US President Donald Trump’s tariff policy has been named as reciperook Tariff. America sells many things including medicines, pearls, expensive stones to India. But do you know that this tariff can cause a loss of Rs 61000 crore. As soon as the new rule is implemented, the US will impose as much tariff on Indian goods as India puts on American goods. But India also sells products from drugs to gem-jewelery, petrochemicals textiles, and automobile products related to sector. This will affect them a lot.
Export will be expensive
India sells gems worth Rs 72,800 crore and jewelry worth Rs 34,260 crore to the US for about Rs 68,520 crore to the US. If we talk about the present time, then America imposes 3 percent tariff on these products.
Gems and Jewelry
India is a leading country in terms of export of gems and jewelery. America’s share in India’s total $ 33 billion gems and jewelery exports is 30% i.e. $ 9.9 billion. It includes chopped and polished diamonds and also includes rooted gold ornaments and diamonds.
Medication will affect
India supplies 47 percent of the US generic drug imports. India’s medicines play an important participation in the US healthcare system. According to media reports, India’s generic medicines are sold in America due to low cost.
Automobile and Auto Component
Major companies exporting from the US such as JLR vehicles will also be targeted, the tariff will also be affected on major components like engine, transmission and powertrain.
Export of 9.6 billion dollars of clothes
Let me tell you, in FY 24, a total of $ 9.6 billion clothes and clothes have been exported to the US. This is 28 percent of India’s total exports. India has to face competition from countries like Bangladesh and Vietnam with counter -tariffs in America.