India Faces New Trade Hurdles: Navigating Trump's 25% Tariff Decision
Indian trade bodies express their disappointment over President Trump's decision to impose 25% tariffs on imports from India, viewing it as a setback yet identifying potential opportunities for export diversification. Indian experts assert the nation's resilience, forecasting a recalibration in global trade relations and partnerships.
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The recent decision by US President Donald Trump to impose a 25% tariff on imports from India has been met with disappointment by Indian trade organizations. They view it as a setback for India's export market but also an opportunity for export diversification and realigning supply chains.
Industry leaders highlight potential short-term disruptions but express confidence in India's robust manufacturing sector, particularly pharmaceuticals and medical equipment, to weather the impact and establish new trade partnerships. Subhash Goyal from the Chamber of Commerce lamented the slowdown in exports and its ripple effects on manufacturing, asserting that both Indian and American markets will be impacted.
Trade experts, including Dilip Kumar and Ranjeet Mehta, emphasized that while US tariffs pose challenges, India's strategic engagements with Europe and Asia offer opportunities. The Federation of Indian Chambers of Commerce & Industry expressed hope for a future trade deal to finetune bilateral relations, considering ongoing negotiations with the US for a Bilateral Trade Agreement.
(With inputs from agencies.)
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