Indian Trade Bodies React to Trump's 25% Tariff Imposition
Indian trade associations express dismay over US President Trump's newly imposed 25% tariffs, citing potential setbacks for exports. Despite concerns about short-term disruptions, trade leaders remain optimistic about India's robust manufacturing sectors and potential new trade partnerships as global supply chains realign.
- Country:
- India
In a significant development, Indian trade bodies have voiced their discontent with US President Donald Trump's recent decision to levy a 25% tariff on Indian exports. This move is viewed as a hurdle for India's export market, although it also signals potential opportunities for export diversification and supply chain realignment.
Subhash Goyal, Chairman of the Tourism Expert Committee at the Chamber of Commerce, described it as "a sad day for Indian exports," citing concerns that the tariffs would slow down exports and impact manufacturing. Goyal also warned of adverse effects on American consumers, citing a decline in tourism and advocating for India to diversify its export markets effectively.
Despite the challenges posed by the tariffs, industry leaders like Ranjeet Mehta from the PHD Chamber of Commerce and Industry express optimism, seeing this as a chance for India to capitalize on global supply chain shifts. Mehta believes that the US consumers will eventually bear the cost, and India's demographic and technological strengths will help it emerge as a reliable global trade partner.
(With inputs from agencies.)
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