5 days ago
- Business
- New Indian Express
US slaps total 59.73% tariff on Seafood export created panic among policy makers and exporters
NEW DELHI: The Indian government is working to increase domestic consumption and explore new export markets for the seafood sector in response to the crisis caused by heavy tariffs imposed on Indian seafood by the US administration.
Meanwhile, Andhra Pradesh, which contributes over 75% of India's total seafood exports, is urging the Central government to provide interest subvention.
'We are seeking new opportunities in countries such as South Korea, Australia, Russia, and the European Union to offset our losses,' said Rajiv Ranjan Singh, Union Minister of Fisheries, Animal Husbandry and Dairying without mentioning the US administration directly. Singh stated that discussions had taken place with 50 seafood exporters, and there are plans to continue the flagship Prime Minister Matsya Sampada Scheme for an additional five years to provide support.
The Trump administration has imposed a total tariff of 59.73% on India's seafood sector, potentially the highest among all sectors, which may severely impact the industry.
Prior to these tariffs, Indian exporters were paying a combined duty of 8.56%, which included anti-dumping duty (ADD) and countervailing duty (CVD), along with a reciprocal tariff of 10%. The new tariffs have raised the ADD from 2.56% to 3.96%, while the CVD remains at 5.77%. Additionally, the previous 10% reciprocal tariff has escalated to 50%, including penalties.
