Front-loading by major Asian economies ahead of the US reciprocal tariffs has significantly altered global export patterns, according to a Nomura report.
Shamim Azad, a leather exporter, stated that the United Kingdom is currently experiencing a recession and had some work in the US, but it has completely "flopped" at present. He mentioned that the US customers have asked them to put the orders on hold due to the tariffs.
In a post on X, Ramesh said, "The Trump double tariff has come into effect. This will undoubtedly hit our labour-intensive exports to the US - especially textiles, gems & jewellery, leather, marine products, and engineering as well."
The 50 per cent tariffs on imports from India to the United States came into effect on Wednesday after the U.S. Customs and Border Protection (CBP) published an official notice.
With the United States set to impose a steep 50 per cent tariff on Indian textile and apparel exports starting August 27, the Confederation of Indian Textile Industry (CITI) has called for urgent government intervention to mitigate the impact on the sector.
Maruti Suzuki is set to export its upcoming electric SUV, the e-Vitara, to more than 100 countries from its Gujarat plant, marking a major milestone for India's auto industry and the company's global strategy.
The Prime Minister further said that it is a "big leap" towards India's goal 'Make in India and 'Make for the World'. He stressed that India will now export electric vehicles to 100 countries, and along with the manufacturing of hybrid battery electrolyte has also begun in the country.
India Inc. is expected to report a modest year-on-year revenue growth of 5-6 per cent in the second quarter of FY2026, compared with 5.5 per cent growth recorded in Q1 FY2026, according to a report by ICRA.
The exports of the labour intensive sectors in the country brace for a collapse of up to 70 per cent as US tariffs set to take effect, according to a report by the Global Trade Research Initiative (GTRI).
The Made-in-India BEVs will be exported to more than one hundred countries, including advanced markets such as Europe and Japan. With this milestone, India will now serve as Suzuki's global manufacturing hub for electric vehicles.