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India
In a move that’s set to escalate trade tensions between the US and India, President Donald Trump has announced a 26% extra tariff on Indian goods. This decision is expected to result in a significant loss of $7 billion annually for India.
The Chamber of Trade and Industry (CTI) has expressed deep concern over this development, stating that it will adversely affect India’s exports to the US. CTI Chairman Brijesh Goyal and General Secretary Vishnu Bhargava said Donald Trump has announced to impose 26% extra tariff on India’s goods, This announcement has increased the tension of domestic traders.
Brijesh Goyal said that India exports metal, pearl, stone, leather, chemical, textiles, electronic, electric, spices, machinery parts, pharmaceutical, spices and rice etc. to the US.
A lot of goods from Delhi also go to America. This will affect exports. The payment system will be in tension. The difficulties of traders and business people of America and India will increase.
A lot of goods are delivered in the old rate, which is on the way. Traders are also in dilemma about pre-order. There is an atmosphere of uncertainty in business.
In response to the US tariff, the CTI has announced plans to launch a “Quit India” campaign against American goods. This campaign will be modeled on the successful “Quit India” movement against Chinese goods.
CTI General Secretary Gurmeet Arora and Senior Vice President Deepak Garg said that soon CTI will discuss the campaign against American goods by discussing with business organizations.
American goods will also be opposed on the lines of Chinese goods quit India. During the festivals, the effective effect of Chinese goods boycott is being seen.
Many types of service are consumed in India including large amounts of beverages, wafers, food chains from the US, CTI will strongly oppose the goods of all these American companies.
The imposition of the 26% tariff on Indian goods is a significant escalation of these trade tensions. It remains to be seen how India will respond to this move and what impact it will have on the bilateral trade relationship between the two countries.
