Trump's 25% tariff likely to hit seafood exports from A.P.
The revised tariff imposed by the Trump administration will come into effect on August 7.
Aquaculture farmers in Andhra Pradesh who are exporting their produce to the U.S.A. have to bear about 35% tariff, including 25% tariff, 5.77% countervailing duty and 3.96% anti-dumping duty from August 7, says the Seafood Exporters Association of India (SEAI) members.
Approximately 6.5 lakh aquaculture farmers cultivate shrimp, crab, fish, and other varieties in 5.7 lakh acres in Andhra Pradesh. Nearly 50 lakh persons are employed in the aqua sector, including in ponds, laboratories, export companies, processing and packing units, hatcheries, feed companies, ice factories and cold storage units.
During the 2023-24 financial year, India exported 17,81,602 metric tonnes of seafood worth $7.38 Billion (₹60,523.89 crore). The contribution of Andhra Pradesh was 9.52% Compound Annual Growth Rate (CAGR), worth around ₹19,428 crore, said Joint Director (Aquaculture) Shaik Lal Mohammad.
'India is exporting shrimp, frozen fish, frozen squid, cuttle fish, lobster, crabs and other products to more than 120 countries,' said Marine Products Export Development Authority (MPEDA) officials.
The U.S. is the major importer of Indian seafood with a share of 34.53% in terms of US$, followed by China (18.76%), Thailand (7.77%), Vietnam (7.41%) and Japan (6.06%).
Andhra Pradesh State Aquaculture Development Authority (APSADA) Vice-Chairman Anam Venkata Ramana Reddy on Tuesday told The Hindu that the government was making efforts to prevent losses to aqua farmers in the State.
Farmers said the aqua sector in A.P. was facing a severe crisis after the U.S. announced 26% reciprocal tariff in April this year. As the price of shrimp had fallen in the international market, many farmers announced crop holiday, the producers said.
'We are not in a position to continue aquaculture by paying a 35% tariff to the U.S., which is the major importer of our produce. The Central government should take measures to save the sector in Andhra Pradesh,' said A. Veerraju, an aquaculture farmer from Kaikalur in Eluru district.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
12 minutes ago
- Business Standard
National Handloom Day 2025: Know date, theme, history and significance
National Handloom Day is observed on August 7 every year. This day recognises the importance of handloom weavers to the nation's economy and culture. India's handloom sector boasts a rich cultural heritage. India's artisan community has kept traditional crafts alive by reimagining them in fresh, contemporary styles that appeal to today's consumers. Additionally, National Handloom Day supports those who work in the business and emphasises its importance. This day offers a vital chance to show our gratitude and support for the weavers who put in endless hours to produce beautiful works of art. What is the theme of the National Handloom Day 2025? The theme for the 11th National Handloom Day in 2025 is "Handlooms: Empowering Women, Empowering the Nation". This theme highlights how important women weavers are to maintaining India's handloom tradition and advancing the country's economy. Additionally, it emphasises handlooms as a way to help rural communities and promote sustainable fashion. History of National Handloom Day The Swadeshi Movement of 1905 is where National Handloom Day traces its origins. The movement's goal was to boycott British products in favour of those made in India. Notably, one of the key goods that was heavily advertised during this period was handloom textiles. However, it was not until 2015 that the day was celebrated. In 2015, the Indian government announced that August 7 will be observed as the National Handloom Day every year. It is now observed nationwide with a range of activities and festivities. Significance of National Handloom Day There are three main reasons to celebrate National Handloom Day. Firstly, the day honours India's centuries-old handloom weaving tradition. Secondly, it is a chance to recognise the important role that handloom weavers play in the Indian economy. And thirdly, the day highlights the importance of sustainable fashion, as handloom products are crafted using natural fibres and eco-friendly techniques with minimal environmental impact. Inspirational quotes for National Handloom Day 2025 • "Handloom is not just fabric — it's history, heritage, and heart." • "Every weave is a whisper from the past, stitched into the present." • "Threads of tradition, woven with pride — that's Indian handloom." • "Support the weaver, not just the weave." • "Handloom is India's soul — vibrant, resilient, and handmade with love." • "Fashion that feels good, looks good, and does good — choose handloom." • "Celebrate culture, support weavers, wear handloom." • "Behind every handloom fabric is a weaver's heartbeat." • "True luxury lies in the imperfections of handmade threads." • "A nation that wears its culture, wears handloom." • "Wearing a handloom is wearing art, soul, and tradition." • "From warp to weft, every thread tells a story." • "Handloom empowers — the weaver, the woman, the world."
Mint
12 minutes ago
- Mint
Stock market today: Trade setup for Nifty 50, Trump tariffs, Q1 results today; 7 stocks to buy or sell on Thursday
Stock market today: The benchmark Nifty-50 index ended another weaker trading session on Wednesday with a 0.3% decline at 24,574.20. The Bank Nifty at 55,411.15 ended marginally higher after the RBI maintained the policy rate, which remained unchanged, and the stance neutral, while Realty, Pharma, and IT emerged as the top losers. The broader indices also ended nearly one percent lower. On the downside, 24,500 for the Nifty-50 index continues to be a promising support zone, while 24,700 would act as a crucial resistance area for the bulls. Above 24,700, the pullback is likely to continue up to 24,850–24,900, said Shrikant Chouhan, Head of Equity Research, Kotak Securities. The Bank Nifty index is nearing a crucial support zone between 55,200 and 54,900, as per Bajaj Broking. As expected, the RBI maintained a neutral stance and kept policy rates unchanged, acknowledging global headwinds while emphasizing India's domestic resilience, fiscal prudence, and strong rural demand. The inflation outlook has turned more favorable, supported by a good monsoon and healthy kharif sowing. In anticipation of improvement in consumption, private investment, and continued government-led capex, the domestic economy appears well-positioned for a better second half, reinforcing investor confidence despite external uncertainties, said Vinod Nair, Head of Research, Geojit Investments Limited. Donald Trump announced an additional 25% tariff on India as a "penalty" for its continued import of Russian crude oil, while pledging similar measures against other nations that buy Russian energy and thereby fund Moscow's cash-strapped war effort in Ukraine. The new tariff applies to goods entered into the U.S. 21 days from Aug 6, 2025 (except shipments already in transit before the deadline, which must arrive before Sept 17, 2025. Trump's latest tariff offensive brings total duties on Indian imports into the United States to 50% —20% higher than the tariff on China and 21 percentage points above that imposed on Pakistan. 'We expect the markets to fall by 1-2% in a knee-jerk reaction, but most would expect a resolution of the same. Impact on GDP will be around 30-40 bps if these tariffs are sustained for a year,' said Dhiraj Relli, MD & CEO, HDFC Securities. Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi; and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher—recommended these eight intraday stocks for today: Asian Paints Ltd., State Bank of India , HDFC Bank, Life Insurance Corporation of India, ICICI Prudential Life Insurance Company Ltd., Mahindra & Mahindra Ltd., and Godrej Agrovet Ltd. Asian Paints Ltd-Bagadia recommends buying ASIANPAINT at around ₹ 2491.2, keeping the stop loss at ₹ 2400 for a target price of ₹ 2667 ASIANPAINT is currently trading at ₹ 2,491.2 and is moving within a broad consolidation range. The stock has recently rebounded from its lower support levels, with the recovery being accompanied by healthy trading volumes, which is indicating accumulation and growing investor interest around these price zones. This bounce has seen the price reclaim its short-term and medium-term exponential moving averages (EMAs), reflecting improving price strength 2. State Bank of India—Dongre recommends buying State Bank of India or SBIN, at around ₹ 805 keeping stop loss at ₹ 795 for a target price of ₹ 822 Stock has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at ₹ 805 and has established a solid support base at ₹ 795. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment. The technical setup points to the potential for a price retracement toward the ₹ 822 level in the near term. Given the renewed strength and the favorable risk-reward ratio, entering at the current market price. 3. HDFC Bank—Dongre recommends buying HDFCBANK at around ₹ 1985, keeping Stoploss at ₹ 1965 for a target price of ₹ 2025. Stock has exhibited a strong, notable, continued bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 1985 and maintaining strong support at ₹ 1965. The technical setup indicates the potential for a price retracement towards the ₹ 2025 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 1965 offers a prudent approach to capturing the anticipated upside. 4. Life Insurance Corporation of India—Dongre recommends buying BUY LICI at around ₹ 895, keeping stop loss at ₹ 870 for a target price of ₹ 925 Stock has exhibited a strong, notable, continued bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 895 and maintaining strong support at ₹ 870. The technical setup indicates the potential for a price retracement towards the ₹ 925 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 870 offers a prudent approach to capturing the anticipated upside. 5. ICICI Prudential Life Insurance Company Ltd-Koothupalakkal recommends buying ICICI PRU LIFE at around ₹ 619.40 for a target price of ₹ 650, keeping Stop loss at ₹ 606 The stock, after witnessing a decent erosion, has found support near the 600 zone and has indicated a pullback with a positive candle formation moving past the important 100-period MA at the ₹ 615 level to improve the bias, and we can expect a further rise in the coming sessions. The RSI has corrected well and is currently well positioned with an indication of a trend reversal to signal a buy from the oversold zone with much upside potential visible. With the chart technically looking good, we suggest buying the stock. 6. Mahindra & Mahindra Ltd-Koothupalakkal recommends buying MAH & MAH at around ₹ 3227 for a target price of ₹ 3350 at a stop loss at ₹ 3175 The stock has maintained a strong bias, sustaining above the important 50EMA zone currently positioned near the ₹ 3135 level, and has indicated a gradual rise with much upside potential visible, and a decisive breach above the ₹ 3270 zone shall trigger a breakout to scale new targets of the ₹ 3350 and ₹ 3490 levels in the coming days. The RSI is currently well placed and has indicated a buy signal to carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock . 7. Godrej Agrovet Ltd-Koothupalakkal recommends buying GODREJ AGROVET at around ₹ 831 for a target of ₹ 870, keeping stop loss at ₹ 814 The stock has overall indicated a rising trend with a series of higher bottom formations visible on the daily chart, and currently taking support near the 50EMA at the ₹ 795 level has indicated a bullish candle to improve the bias, and we can anticipate a further rise in the coming sessions. The RSI has corrected from the overbought zone and is currently well positioned, indicating a buy signal to carry on with the positive move. With the chart technically looking good, we suggest buying the stock. Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
12 minutes ago
- Mint
Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US tariffs on India to Apple shares
Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open lower on Thursday, after the US President Donald Trump imposed an additional 25% tariff on imports from India, bringing the combined tariffs to 50%. Asian markets traded mixed, while the US stock market ended higher, lifted by a rally in Nasdaq. On Wednesday, the Indian stock market ended lower after the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) decided to keep the repo rate unchanged, and maintain the policy stance to 'Neutral'. The Sensex fell 166.26 points, or 0.21%, to close at 80,543.99, while the Nifty 50 settled 75.35 points, or 0.31%, lower at 24,574.20. 'We expect the market to continue its consolidation as investor sentiment remains cautious amid India-US trade tensions and the ongoing Q1 earnings announcements,' said Siddhartha Khemka - Head Of Research, Wealth Management, Motilal Oswal Financial Services Ltd. Here are key global market cues for Sensex today: Asian markets traded mixed on Thursday after Trump's vow to impose a 100% tariff on imports of semiconductors and chips. Japan's Nikkei 225 rose 0.66%, while the Topix index gained 0.19%. South Korea's Kospi rallied 0.53% while the Kosdaq was flat. Hong Kong's Hang Seng index futures indicated a weaker opening. Gift Nifty was trading around 24,594 level, a discount of nearly 40 points from the Nifty futures' previous close, indicating a negative start for the Indian stock market indices. US stock market ended higher on Wednesday, led by a more than 1% gain in the Nasdaq. The Dow Jones Industrial Average gained 81.38 points, or 0.18%, to 44,193.12, while the S&P 500 rallied 45.87 points, or 0.73%, to 6,345.06. The Nasdaq Composite closed 252.87 points, or 1.21%, higher at 21,169.42. Apple share price jumped 5.1%, Amazon shares rallied 4.00%, Microsoft shares fell 0.53%, and Nvidia stock price gained 0.65%. Tesla share price rallied 3.62%, McDonald's shares rose 3%, while Arista Networks shares jumped 17.5%. Advanced Micro Devices stock price slumped 6.4% and Super Micro Computer shares plunged 18.3%. Walt Disney shares eased 2.7%. US President Donald Trump slapped an additional 25% tariff on imports from India, citing the country's alleged direct and indirect import of oil from the Russian Federation, bringing the combined tariffs imposed by the United States on its ally to 50%. Apple share price jumped 5% after US President Donald Trump announced that the company will invest an additional $100 billion in the United States, a move which will expand its domestic investment commitment and could help it sidestep potential tariffs on iPhones. The new pledge brings Apple's total investment commitment in the US to $600 billion. Earlier this year, the company had announced it would invest $500 billion and hire 20,000 workers across the country over the next four years, Reuters reported. Minneapolis Fed President Neel Kashkari said that for him, the cooling US labor market and a slowing economy adds up to a case for interest rate cuts in coming months. 'The economy is slowing, and that means in the near term it may become appropriate to start adjusting,' Kashkari said on CNBC's Squawk Box, adding that two quarter-percentage-point rate cuts by the end of the year 'seems reasonable to me.' The dollar remained lower against major peers. The dollar index, which measures the greenback against a basket of major peers, edged up 0.1% to 98.259, after a 0.6% slide in the previous session, Reuters reported. The US currency was little changed at 147.36 yen. The euro stood at $1.1654, down almost 0.1%. Gold prices rose, helped by a weaker dollar on growing expectations of a Federal Reserve rate cut next month. Spot gold price rose 0.1% to $3,372.97 per ounce, while US gold futures gained 0.3% to $3,442.20. (With inputs from Reuters) Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
