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From 'Howdy Modi' to tariff walls Live Events Room for negotiation? (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of India's leading shrimp exporters fell as much as 5% on Thursday after U.S. President Donald Trump announced a fresh wave of tariffs on Indian goods, raising duties to 50%, among the highest imposed on any trading partner, in retaliation for India's continued oil trade with Feeds, Apex Frozen Foods and Waterbase Ltd bore the brunt of the market reaction as investors weighed the implications of heightened trade tensions. Shares of Avanti Feeds dropped 5.3% to Rs 631.80, Apex Frozen Foods slid 4% to Rs 218.80, while Waterbase Ltd declined nearly 2% to Rs tariff escalation, which builds on an earlier 25% levy imposed by the Trump administration, adds further strain to select Indian export sectors with deep exposure to the U.S. market. While only about 20% of India's goods exports, or 2% of GDP, are U.S.-bound, the impact on specific categories such as seafood, pharmaceuticals, and textiles is expected to be new tariffs will take effect in 21 days, according to the White House order, while the previously announced 25% duties are set to begin from tariff move underscores a marked deterioration in the relationship between Washington and New Delhi since the much-publicised February meeting between Trump and Prime Minister Narendra Modi. In recent weeks, Trump has publicly referred to India's economy as 'dead,' branded its trade barriers 'obnoxious,' and accused it of 'profiting' from cheap Russian oil while remaining silent on Russia's war in Ukraine, now in its fourth Ministry of External Affairs called the move 'extremely unfortunate,' and pointed out that 'many other countries are also importing Russian oil in their national economic interest.'Trade between the world's largest and fifth-largest economies is valued at over $190 billion, according to Reuters, and the latest escalation throws a spotlight on the frictions that could derail a steadily growing bilateral economic relationship.'The 21-day window for the additional 25% tariff to take effect leaves room for negotiation and an eventual deal with the US. But there is huge uncertainty surrounding the trade policy and to what extent both nations will be willing to make compromises," said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services Vijayakumar said that 'President Trump, fresh from the successes he has extracted in deals with others including the EU, is unlikely to budge significantly from his unjustified stand. Unfortunately for India, the U.S. is bargaining from a position of strength. India's response has been mature and measured.'On the broader market outlook, Vijayakumar said, 'The market is unlikely to panic but weakness will continue in the near-term. Since uncertainty is high investors should be cautious in their approach. At least in the near-term, export-oriented sectors will remain weak. Domestic consumption themes like banking and financials, telecom, hotels, cement, capital goods and segments of automobiles will remain resilient.'A day before the announcement, the Reserve Bank of India maintained its GDP growth forecast at 6.5% for the fiscal year, signalling that policymakers are not yet factoring in a material slowdown from trade-related tensions.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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