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.
The Indian stock market on Tuesday witnessed a sharp sell-off after the Trump administration issued a notification to impose an additional 25 per cent tariff on Indian imports. The secondary tariffs will come into effect from August 27 and take the total tariff on Indian goods to 50 per cent
Revenue growth of India's readymade garment (RMG) industry is set to nearly halve on-year this fiscal to 3-5 per cent as the imposition of 50 per cent tariffs by the US on its imports from India becomes effective from 27th August 2025, Crisil Ratings said in a report.
Georg Enzweiler, Deputy Head of Mission, German Embassy in India, said that Germany would always be in favour of reducing tariffs to the minimum levels, reacting to the reciprocal tariffs imposed by US President Donald Trump.
Raising questions at the government's economic policies, Khera stated that the demonetisation and Goods and Service Tax (GST) had destroyed the Micro, Small and Medium Enterprises (MSME) completely.
Amid ongoing tariff issues, Xiaobing Feng, Principal Commercial Officer at the US Embassy in India, on Tuesday reaffirmed the US commitment to work with India in many sectors, specifically in the energy security partnership.
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).
Indian stock markets opened under pressure on Tuesday as the United States Customs Department went ahead with the decision to impose 50 per cent tariffs on Indian goods and published a draft notice.
The U.S. Customs and Border Protection (CBP) has issued a draft notice on the implementation of additional duties on products imported from India, following the announcement by U.S. President Donald Trump to increase tariffs on Indian goods to 50 per cent.
US President Donald Trump said he stopped several wars during his presidency, including one between India and Pakistan that he claimed could have escalated into a nuclear conflict, adding that seven jets had already been shot down before he intervened using trade pressure.