eznews.inThe US Department of Commerce is assessing the impact of President Donald Trump's recent executive order imposing a 27% reciprocal tariff on India, while also exploring potential opportunities arising from this shift in US trade policy. India is optimistic that discussions on a Bilateral Trade Agreement (BTA) will yield exemptions and carve-outs, fostering a mutually beneficial resolution. The Department is engaging with stakeholders, including Indian exporters, to gauge the tariffs' effects and identify competitive advantages, particularly in sectors like textiles and electronics, where India's tariffs are lower than those faced by competitors such as China and Vietnam. Ongoing negotiations aim to enhance bilateral trade, with Prime Minister Narendra Modi and Trump targeting a trade increase to $500 billion by 2030. The executive order, effective from April 2025, establishes additional duties ranging from 10% to 50% on imports from various countries, with India facing a specific duty of 27%. 
Published:
Apr 03 2025, 2 pmeznews.inIndia's steel industry faces a potential crisis as China, burdened by a 34% US tariff, may redirect excess steel supply into the Indian market, threatening to lower prices and squeeze domestic producers' margins. Despite a 27% reciprocal tariff imposed by the US on Indian imports, steel has so far avoided additional duties, although the influx of nearly 5 million tonnes of low-cost steel from countries like Korea, Japan, and Vietnam could disrupt the sector. Currently, India's steel exports to the US are minimal, with only 95,000 tonnes annually, but the overall steel import volume has risen by 16% year-on-year. The domestic market, primarily driven by infrastructure and construction demand, may provide some relief, and the Directorate General of Trade Remedies has recommended a 12% safeguard duty on imports, which is under consideration. Industry leaders warn that while US tariffs may alter trade dynamics, they could also open new market opportunities for Indian manufacturers.
Published:
Apr 03 2025, 3 pmeznews.inUS President Donald Trump unveiled an executive order on tariffs during a press event in the Oval Office, asserting that the new levies were "reciprocal" and reflective of how other nations have treated American goods. While he claimed to halve the tariff rates imposed by other countries on US imports, experts have since scrutinized the methodology behind these figures. Financial writer James Surowiecki highlighted that the rates appeared to be derived from the US trade deficit with each country divided by that country's exports to the US. This formula was corroborated by others, including Flexport CEO Ryan Petersen, who confirmed its consistency across various nations. Indian economists also noted that Trump's calculations aligned with India's trade deficit figures. However, the Office of the US Trade Representative disputed these claims, stating that the rates were based on a comprehensive analysis of both tariff and non-tariff barriers.
Published:
Apr 03 2025, 3 pmeznews.inIndia's agricultural exporters are grappling with a new 27% reciprocal tariff imposed by the US, which affects key products including basmati rice, marine goods, and spices. Despite concerns from exporters, the Indian government remains optimistic, aiming to finalize a bilateral trade agreement (BTA) within six months to mitigate the tariff's impact. Previously, import duties ranged from 0-10%, but the new tariffs, effective April 5 and April 9, have raised alarms, particularly among exporters of non-ethnic products. However, basmati rice, which faces no competition from Pakistan due to a higher tariff, may benefit from the situation. Experts suggest that Indian exporters might seek cheaper sourcing options from countries like Brazil to remain competitive. The government is closely monitoring US consumer behavior to assess demand fluctuations, while industry leaders anticipate that the tariff could drive improvements in efficiency and product quality among Indian companies.
Published:
Apr 03 2025, 3 pmeznews.inIn a significant update for Public Provident Fund (PPF) account holders, the Finance Ministry has announced the removal of the ₹50 fee for changing nominee details, effective April 2. This change was prompted by Finance Minister Nirmala Sitharaman, who noted that financial institutions were charging for such updates. The amendment is part of the Government Savings Promotion General Rules, 2018, and aims to simplify the process for account holders. Additionally, the recently passed Banking Amendment Bill, 2025, allows depositors to nominate up to four individuals for the payment of their deposits and the release of items from safety lockers, a notable increase from the previous limit of one nominee. However, this provision comes with conditions, as account holders must either prioritize nominees or specify their respective shares in the deposits.
Published:
Apr 03 2025, 1 pmeznews.inA new 26 per cent tariff imposed by the US on Indian cashew imports is expected to enhance the competitiveness of Indian cashews in the US market, particularly against Vietnam, which faces a steeper 46 per cent tariff. According to Bola Rahul Kamath, President of the All India Cashew Association, this pricing advantage could make Indian cashews approximately 20 per cent cheaper than Vietnamese products. Currently, Vietnam dominates US cashew imports, supplying around 1.3 lakh tonnes compared to India's mere 7,000-8,000 tonnes. However, Kamath warns that long-term competition may arise from African producers, who benefit from a lower 10 per cent duty. Despite a recent decline in Indian cashew exports, industry leaders like J. Rajmohan Pillai of Beta Group anticipate a potential 200 per cent increase in exports to the US, provided India enhances its processing capabilities and sources raw cashew nuts from Africa.
Published:
Apr 03 2025, 1 pmeznews.inIndia's economy is reportedly less affected by the recent tariffs imposed by the US, according to Sanjay Nayar, President of the Associated Chambers of Commerce and Industry of India (ASSOCHAM). Speaking to ANI, Nayar emphasized that India's inward-looking economic approach positions it more favorably compared to other Asian markets, despite the steep 26% tariff on certain exports. He noted that tariffs on countries like China (34%), Vietnam (46%), and others are significantly higher, suggesting a relative advantage for Indian goods. While the tariffs include a 25% levy on steel, aluminum, and auto-related products, pharmaceuticals remain exempt. Experts warn that the situation could lead to a realignment of intra-Asian trade and supply chains, urging Indian industries to enhance efficiency and consider expanding market access for US imports. Overall, the dual-edged impact of these tariffs presents both challenges and opportunities for India's manufacturing sector.
Published:
Apr 03 2025, 11 ameznews.inIn response to U.S. President Donald Trump's sweeping tariff announcements, governments worldwide are scrambling to assess the implications for their economies. Vietnam's Prime Minister Pham Minh Chinh convened an urgent cabinet meeting after the U.S. imposed a 46% tariff on Vietnamese goods, which could severely impact the country's export-driven economy, where the U.S. accounts for nearly 30% of GDP. Taiwan also criticized the U.S. tariffs, set at 32%, as "unreasonable," while emphasizing the importance of its semiconductor exports, which remain exempt. French President Emmanuel Macron is set to meet with business leaders to address the expected 20% drop in wine sales due to tariffs. Meanwhile, China has condemned the tariffs, warning of retaliatory measures, and the EU is preparing countermeasures, with President Ursula von der Leyen highlighting the potential for global economic disruption. South Korea and Switzerland are also evaluating the tariffs' impacts and considering support measures.
Published:
Apr 03 2025, 11 ameznews.inIndia's jewellery exports, primarily to the US, are facing significant challenges as the US imposes retaliatory tariffs, exacerbating a 23% decline in exports this fiscal year. The US accounts for nearly 30% of India's $11 billion annual jewellery exports, and the new tariffs could lead to further job losses in this labour-intensive sector. Currently, India imposes a 20% import duty on US jewellery, while the US levies a 10% tariff on Indian imports, creating an uneven playing field compared to competitors like Turkey and the UAE. Industry experts, including Colin Shah of Kama Jewelry, warn that the sector is particularly vulnerable, urging the Indian government to consider lowering tariffs on US goods to balance trade. As gold prices approach $3,200 amid these uncertainties, the future of India's gems and jewellery industry remains precarious until new tariff negotiations are clarified.
Published:
Apr 03 2025, 10 ameznews.inThe India Electronics and Semiconductor Association (IESA) has raised concerns over the 26% tariffs imposed by the United States, warning that they could adversely affect domestic industries, particularly in the auto components and electronics sectors. IESA President Ashok Chandak emphasized the need for India to adopt a dual-track approach, balancing negotiations with countermeasures to protect its economic interests. He suggested that negotiating a bilateral trade deal could alleviate some pressure, while adjusting import tariffs on select US goods might address specific concerns. Despite the challenges posed by the tariffs, Chandak noted that India’s competitive tariff rate compared to rivals like Vietnam and China could enhance its position in the US market. He urged the government and industry stakeholders to act swiftly and strategically to navigate these challenges, highlighting the potential for a mutually beneficial agreement as both nations aim to expand bilateral trade to $500 billion.
Published:
Apr 03 2025, 10 am
For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews
India
World
Economy
Science
Health
Showbiz
Contact