Steep U.S. Tariffs Threaten India's Export Sectors
The U.S. will impose a 50% tariff on Indian goods from August 27, affecting 66% of India's exports to America. This move impacts labor-intensive sectors such as textiles, gems, and shrimp, risking job losses and reduced competitiveness for Indian products in the U.S. market.
- Country:
- India
The United States is poised to enforce a steep 50% tariff on Indian goods starting August 27, a move expected to severely impact several of India's labor-intensive export sectors.
This latest increase will see over two-thirds of India's $86.5 billion exports to the U.S. subjected to prohibitive tariffs, with industries like textiles, gems, jewelry, and shrimp bearing the brunt. This development threatens to render these sectors uncompetitive in the American market, risking job losses back home.
The additional duties arise as a result of geopolitical tensions, including India's purchases from Russia. As Indian exporters scramble to front-load shipments before the tariffs kick in, industry leaders call for urgent policy measures and a strategic response to mitigate the looming economic shock.
(With inputs from agencies.)
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