Trump's Tariff Hike Hits Odisha's Seafood Industry Hard
The new tariff imposed by President Trump on Indian exports threatens the livelihoods of 15 lakh people in Odisha's fishing sector. It significantly impacts seafood exports to the US due to higher competitive tariffs faced by Indian exporters compared to other Asian countries, leading to reduced production and trade.
The imposition of a new tariff by US President Donald Trump on Indian exports is expected to severely affect 1.5 million people involved in Odisha's fishing industry, according to the Seafood Exporters' Association of India.
Association member Tara Ranjan Patnaik, also chairman of Falcon Marine Exports, indicated that the increased tariffs would result in reduced seafood production and exports to the US. The 25% tariff added to India's exports, stemming from its Russian oil purchases, raises the overall tariff to 50%.
Odisha's seafood exporters struggle against competitors from countries like Vietnam and Ecuador, who benefit from significantly lower tariffs. As India's seafood industry faces dwindling trade and production, Patnaik called for intervention from the central and state governments to mitigate the situation. However, with no immediate action in sight, the future of the sector hangs in the balance.
(With inputs from agencies.)
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