Trump Tariffs: Over 70% Indian exports exposed due to..., will heavily impact THESE high-value sectors because...
Trump Tariffs: About 70 percent of Indian exports to the United States, equivalent to USD 60.85 billion, stand exposed due to the 50 percent import duty imposed by US President Donald Trump, a new report has revealed. Which sectors will be hit hardest?
As per an analysis by the Indian Council for Research on International Economic Relations (ICRIER), Trump tariffs will heavily impact high-value sectors such as textiles and apparel, gems and jewellery, auto parts and agricultural products, particularly shrimp exports. 'These sectors not only anchor the merchandise exports to the US but also directly affect employment generation and the livelihoods of millions of workers and farmers,' the ICRIER report said.
The report noted that India's textiles and apparel sector could lose its competitive edge in a key export market as it faces a tariff disadvantage of over 30 percentage points compared to competitors like Bangladesh, Pakistan and Vietnam.
Similarly, the gems and jewellery exports face challenges from suppliers in countries like Turkey, Vietnam, and Thailand, while auto parts, which constitute 3 percent of India's exports to the US, are also vulnerable.
According to the report, shrimp exports will be the worst in the agricultural sector as Trump tariffs imposed on India are higher than those slapped on competitors like Ecuador, Indonesia, and Vietnam. 'These are sectors where buyers can switch sourcing relatively quickly, which gives US importers bargaining power and weakens India's negotiating position,' the report stated. What response ICRIER suggests?
In its report, the ICRIER suggested a three-pronged response to Trump tariffs, including 'smart' trade negotiations, relief for heavily impacted sectors, and diversification of India's export markets. 'Firstly, smart negotiations with logic and rationality. Secondly, announce immediate and targeted relief support to hard hit sectors, and last on high priority, diversify our export markets.' .
'The success of our leaders will be ensuring that short-term disruptions give way to long-term gains, reinforcing India's position as a trusted and indispensable player in the global economy,' the ICRIER report concluded.
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Hindustan Times
11 minutes ago
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NATO-like protection in focus for Trump meeting with Ukraine, Europe
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First Post
11 minutes ago
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Putin agrees to US-Europe plan for NATO-style security guarantees for Ukraine, says Trump envoy
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The Hindu
11 minutes ago
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Inaccuracies flagged in Class IV textbook
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