Govt working overtime to cushion export sectors against impact of US tariff, Chief Economic Advisor says

In response to the US imposing a 50% tariff on Indian goods, the government and stakeholders are collaborating to support affected export sectors. They aim to provide both financial and time-based assistance to help businesses navigate the challenges. Despite this, India’s economy shows positive signs, with a strong 7.8% real GDP growth in the first […]

Jake Sullivan criticizes Donald Trump’s trade offensive against India, warning it could damage US-India relations and push India closer to China. Trump’s tariffs, imposed in response to India’s Russian oil imports, have strained ties and prompted India to seek closer relations with Beijing.

India and Japan are working together to bolster critical minerals supply chains through partnerships in the Mineral Security Partnership, the Indo-Pacific Economic Framework, and Quad Critical Minerals Initiatives, according to a factsheet released by the Ministry of External Affairs (MEA) on Friday.

The U.S. International Trade Commission has decided to investigate solar panel imports from India, Laos, and Indonesia, responding to claims that these imports are harming domestic manufacturers. This decision follows a petition from U.S. solar manufacturers alleging unfair trade practices by Chinese-owned companies operating in those countries.

Commerce Minister Piyush Goyal addressed concerns over the US tariffs, emphasizing India’s small global export share and import dependence. He highlighted ongoing efforts to diversify exports, boost domestic demand through GST reforms, and explore alternative markets.

Piyush Goyal proposed boosting India-Africa trade ties, offering to import products affected by third-country actions. He highlighted opportunities to double bilateral trade to $164 billion by 2030, focusing on critical minerals, agriculture, and technology. India aims to supply motor cars and milk products, while increasing imports of diamonds, gold, petroleum, and pulses from Africa.

Commerce and Industry Minister Piyush Goyal announced upcoming measures to boost exports and domestic consumption, assuring support against unilateral tariffs, particularly the recent US imposition. The government is exploring alternative markets and anticipates the GST Council meeting will stimulate domestic manufacturing. Goyal emphasized India’s self-reliance and determination to exceed last year’s export figures, urging businesses […]

Finance Minister Nirmala Sitharaman assured exporters of comprehensive government support to maintain growth, following the US imposing additional tariffs on Indian goods. She emphasized protecting workers’ livelihoods and urged industry leaders to ensure job continuity amidst global challenges.

Amidst escalating tensions, the US, under President Trump, is adopting a confrontational stance towards India, drawing criticism from Western intellectuals. Experts lament the potential damage to long-standing US-India relations, citing aggressive tariff threats and visa restrictions.

India is contemplating initiating consultations with the United States at the World Trade Organization (WTO) regarding tariffs imposed by Washington on copper imports. This action mirrors previous consultations sought by India concerning US tariffs on steel, aluminum, automobiles, and auto components.