The government is carrying out a sectoral analysis of US President Donald Trump’s reciprocal tariffs on the country’s exports to study its impact on various products ahead of the 26 percent levies kicking in on April 9, sources have said. Commerce & Industry Minister Piyush Goyal is scheduled to meet various export promotion councils to do a stocktaking of how exports of various items were getting affected by the tariffs.
Almost all sectors are looking at an uncertain future in the US as importers are holding up orders to get a better clarity on how American buyers would react to higher prices, but certain items such as gems & jewellery, marine products including shrimp, vehicles & parts, electricals and electronics are set to take a definite hit, according to the industry.
India began talks with the US on a BTA weeks before the reciprocal tariffs were announced on April 2 and is hoping for an early conclusion of at least part of the pact which would convince the US to roll back the 26 per cent reciprocal tariffs. Even if Indian exporters manage to convince buyers to absorb the tariff hike fully, it could lead to payment delays and a cash crunch.