Trade Tensions: India's Resilience Amid US Tariff Hike
Delhi's trade associations expressed concern over a 50% US tariff on Indian goods. Despite seeing it as unfair, they believe the impact will be temporary. Associations are urging the Indian government for GST relief and low-interest loans to maintain competitive domestic markets, while exploring new export avenues.
- Country:
- India
The announcement of a 50% tariff on Indian goods by the US has sparked concern among Delhi's trade associations, but they are optimistic the impact will be temporary. Seeking alternative markets and bolstering domestic competitiveness are viewed as key strategies to mitigate the effects.
The federation of Sadar Bazar Traders' Association labeled the move as 'unfair and unwise,' highlighting the potential for a trade war. They implored Prime Minister Narendra Modi to provide relief in GST and facilitate low-interest loans to keep Indian products competitively priced.
Concurring with this sentiment, the Gandhi Nagar Market Association predicted the disruption would be short-lived with India's exports being rerouted. Their confidence is buoyed by the Prime Minister's policy landscape aimed at identifying better markets and improving the self-reliance of the sector.
(With inputs from agencies.)
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