By Admin 
Us tariff impact on india: Amid the ongoing conversation on the trade deal, US President Donald Trump has created a stir in the market on Wednesday by announcing a new rate of 25 percent tariffs on India. These new rates will be applicable from next month, ie August 1. Along with this, Trump, who is trying to stop the Ukraine war, has also said to impose a fine on India due to buying oil from Russia. This news is considered disappointing for Indian exporters exporting to America.
Apart from this, Trump has announced 15 percent tariffs on European Union and Japan, 20 percent on Vietnam, 19 percent on Indonesia and 10 percent on Britain.
What is fear?
In fact, more concern than the tariff imposed by Trump is about potential penalty to Indian businessmen, which has not yet been formally implemented. Its most impact can be on areas like India’s textile industry, carpet, gems and jewelery, and seafood.
According to TOI, M. Rafiq Ahmed, head of Farida Group, a large exporter of shoes, was preparing to travel in the US in the hope of taking new orders, but he hearing the news of the fine, he has started rethinking his plans. He said, “There is an atmosphere of quite uncertainty and this announcement is shocking.”
Why is the atmosphere of doubt?
Vietnam is a major competitor of India’s exporters. In such a situation, 5 percent more tariff on Indian products than Vietnam is a matter of concern for Indian exporters. FIEO Director General Ajay Sahai says that the importers and exporters are not able to fix their costs due to the lack of a clear announcement of the fine by Trump. In this situation, businessmen are unable to understand what they should take the next step.
What is a ray of hope?
However, some expectations are still left due to the ongoing trade deal with the US. Exporters of things like jewelery, textiles, shrimp fish, auto parts, and medicines from India are still in the hope that there can be a positive agreement between the two countries.
Also read: What will the market crash after the announcement of President Trump’s new tariff on India? Learn what signs are getting