for global trade, it has, for now, provided a silver lining for Indian households by easing the financial burden associated with essential cooking oils.

(KNN Bureau)