Industry Minister will meet exporters to discuss the impact of American tariffs, these seconds
us President Donald Trump announced a 25 percent tariff on India on Wednesday, 30 July. Trump also announced a separate fine to trade with Russia on India. About half of India’s trade to be exported to the US will be affected by imposing 25 percent tariffs on India. Indian exporters are very upset with this decision of America. In such a situation, Union Commerce and Industry Minister Piyush Goyal will hold a meeting with exporters from different regions including food processing, textiles, engineering and chemicals in Mumbai from August 2 to 4 and will discuss the effects of 25 percent tariffs announced by the US. An official gave this information on Friday.
About half of export tariffs including pharma, electronics
The official said that exporters from areas like fisheries, engineering, IT and pharma will also participate in this discussion. The exporters of the leather sector are expected to meet the minister on August 4. The US is expected to affect about half of the $ 86 billion exports to the US due to 25 percent tariffs. However, about half of exports, including pharma, electronics and petroleum products, have been exempted from tariffs. Sources said on Friday that India continues to talk on the trade agreement with the US. But no compromise will be made on India Agriculture, Daily Use and GM products.
These sectors will have the worst effect
The US team is coming to India on 25 August to talk on the trade agreement with India. The 25 percent tariff declared by US President Donald Trump will have the highest impact on companies and exporters of sectors who are exported to the US on a large scale. Such exports include about $ 12 billion gems and jewelery, $ 10.3 billion textile and apparel, 9 billion $ 9 billion electric and machine equipment, a shrimp of $ 2.24 billion, chemical of $ 2.34 billion, animal products of $ 2 billion and about $ 1.18 billion leather and footwear.
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