Donald Trump`s pledge to impose high tariffs to provide huge export opportunities for India: BVR Subrahmanyam
Niti Aayog CEO BVR Subrahmanyam has said that US President-elect Donald Trump's pledge to impose high tariffs on three of its trading partners, including China will provide huge export opportunities for India and the domestic industry should prepare itself to tap into that. Recently, Trump vowed to introduce 25 per cent tariffs (or customs duty) on imports from Mexico and Canada and an additional 10 per cent on China.
Subrahmanyam said there is going to be huge disruptions because of that in the US trade and that would open up ‘huge’ opportunities for India. The US is the largest trading partner of India. India's exports stood at $77.51 billion, while imports aggregated at $42.2 billion in the last fiscal. The US also accounts for 70 per cent of India's IT export revenue. He said ‘Our relationship with the US is multi-dimensional. It is very deep. It's not standing only on one leg which is trade, there are many other dimensions. The two nations have a much deeper relationship and all these things will be taken into account’.
These remarks assume significance as Trump during his election campaign, called India an ‘abuser’ of import tariffs, a claim that echoed his October 2020 statement labelling India the ‘Tariff King’. He has also warned BRICS countries against any move to replace the US dollar and has sought a commitment from the nine-member group that includes India, Russia, China, and Brazil, among others.
