US tariff hike: Indian exporters seek new markets
Over 50,000 Indian exporters are hustling to find new buyers abroad after the US doubled tariffs on their exports to 50% this week.
Sectors like textiles, jewelry, and chemicals are feeling the pinch, and with no government support, these businesses are now eyeing the Gulf region, Latin America, Africa, and Britain to keep sales going.
What are the exporters doing?
Many exporters rushed to ship goods before the August 27 tariff hike hit.
Now, more than half say they're exploring places like the Gulf, Latin America, Africa, and Britain for fresh opportunities—and even looking at ways to change their "country of origin" label.
Since SMEs play a huge role in India's economy, economists say that if US exports drop further, it could slow down India's growth.
So this quick pivot to new markets is crucial for keeping these businesses afloat.