At the historical moment in the global trade, US President Donald Trump deposited his business partners on April 2, including India, with 26% “discounted reciprocal tariffs” since April 29.
“They (India) charge us 52%, and we charge almost nothing for years and years and decades,” Trump said. He also stated that the US charge 2.4% for motorcycles, while India charges 70% and adds India fees for 70% of car tariffs.
This announcement threatened India in terms of key sectors such as textiles, engineering, electronics, gems.
“Tarifs based on inflated calculations”
While referred to the shift in US business policy as the transition from “America first” to “America” itself, the bank and international shares of Ajay Bagga also said that these tariffs are in line with inflated calculations that include real customs duties, alleged currency manipulation and GST.
“Indian domestic industries are protected from the first level effects, but Indian textiles, engineering goods, electronics and gem exporters and jewelry are immediately affected. Metals see the sale along with oil this morning.
Indian home industries do not have to be affected immediately after the announcement. Exporters could face increased costs. Sudden tariff storage is expected to affect the Indian economy in many ways. Higher duties could lead to a decline in Indian exports, eroding margins for exporters, adding Bagga and mentioning: “Uncertainty is now transformed into economic and market pain. The first reaction is to plunge into safe paradises and sell risk assets.”
According to GEM and jewelry, India exported India in the fiscal year 2023-2024 a total of $ 32.8 billion worth worldwide. Of these, almost 30% were equivalent to approximately $ 9.84 billion – it was delivered to the United States, which has become the largest destination for Indian gems and jewelry.
“Cooperation throughout the industry is essential for dealing with potential challenges. Strengthening innovation, surgical efficiency and government involvement will be the key to maintaining growth despite developing business policy,” Quotal Express Colin Shah, MD Kama jewelry quoted.
Meanwhile, according to media reports, India Mulling to reduce tariffs to $ 23 billion in American imports, consisting of gems, jewelry, drugs and automatic parts to soften the impact. However, no agreement has been completed yet.
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