US tariffs will hit Kerala's exports sector hard: Finance Minister Balagopal
'Our exports to the US include shrimp and other fish produce, textiles, spices, cashew, coir, etc. Medical equipment too is exported in large quantities. Besides, there is modest export of semiconductors and chips. Software exports too will be affected,' he told reporters on Friday.
'The Prime Minister has said that strict measures would be taken in the wake of the US move. It is time for all to stand united and safeguard the country's interests,' he said. He urged the Union government to convene a meeting of all states to formulate strategies to protect the country's trade and economy.
Calling the prohibitive tariff a ploy of the US to control the Indian market, he said,'They will ask India to rationalise our tax regime so that it can dump products in our market,' he said. The minister also said the tariff will have an impact on the labourers' wages and farmers' income. Companies will be forced to reduce wages and farmers will be forced to sell their produce at low rates.
Balagopal criticised the Centre for its recent Bilateral Free Trade Agreement with the UK. Under this, import duty on luxury cars and liquor was reduced drastically.
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