India is now facing 50 % of the American customs tariff. Here is what can be affected – my country

sharp American definitions On a group of Indian The products entered Wednesday, threatening a dangerous strike of foreign trade in India in the largest export market.

President Donald Trump initially announced a 25 % tariff for Indian goods. But earlier this month, an executive thing imposed an additional tariff of 25 % due to India’s purchases of Russian oil, raising the joint definitions imposed by the United States on its ally to 50 %.

The Indian government estimates that the definitions will affect exports of $ 48.2 billion. Officials have warned that new duties could make shipments to the United States trade commercially, which leads to slow job losses and economic growth.

Trade relations between India and the United States have expanded in recent years, but remain vulnerable to conflicts over access to local markets and political pressure. India is one of the fastest growing global economies and may face slowdown as a result.

Think Global Trade Global Research Initiative, which is based in New Delhi, indicates that the intensive sectors of employment such as textiles, precious stones, jewelry, leather goods, food and cars will strike more.

“The new customs tariff system is a strategic shock that threatens India for a long time in the United States, causing unemployment in centers that depend on export and weakening its role in the industrial value chain,” said Ajay Srivastava, founder of the former Indian Trade Tank, said.

The United States has currently gave some sectors such as medicines and electronic commodities from additional definitions, which makes some rest to India because their exposure in these sectors is important.

The World Trade Research Initiative report was issued on Tuesday Canada can be among the commercial partners who can fill the gaps for American buyers while moving away from Indian agricultural goods, chemicals and minerals, despite the current Trump tariff in Canada.

The industry will take a major blow in the short term unless the local demand and other foreign markets strengthen more Indian commodities.

“This is an absolute shock,” said Dawar, whose business has grown with the United States in recent years. Dawar customers include the main retail stores of Zara.

Dawar, who is also the regional head of the Dermatology Council – an export promotion body – said that the United States should understand that the sharp tariff will harm its consumers.

Groups representing exporters warn that the new import tariff may harm small and medium enterprises in India, which depends heavily on the American market.

“It is a difficult situation,” said Ajay Sahai, the general manager of the Indian Export Organizations Union. “

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Customs duties come at a time when the American administration continues to pressure to increase access to the agricultural sectors of India and dairy in India.

India and the United States have held five rounds of negotiations for a bilateral trade agreement, but they have not yet reached an agreement. This is largely because New Delhi resisted the opening of these sectors to the cheapest American imports, noting that doing this would offer the functions of millions of Indians.

Prime Minister Narendra Modi pledged not to benefit from pressure.

“For me, the interests of farmers, small companies and dairy products are the highest. I will guarantee my government that they are not affected,” Modi said in this week’s march in Gojarat.

Moody said that the world was witnessing “economic selfishness.”

An American delegation canceled plans to visit New Delhi this week in the sixth round of commercial talks.

The Indian government has started working on reforms to enhance local consumption and isolate the economy.

I moved to change the tax of goods and services, or consumption tax, to reduce insurance, cars and devices before the main Hindu festival in Diwali in October.

The government council will meet early next month to decide whether taxes will be reduced.

The Ministry of Trade and the Ministry of Finance discuss the financial incentives that will include the prices of bank loans conducive to exporters.

The Ministry of Commerce also weighs steps to expand exports to other regions, especially Latin America, Africa and Southeast Asia. The ongoing trade negotiations with the European Union can gain a renewed urgency as India is working to reduce its dependence on the American market.

The Associated Press Rishi Lachy’s video journalist contributed to this report.

– With additional files from Global News

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