Members of India's diamond industry have said that the US decision to impose 50 per cent tariffs on Indian goods poses a challenge, but expressed confidence in the sector's resilience and the strength of the domestic market.
"For the first time, a country has stood up to the United States, and that country is India. India has made it clear that we will not bow down before Trump," Bansal said.
The Friday judgment by the US Court of Appeals for the Federal Circuit upholds an earlier ruling by the US Court of International Trade, dated May 28, that initially struck down the tariffs.
Brazil's President Lula said his government will not immediately retaliate against US tariffs and seeks trade talks with President Trump. While the US imposes 50% taxes on Brazilian exports, Brazil is exploring legal measures but prioritizes negotiation, emphasizing it will not compromise it
The judges noted that Trump's unprecedented tariffs are an overstep of his power because the ability to impose taxes, including tariffs, is "a core Congressional power" that the Constitution grants to the legislative branch.
All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief Asaduddin Owaisi hit out at the Prime Minister Narendra Modi-led NDA government at the Centre over the US's 50 per cent tariff on India and asked why the BJP was frightened of the US. He demanded answers from the Modi government to the
Former senior diplomat Mahesh Sachdev said US tariffs on Indian goods are a "serious setback but not exactly a disaster," warning textiles, gems, jewellery, and seafood exports will be hit hardest, while leather and footwear face limited impact.
Former MoS MJ Akbar criticized the US 50% tariff on India, questioning why Germany and China face no similar measures. He said the tariffs will minimally affect India's trade, weaken the US, and noted India-China ties have strengthened, shifting global focus from Washington to the SCO summit
The 50 per cent tariffs on Indian goods imposed by the Donald Trump administration came into force on Wednesday, following a notice by the US Customs and Border Protection (CBP). The move poses serious challenges for India's US-oriented exporters.
Front-loading by major Asian economies ahead of the US reciprocal tariffs has significantly altered global export patterns, according to a Nomura report.
Jayesh Patel, a diamond manufacturer and trader, believed that every country has its own policy, and as the US is a large market, the diamond industry will face certain challenges. He further stated that if the tariffs continue in the future then they will find markets in other countries.