Trump’s 26% tariff shocks Indian exporters! Trade deal can get relief: Fio
New Delhi:
The decision of the US imposing 26% tariffs on India will harm domestic exporters. Ajay Sahay, Director General of the Federation of Indian Export Organization (FIEO), said that this will affect India’s companies, but India is in a better position than other countries.
He hoped that the proposed bilateral trade agreement (BTA) on which talks between the two countries are going on will soon be finalized. This can provide relief from these counter -charges.
Trade deal can get relief
Negotiations are going on between India and America regarding bilateral trade agreement (BTA). If this agreement is reached quickly, it can reduce the impact of the tariff. According to Ajay Sahay, India is imposed less tariffs than countries like China, Vietnam, Indonesia and Myanmar, which can benefit us.
US President Donald Trump has announced a ‘concession counter duty’ of 26 percent widely on India. Tram showed a chart while announcing the fee that shows the fees levied by countries such as India, China, Britain and European Union.
Trump’s claim – India takes more tariffs than us
Trump said that India imposes a fee of up to 52% on American products, so the US decided to impose 26% ‘concession counter tariff’ on India. Trump described this decision as ‘day of rebirth of American industry’.
India’s trade surplus $ 35.32 billion with America in 2023-24
The US was India’s largest trading partner from FY 2021-22 to 2023-24. America is about 18 percent in India’s total goods exports, 6.22 percent in imports and 10.73 percent in bilateral trade. India is a trade lace, in terms of goods in 2023-24, (difference between imports and exports) is 35.32 billion US dollars. It was US $ 27.7 billion in 2022-23, US $ 32.85 billion in 2021-22, US $ 22.73 billion in 2020-21 and US $ 17.26 billion in 2019-20.
