Indian Exporters Voice Concerns Over Trump's Tariff Threat

ENA Sectors 2025-01-31 16:19:01 New Delhi, Jan 31 (KNN) In a high-stakes meeting with Commerce and Industry Minister Piyush Goyal on Thursday, Indian exporters raised concerns about U.S. President Donald Trumps latest threat to impose 100 per cent tariffs on BRICS nations, including India. Industry sources revealed that the discussion, which involved key export promotion councils, focused on ways to safeguard Indias trade interests amidst growing global uncertainties. Exporters from textiles, engineering, electronics, leather, and services sectors attended the meeting, flagging several pressing issues. Apart from Trumps aggressive trade stance, they highlighted the need for quality control measures, a shortage of skilled labour in labor-intensive industries, and the urgency of extending the interest equalisation scheme to boost competitiveness. Trumps recent remarks calling India the Tariff King and an abuser of import duties have added to exporters' concerns. His administrations America First Trade Policy is being closely examined by Indian trade officials to gauge its impact on bilateral trade. The U.S. remains Indias largest trading partner, making any policy shift critical for exporters. The concerns come at a time when Indias exports have declined for the second consecutive month, dropping nearly 1 per cent year-on-year to USD 38.01 billion. Meanwhile, imports surged by 5 per cent to USD 59.95 billion, widening the trade deficit. Sectors like petroleum, gems and jewelry, and chemicals, which are crucial for Indias export economy, have been particularly affected. On a broader scale, cumulative exports for the April-December period of this fiscal year saw a modest growth of 1.6 per cent to USD 321.71 billion. However, imports grew at a faster rate of 5.15 per cent, reaching USD 532.48 billion, pushing the trade deficit to USD 210.77 billion, up from USD 189.74 billion in the previous fiscal year. As the government explores strategies to counter these challenges, exporters remain hopeful that policy interventions, including labor reforms and financial incentives, will help them navigate this turbulent phase. For now, all eyes remain on the evolving U.S.-India trade dynamic and how New Delhi plans to respond to these mounting pressures. (KNN Bureau) 40868 https://knnindia.co.in/news/newsdetails/sectors/indian-exporters-voice-concerns-over-trumps-tariff-threat 2025-01-31 16:19:01 knnindia.co.in Indian Exporters Voice Concerns Over Trump's Tariff Threat