Congress leader and Leader of Opposition in Lok Sabha Rahul Gandhi said on Thursday that the United States' decision to impose reciprocal tariffs will "completely devastate our economy" with the auto industry, pharmaceuticals and agriculture among sectors expected to face the brunt.
Reacting to this, RK Aggarwal (National President, Bulk Drugs Manufacturers Association of India) said that it will have no impact on the pharma sector.
Congress top brass and the Leader of Opposition in the Lok Sabha, Rahul Gandhi, launched a sharp critique of the Union Government's foreign policy, spotlighting China's occupation of Indian territory and the recent US tariff hike.
"... The friendship between them (US President Trump and PM Modi) and the way they embrace each other and talk and now these tarriffs. It shows that America (Donald Trump) is a businessman. 'Aur wo humara customer phas gaya'. (And our customers are getting trapped."
India's auto component industry is expected to face only a limited impact from the potential reciprocal tariffs proposed by US President Donald Trump on auto industry, according to a report by Nomura.
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.