Trump's Tariff Blow: West Bengal's Economic Struggle
US President Donald Trump's increased tariffs on India are impacting West Bengal's export-reliant economy. With a 50% levy, the state's leather, marine, and engineering sectors face considerable losses. Jobs in processing units are at risk, with significant effects on leather and seafood exports to the US and potential ripple effects in European markets.
- Country:
- India
The recent tariff hike imposed by US President Donald Trump has sent shockwaves through West Bengal's economy, heavily reliant on exports. The leather, engineering, and marine sectors particularly face substantial losses amidst the festive season, industry stakeholders have reported.
With the increase, US tariffs on Indian goods have surged to 50%, severely impacting at least Rs 45,000 crore worth of exports, including a significant portion from West Bengal. Industry insiders fear the ripple effects could extend to European markets, affecting jobs at every level.
The Department of Homeland Security's draft order indicating the imposition of these higher levies underscores the escalating economic tension. Businesses are scrambling to find solutions, with strategies such as partial production shifts to Europe being considered to maintain market presence.
(With inputs from agencies.)
- READ MORE ON:
- Trump
- tariff
- West Bengal
- export
- economy
- leather
- marine
- engineering
- US
- labour
ALSO READ
Impacts of Extreme Rainfall on China's Economy
Kung Ming-hsin Takes Helm as Taiwan's New Economy Minister
Kung Ming-hsin Takes Helm as Taiwan's New Economy Minister
UPDATE 1-Stellantis paid $190.6 million in US fuel economy penalties this year, agency says
Kung Ming-hsin Appointed as Taiwan's New Economy Minister Amidst Semiconductor Sector Focus
Google News