Jewellery exports from Mumbai’s SEEPZ face a potential setback due to US President Trump’s proposed reciprocal tariffs, which could significantly impact India’s $10 billion annual exports to the US. SEEPZ accounts for 85% of India’s diamond-studded jewellery exports to the US, and tariffs could shift US sourcing to countries with lower tariffs, threatening jobs in […]
Jewellery exporters jittery over reciprocal US tariffs
Falling US cotton prices due to China’s retaliatory tariffs may boost demand for Indian garments, textiles, and yarn. The industry anticipates cheaper US cotton and reduced Chinese competitiveness will help India expand its market share in the US and Europe. Increased imports of superior US cotton could benefit Indian textile manufacturers and exporters, leading to […]
Edible oil prices are expected to decrease in the April-June quarter due to China’s additional tariff on US soya bean imports, causing a drop in global soya oil prices, which has also influenced the prices of sunflower and palm oil. This may lead to a 4% reduction in oil prices by April.
The United States is urging India to eliminate tariffs on car imports as part of a proposed trade deal, which would pave the way for Tesla’s entry into the market. India, however, is hesitant to reduce tariffs to zero immediately and is consulting with local industries before responding.
‘India must ensure watertight trade pact with US’
8 months ago
India must secure a robust bilateral trade agreement (BTA) with the US, experts urge, in light of Washington’s recent tariff increases. This is crucial as the US has imposed higher tariffs on imports from Mexico, Canada, and China. Commerce Minister Piyush Goyal is currently addressing these trade issues during his visit to Washington.
The US-India Business Council urges the dismantling of non-tariff barriers and red tape to expedite market access and enhance trade relations between India and the US. With Commerce Minister Piyush Goyal in Washington for talks, the goal is to create a landmark bilateral trade deal to boost economic growth in both countries.
Non-tariff measures like the European Union’s carbon tax and deforestation regulations, along with aggressive industrial policies from countries like the USA and UK, are limiting market access for Indian goods. The Indian government is working on schemes to support MSME exporters, with an emphasis on credit facilities and handling non-tariff measures.
Indian exporters may find some solace amid Trump’s tariff heat on China, Mexico & Canada
8 months ago
The imposition of high tariffs by the US on imports from China, Mexico, and Canada opens up opportunities for Indian exporters to increase their presence in the American market. Sectors likely to benefit include agriculture, engineering, machine tools, garments, textiles, chemicals, and leather, making Indian goods more competitive against their counterparts.
Indian exports are under pressure due to aggressive trade policies from the US and EU. Factors such as high import tariffs and technological disadvantages are challenging India’s export growth, which needs a 14.4% annual increase to meet targets. The trade deficit persists despite rising exports.
The wheat processing industry in India has urged the government to reduce the import duty on wheat because of climate uncertainties and price volatility. They seek to import 2-3 million tonnes to stabilize prices. The government, however, claims sufficient stock and urges mills to pass on benefits to consumers.