By Admin 
US President Donald Trump has issued a notice to impose 50 percent tariff on India. It has been told that the new tariff system will be applicable from 12.01 pm on August 27. Trump’s move will present a challenge in the field of exports to India, the fifth largest economy in the world.
China and Vietnam can benefit
According to the report of the Economic think tank Global Trade Research Initiative (GTRI), these increased tariffs will affect Indian exports of $ 60.2 billion, including textile, jewelery, C food, carpet and furniture. In such a situation, China, Vietnam and Maxico will try to establish their impact in this market. It states that the implementation of American tariff is a big business challenge for India’s economy.
India’s 66 percent export will be affected
The GTRI said that the US fee will affect 66 per cent of the exports of $ 86.5 billion to the US from India. In this situation, a better strategy is needed to maintain India’s economic growth. Also, the impact on employment and industrial competition will also have to be controlled. The total exports from India increased by 21.64 per cent to $ 33.53 billion during April-July in the current financial year, while imports increased by 12.33 per cent to $ 17.41 billion.
How much effect will be affected on which sector?
The report said that India will face a huge shortage of exports to America. It is estimated that it will decrease from $ 86.5 billion in FY 2025 to $ 49.6 billion in FY 2026. According to GTRI, 30 per cent export ($ 27.6 billion) fee will be free. Auto parts will have 25 percent tariff on 4 per cent ($ 3.4 billion), while textile, jewelery, C food, carpet and furniture will cost 50 per cent on 66 per cent ($ 60.2 billion).
Also read: What did this make … Chinese experts shaken by seeing the strength of India’s native defense system, you also know what is IADWS?