The recent imposition of a 27 per cent reciprocal tariff on Indian exports by the United States, while exempting the pharmaceutical sector, has raised concerns about potential future trade restrictions on drug exports.
Indian textiles, engineering goods, electronics, and gems & jewellery sector exporters are expected to hit hardest by the tariffs announced by Donald Trump, said Ajay Bagga, a banking and international stocks expert, in an exclusive conversation with ANI.
Following US President Donald Trump's announcement of tariffs, Congress MP Shashi Tharoor highlighted how the tariffs could affect the automobile sector, particularly the trade of automobile parts.
US President Donald Trump announced new import tariffs on Wednesday (local time), outlining the rates to be imposed on countries around the world, with India facing a 26% tariff.
India could see a loss of around USD 6 billion, or 0.16 per cent of its GDP, in exports to the US if broad tariffs of 10 per cent are enacted, Emkay Global, a research & investment firm, said in a latest report.
Addressing the topic of reciprocal tariffs imposed by President Trump on Indian goods, Sandhu clarified that Trump's tariffs weren't specifically targeted at India, but rather part of a broader approach to address trade imbalances with multiple countries, including US allies.
An hour before his bilateral meeting with Prime Minister Narendra Modi, US President Donald Trump again commented on India's tariff structure, saying "they have the highest tariffs" and "it is a hard place to do business".
US President Donald Trump's approach in the second term on tariff announcements have been perceived by markets as a more gradualist approach compared to his earlier aggressive campaign rhetoric, says a report by Union Bank of India.
India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) will enter into force on December 29 paving the way for the elimination of duties on 100 per cent tariff lines and creating additional 10 lakh jobs in India.