Trump Tariff: The US government has issued an official notification to impose 25% additional fees on India. This is likely to have a major impact on many export sectors in India.
US TARIFF: The US has implemented 25% of additional tariffs on India since August 27. The US Home Safety Department has issued an official notification for this. The move will affect India’s exports and many industries. The Government of India is emphasizing on adopting indigenous things to reduce dependence on exports of its economy. Prime Minister Narendra Modi on Tuesday asked Indians to become Vocal for Local and buy Indian goods.
Many factory owners stopped production
The tariff imposed by the US has affected India’s textile and apparel industry. Many factory owners from Tirupur, Noida and Surat have stopped production as the cost has increased and competition has declined.
These sectors will be the most affected
Us Tariff: Many Indian export sectors can have a major impact due to the US imposing 50% tariffs. Especially textile and textile industry, about 30% exports depending on the US. About $ 10 billion exports in gems and jewelery sectors will be affected, due to which thousands of jobs may be in danger.
48% of the sales of shrimp, especially in marine products, occur in the US. After 50% tariff is implemented, its price will increase and sales may decrease. 60% and 50% of home textile and carpets go to the US, which can affect the demand for these products. In addition, sectors such as furniture, leather and handicrafts can also reach the verge of being out of the US market due to high tariffs.
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People’s job can go in large numbers
Many factories in Tirupur, Tamil Nadu can be closed and a large number of people can go to jobs due to American tariffs. The city handles about 68% of India’s total corresponding exports and about one million people work here. According to the report, about 1.5 lakh people can be unemployed by this crisis.