India-US trade: Union minister Piyush Goyal to hold talks on August 2–4 with exporters in Mumbai, key sectors flag urgent concerns amid 25% Trump tariffs
Piyush Goyal
will meet exporters from sectors including food processing, textiles, engineering, and chemicals in Mumbai from August 2-4 to discuss the implications of the 25% tariff announced by the United States, an industry official said on Friday.
Exporters from fisheries, IT, pharma, and engineering will also participate in the meetings. A separate meeting with leather sector exporters is scheduled for August 4 in New Delhi, PTI reported.
The US on Friday imposed a 25% tariff on Indian goods, potentially affecting about half of the country's $86-billion exports to the American market. The remaining half, including pharmaceuticals, electronics, and petroleum products, remains exempt.
India continues to hold discussions with the US to finalise a trade deal. However, sources said New Delhi would not compromise on issues related to agricultural, dairy, or genetically modified (GM) products. The sixth round of negotiations is scheduled for August 25 in India.
Key export sectors expected to be affected by the new tariff include textiles and clothing ($10.3 billion), gems and jewellery ($12 billion), shrimp ($2.24 billion), leather and footwear ($1.18 billion), animal products ($2 billion), chemicals ($2.34 billion), and electrical and mechanical machinery (around $9 billion).
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In 2024–25, India-US bilateral trade stood at $131.8 billion, with Indian exports at $86.5 billion and imports at $45.3 billion.
Exporters from the impacted sectors have called for immediate government support. 'We request immediate government intervention to offset this huge setback. Exporters have their back against the wall and will have to sell below cost to keep their factories running and avoid mass layoffs,' said Sudhir Sekhri, Chairman, Apparel Export Promotion Council (AEPC).
Rahul Guha, Senior Director at Crisil Ratings, said Indian shrimp exporters face an unprecedented challenge in the US market, which accounts for nearly 48% of their shipments.
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