Trump's 50% Tariffs Threaten India's Handicraft and Jewellery Exports
The US has imposed a 50% tariff on Indian imports, severely impacting Rajasthan's Rs 9000 crore handicraft market and India's Rs 11-12 lakh crore gems and jewellery trade. This move, driven by an executive order addressing Russian threats, risks significant economic disruption and employment challenges in India.
- Country:
- India
Navneet Jhalani, Coordinator of the Rajasthan Handicrafts Exporters Association, voiced concerns over the new 50% U.S. tariff on Indian imports, stating that customers have stopped placing orders. Rajasthan's handicraft market, valued at Rs 9000 crores and known for its labour intensity, faces a potential crisis that could affect thousands of workers.
"Rajasthan's handicraft exports are approximately Rs 9000 crores, with 50% going to the U.S.," Jhalani explained. "This tariff increase has halted both existing and new orders, impacting a vast number of people dependent on this sector," he warned. The tariffs are part of a broader U.S. strategy impacting India's export markets significantly.
Raju Mangodiwala, President of the Jaipur Jewellery Association, highlighted similar concerns for the Rs 11-12 lakh crore gems and jewellery trade, expressing hope for a resolution from the Indian government. Meanwhile, Zakir, a garment trader, underscored the distress these tariffs cause, noting the increased costs are unsustainable.
Google News