Latest news with #BilateralTradeAgreement
News18
9 hours ago
- Business
- News18
US tariff a big blow for gem and jewellery sector, say industry experts
Mumbai, Jul 31 (PTI) The US move to impose 25 per cent tariffs on Indian imports comes as a big blow for gems and jewellery sector, which is heavily dependent on exports and one of the biggest contributors to the country's economy, industry experts said on Thursday. 'The US announcement of a sweeping 25 per cent tariff on all Indian goods, along with vague penalties affecting strategic ties, is a deeply concerning development. The Indian gem and jewellery sector, in particular, stands to be severely impacted. The US is our single largest market, accounting for over USD 10 billion in exports, nearly 30 per cent of our industry's total global trade," Gem and Jewellery Export Promotion Council (GJEPC) Chairman Kirit Bhansali said in a statement. He said, a blanket tariff of this magnitude will inflate costs, delay shipments, distort pricing, and place immense pressure on every part of the value chain — from small karigars to large manufacturers. 'We recognise the need to address trade imbalances, but such extreme measures undermine decades of economic cooperation. We urge the US administration to reconsider, and call on both governments to engage in constructive dialogue that safeguards bilateral trade and protects the millions of jobs that depend on it on both sides," he stated. All India Gem and Jewellery Domestic Council chairman Rajesh Rokde said the high tariff on Indian goods along with a penalty is likely to have a major impact on India's exports to the United States. 'Most importantly, American companies looking to penetrate the Indian market through the 'Make in India' policy will be impacted badly. This tariff will have a more significant impact on the US compared to India, affecting around USD 9 billion in business. Handcrafted jewellery is expected to be particularly affected in the US market. India may try to convince President Trump to roll back the tariffs until a final deal is achieved expeditiously," he added. Kama Jewelry MD Colin Shah said with the US being one of the key export destinations, this will severely impact the sectors like gems and jewellery that are heavily dependent on exports and is one of the biggest contributors to the economy of the country. 'The gems and jewellery industry of India has been bearing the brunt of the prolonged geopolitical tensions between Russia-Ukraine and Middle East for almost over 2 years. Further, with the return of Trump into power, his tariff threats have impacted Indian markets due to their ambiguous outlook. 'Going ahead, we expect trade activities to remain muted with the US," he said. However, there is a need to wait and watch to see how the situation unfolds post the sixth round of India-US Bilateral Trade Agreement talks that will take place in August end with US counterparts on their arrival in India, added Shah. RiddiSiddhi Bullions (RSBL) Managing Director Prithviraj Kothari said the imposition of a 25 per cent US tariff on Indian jewellery exports could reduce domestic players' price competitiveness in the American market, which is one of the largest export destinations for gems and jewellery. 'This may lead to a decline in export volumes, order cancellations, and margin pressures for exporters. Small and medium-sized enterprises (SMEs), which form a large part of the sector, could be hardest hit. The industry may also face job losses and liquidity challenges. To mitigate the impact, exporters may explore alternate markets, focus on value-added products, or seek government intervention for relief," Kothari added. PTI SM HVA view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
11 hours ago
- Business
- Time of India
‘India won't retaliate; national interest supreme': Piyush Goyal responds to Trump's 25% tariff move
Union Minister of Commerce and Industry Piyush Goyal stated that India and the US began discussions in March 2025 aimed at finalising the first phase of a just, balanced, and mutually beneficial Bilateral Trade Agreement (BTA) by October–November 2025. Show more Show less
India.com
11 hours ago
- Business
- India.com
Necessary Steps Will Be Taken To Protect Nation's Interests: Govt On Trumps 25% Tariff Bomb
New Delhi: Following US President Donald Trump's announcement of a 25% tariff on Indian exports and a vague "penalty" linked to India's energy deals with Russia, Union Minister of Commerce and Industry Piyush Goyal on Thursday said that "the government will take all necessary steps to protect the nation's interests." During his address in the Lok Sabha, Piyush Goyal said, "...On 2nd April 2025, the US President issued an executive order on reciprocal tariffs...10% baseline duty in effect since 5th April 2025. With a 10% baseline tariff, a total of 26% tariff was announced for India. A full country-specific additional tariff was scheduled to come into effect on 9th April 2025. But on 10th April 2025 this was extended initially for 90 days and then extended till 1st August 2025." Goyal said that the government is examining the impact of the recent events, adding, "The Ministry of Commerce and Industry is holding talks with exporters, industries, and all stakeholders and gathering information on their assessment of this issue. Government gives utmost priority to the safeguarding of the welfare of farmers, labourers, entrepreneurs, industrialists, exporters, MSMEs, and stakeholders of the industrial sector. We will take all necessary steps to safeguard our national interest." #WATCH | US Tariffs | Union Minister of Commerce and Industry Piyush Goyal says, "Government is examining the impact of the recent will take all necessary steps to safeguard our national interest." "Government is examining the impact of the recent events. Ministry of… — ANI (@ANI) July 31, 2025 "In March 2025, India and the US started talks for a just, balanced, and mutually beneficial Bilateral Trade Agreement (BTA). The goal of this was to finish the first stage of the Agreement by October-November 2025..." he added. "In less than a decade, India came out of the 'Fragile Five' economies, and it has now become the fastest-growing economy in the world. Based on the hard work of reforms, farmers, MSMEs, and industrialists, we have come in the top 5 economies of the world from the 11th largest economy. It is expected that we will be the third-largest economy in a few years. Today, global institutions and economists see India as a bright spot in the global economy..." he further added. On Wednesday, US President Donald Trump announced that India, despite being referred to as a "friend," will be subjected to a 25% tariff on its exports, along with additional penalties due to its continued purchases of Russian oil and military equipment. The measures are set to take effect from August 1. Posting on Truth Social, Trump stated, 'Remember, while India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the world—and they impose some of the most strenuous and unreasonable non-monetary trade barriers of any country.' He further criticized India's defense and energy ties with Moscow, saying, 'India has always bought a vast majority of their military equipment from Russia and remains Russia's largest energy buyer, along with China, at a time when the global community wants Russia to stop the killing in Ukraine.' In a separate post, Trump emphasized that the August 1 deadline 'stands strong and will not be extended.' In response to the announcement, the Ministry of Commerce and Industry said the Indian government has taken note of the U.S. President's statement on bilateral trade.
&w=3840&q=100)
Business Standard
11 hours ago
- Business
- Business Standard
India to safeguard national interests, says Piyush Goyal on US tariffs
Union Commerce and Industry Minister Piyush Goyal on Wednesday said the government would take 'all necessary steps to safeguard and advance our national interests' following the United States' decision to impose higher tariffs on Indian imports. This comes a day after US President Donald Trump announced a 25 per cent tariff on all exports from India to the United States, starting August 1. This move also includes a penalty for India's continued purchases of Russian military and energy equipment. Addressing the Lok Sabha, Goyal updated the House on the state of India-US trade relations and negotiations on a Bilateral Trade Agreement (BTA). Tariff rollout and deferral timeline The minister informed Parliament that the baseline tariff of 10 per cent came into effect on April 5, 2025. While the additional country-specific duty was initially scheduled to be implemented from April 9, it was deferred on April 10 for a period of 90 days, and later extended until August 1, 2025. 'These developments are being assessed carefully. The Ministry of Commerce and Industry is in active consultation with exporters and industry stakeholders to understand their concerns and formulate an appropriate response,' Goyal told the House. Goyal said that India and the US have been engaged in structured negotiations for a fair and balanced Bilateral Trade Agreement since March 2025, aiming to conclude the first phase by Fall 2025. The first physical meeting took place on March 29, 2025, in New Delhi, where both sides finalised the Terms of Reference for the talks. 'Four rounds of physical negotiations have taken place, two each in New Delhi and Washington, DC, in addition to several virtual discussions,' Goyal said. Reaffirming confidence in India's economic growth, Goyal said that the government remains committed to protecting the interests of farmers, MSMEs, exporters, and industries. 'In less than a decade, India has emerged from being part of the 'Fragile Five' economies to becoming the fastest-growing major economy in the world,' he said. He credited this transformation to reforms and the efforts of India's entrepreneurs, MSMEs, and farmers. 'India has risen from being the 11th-largest economy to among the top five. It is expected that within a few years, we will become the third-largest economy in the world.' Goyal said that international organisations now view India as a 'bright spot' in the global economy, contributing nearly 16 per cent to global growth. The government has steadily boosted exports and signed trade deals with partners such as the UAE, UK, Australia, and the EFTA nations, he added. Focus on agriculture and development goals The minister also reiterated the government's commitment to Indian agriculture. 'We are continuously working for the welfare of our farmers and Indian agriculture, to ensure food security and overall prosperity,' he said. Goyal said that the government is confident in India's continued high-growth path. 'We will continue our fast-paced journey towards the goal of a developed India by 2047, with inclusive and sustainable growth.'
Time of India
12 hours ago
- Business
- Time of India
Govt committed to safeguarding India's farmers, workers and entrepreneurs: Piyush Goyal on US tariffs in LS
In response to the United States' decision to impose a 25% tariff on Indian goods and US President Donald Trump's critical remarks about the Indian economy, Union Commerce Minister Piyush Goyal told the Lok Sabha on Thursday that the government stands firm in protecting the interests of Indian farmers, workers, and entrepreneurs. 'We are committed to safeguarding the interests of our farmers, workers and small entrepreneurs. The government will take all necessary steps to protect national interest,' Goyal said in the lower house. Explore courses from Top Institutes in Please select course: Select a Course Category Management MCA healthcare Healthcare Public Policy Project Management Finance CXO Design Thinking Data Analytics Data Science Data Science Cybersecurity Others MBA Leadership Product Management Degree Digital Marketing Operations Management others Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details He also said that the government is examining implications of just announced 25 per cent US tariffs on Indian goods. In his address, Goyal detailed the timeline of US tariff decisions and how the country held several rounds of talks with Trump administration. 'On 2nd April 2025, the US President issued an executive order on reciprocal tariffs...10% baseline duty in effect since 5th April 2025. With a 10% baseline tariff, a total of 26% tariff was announced for India. Full country-specific additional tariff was scheduled to come into effect on 9th April 2025. But on 10th April 2025 this was extended initially for 90 days and then extended till 1st August 2025,' he said. "In March 2025, India and the US started talks for a just, balanced and mutually beneficial Bilateral Trade Agreement (BTA). The goal of this was to finish the first stage of the Agreement by October-November 2025," Goyal added. Live Events His remarks came hours after Trump posted on Truth Social, saying, 'I don't care what India does with Russia. They can take their dead economies down together, for all I care… Their tariffs are too high, among the highest in the world.' The US administration's move to levy 25% tariffs plus penalty on Indian exports comes amid Washington's growing discomfort with India's ongoing trade and energy ties with Russia. (More to come)
