Trade Turbulence: FICCI Hopes for Swift Resolution Amidst US Tariff Imposition
Indian industry expressed disappointment over US President Donald Trump's 25% tariff imposition on Indian goods. Industry bodies hope this is a temporary measure and anticipate a swift resolution with a permanent trade deal. Textiles, a significant export sector, face challenges but potential opportunities arise amidst shifting global trade dynamics.
- Country:
- India
The Indian industry has voiced its dissatisfaction with the recent announcement from US President Donald Trump regarding the imposition of a 25% tariff and unspecified penalties on Indian goods, effective August 1.
FICCI has expressed hope that the measure is temporary and that a lasting trade agreement will soon be achieved. FICCI President Harsha Vardhan Agarwal emphasized the potential for both nations to secure beneficial outcomes through ongoing negotiations.
The Confederation of Indian Textile Industry acknowledged the challenge posed by these tariffs but remains optimistic about resolving the issue with a bilateral trade agreement. Meanwhile, the PHDCCI sees this as an opportunity for Indian MSMEs to expand their global presence, as other markets like the EU and UK open up due to recent trade agreements.
(With inputs from agencies.)
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