US Trump has make the latest move and double tariffs on Indian exports to 50%. 50% tariff affects key exports sectors of india. The traffic hike effects from 27 August, and issue warning on India oil imports from Russia. This move hit the export sectors of india, including seafood, textiles, gems and jewellery, and auto parts.
The various industry leaders called this move “doomsday” for their businesses, because many are looking to shift manufacturing to other countries.
Trump’s 50% tariff affects Seafood exports
The mostly hit industry of India by tariffs is seafoods. The US accounts for almost 40% of Indian total seafood exports, valued at Rs 60,000 crore. The president of the Seafood Exporters Association of India told, “We are shocked. It is doomsday for the seafood industry. It also affects the farmers. He also said that the sectors need help from government to recover.
Textiles and apparel manufacturing on Hold due to tariffs
Textile industry of India from Surat, Noida and Tiruppur stop their manufacturing for US orders. The uncertainty is defined by tariffs hike and made impossible for people to price their goods competitively.
Chairman of the Tiruppur Exporters Association also said, “The increased 50% tariff will impact textile and apparel exports for the next 30-40 days till the time that India make the favourable Bilateral Trade Agreement with the US.” Along with the above industries, the gem and jewellery industries also shift to Dubai amid tariff hike.
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