US imposes 50% tariff on Indian goods; India calls meeting
The US just slapped a 50% tariff on several Indian goods, and India's Finance Minister Nirmala Sitharaman quickly called a meeting with top officials on August 28, 2024.
The big question: how can the government support Indian exporters who'll feel the pinch from these new trade barriers?
India was actually doing well in the US market recently
Sectors like shrimp, chemicals, textiles, leather, footwear, and gems and jewelry are now facing tougher competition from countries like Bangladesh, Vietnam, and Thailand that have lower tariffs.
Even so, India's exports to the US actually jumped 21.6% earlier last year to $33.5 billion.
With the US still buying about one-fifth of everything India exports in 2024-25, officials say they're listening to industry feedback and working on ways to soften the blow for affected businesses.