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.
The recent move by the United States to impose steep tariffs on Indian goods is expected to weigh on the U.S. economy, pushing up inflationary pressures and impacting growth, according to a report by the State Bank of India (SBI).
Criticising the additional 25 per cent tariffs to be imposed by the US on Indian goods as "grossly unfortunate and highly condemnable", CPI(M) MP John Brittas on Tuesday stated that Washington is treating India like a colony, noting that the tariffs were either " a sanction or an embargo".
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.
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.
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.
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).
"First of all, we have clearly stated that our objective is energy security of 1.4 billion people of India and India's cooperation with Russia...So the US decision is unfair, unreasonable and unjustified. Now government will continue taking measures which will protect the national interes
The minister also argued that the tariff issue was being wrongly presented as an "oil dispute." He noted that the same criticism levelled at India for purchasing Russian energy had not been applied to larger importers, such as China and European nations.