US National Economic Council Director Kevin Hassett cited India’s reluctance to open its markets to American products, describing the India-US relationship as “complicated.” This follows Washington’s imposition of 50 per cent tariffs on Indian goods. Hassett linked these tariffs to geopolitical efforts pressuring Russia over the Ukraine conflict, hinting at further escalation if India doesn’t […]
“Indian intransigence” about opening its markets to American products, says US Economic Council Director as 50% tariff kicks in
US Trump Tariffs News: White House trade adviser Peter Navarro has branded the Ukraine conflict “Modi’s war,” claiming India’s discounted oil purchases from Russia bankroll Moscow’s invasion and raise costs for American taxpayers. His remarks came as US tariffs on Indian goods doubled to 50 percent, affecting more than half of exports. India insists its […]
Reserve Bank of India will meet with industry leaders to discuss the impact of US tariffs. The consultation is planned for September. It will assess how the 50% tariffs affect various sectors. Labour-intensive industries may face significant challenges. The meeting will also cover the India-UK trade agreement. RBI aims to cushion the economy from the […]
India is considering easing restrictions on Foreign Direct Investment from China. This move comes amid warming relations between the two nations. Niti Aayog suggested relaxing the mandatory prior approval for investments up to 24%. Recent ministerial visits and agreements on flights and tourism signal improved ties.
India is strategically targeting 40 countries, including the UK and Japan, to boost textile exports following the imposition of US tariffs. The initiative involves participating in international events and running sector-specific campaigns under a unified Brand India vision. These 40 nations represent a $590 billion textile import market, offering India significant growth potential.
India faces a significant challenge as the US imposes a 50% tariff on $48.2 billion worth of its exports, effective Wednesday, heavily impacting labor-intensive sectors like textiles and seafood. The government is strategizing to mitigate the effects through an Export Promotion Mission and potential GST reforms to bolster domestic demand.
ET looks at India’s trade with the US and how it fares viz-a-viz its competitors.
The Indian seafood industry, a major shrimp exporter to the US, faces challenges due to a 50% tariff increase. Export shipments are paused as both exporters and importers await market adjustments. US consumers will likely bear the brunt of the higher costs, as India’s value-added seafood products are difficult to replace immediately.
Indian gems and jewellery exporters are worried about the impact of the 50% tariff imposed by the US. They have approached the Reserve Bank of India for support regarding working capital. Exporters are also exploring rerouting shipments through countries with lower tariffs like Dubai and Mexico. Surat’s diamond industry fears job losses after Diwali.
India and the US held virtual talks focusing on strengthening their relationship. Discussions covered trade, investment, and critical minerals. Energy security and civil nuclear cooperation were also key topics. Both countries aim to increase defense cooperation. They plan to sign a new 10-year framework for defense partnership. The nations reaffirmed their commitment to a prosperous […]