TN faces trade predicament following US tariffs, Stalin seeks PM's intervention
was facing a never seen before crisis following the 50 per cent import tariffs imposed
by US on India, threatening millions of livelihoods across various sectors, Chief
Minister M K Stalin today urged Prime Minister Narendra Modi's urgent intervention
and take all steps to navigate this trade predicament.
Pointing out that 31 per cent of exports to US were from Tamil Nadu, he said this
higher dependency on the US market clearly implies that tariff impact on Tamil Nadu
will be disproportionately greater than for most other Indian states.
In a Demi-Official letter to Mr Modi, copies of which were released to the media here,
Mr Stalin requested his urgent intervention in this matter, in consultation with the
relevant ministries and industry stakeholders and also assured of Tamil Nadu's full
cooperation in implementing all necessary measures to navigate this trade predicament.
While appreciating the efforts by the Union Government to achieve a
mutually beneficial trade agreement between India and the United States
of America and fully support India's position to defend national interests,
Mr Stalin drew his attention to a matter of considerable concern to Tamil
Nadu, as it faces severe implications due to the current 25% tariff and its
potential escalation to 50%.
He said in the last financial year, while 20% of India's total goods exports
of USD 433.6 billion were to the United States, 31% of Tamil Nadu's
USD 52.1 billion goods exports went there.
"This higher dependency on the US market clearly implies that tariff
impact on Tamil Nadu will be disproportionately greater than for most
other Indian states", he said, adding, hence this tariff has significant
implications for Tamil Nadu's manufacturing sector and employment
scenario.
The most affected sectors are textiles, apparels, machinery, auto
components, gems and jewelry, leather, footwear, marine products
and chemicals, the Chief Minister said.
Mr Stalin pointed out that what was even more concerning was that
all these sectors were labour intensive, wherein any export slowdown
will quickly result in mass layoffs.
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