Piyush Goyal to review issues to be faced by exporter amid Trump’s tariffs on India
Union Commerce and Industry Minister Piyush Goyal is likely to hold a meeting with exporters on April 9, to review the issues to be faced by Indian traders due to the imposition of an additional 26 per cent reciprocal tariffs by the Trump administration. The Senior officials of the commerce ministry and representatives of export promotion councils (EPCs) and the Federation of Indian Export Organisations (FIEO) will attend the deliberations.
Recently, FIEO has stated that the 26 percent tariffs or import duties announced by US President Donald Trump on India will definitely affect domestic players. However, it also added that India is much better placed than many other countries and expressed optimism about the proposed bilateral trade agreement (BTA), which is currently being negotiated between the both the countries, to provide relief from these reciprocal tariffs.
The US accounts for about 18 per cent of India's total goods exports and 6.22 per cent in imports and 10.73 per cent in bilateral trade. Meanwhile, exports have declined for the fourth month in February due to global economic uncertainties. Besides, Indian export sectors such as shrimp, carpet, medical devices and gold jewellery will face the impact of the 26 per cent additional import duties announced by the US.
