Union Minister Pankaj Chaudhary announced that India will assess the impact of new U.S. tariffs, which impose a 27 percent rate on steel, aluminum, and auto goods. Industry experts believe Indian exports will face less disruption than other Southeast Asian nations, emphasizing the need for improved efficiency and market access to the U.S. amid these changes.

India will conduct a thorough review to assess the implications of the recently imposed 27 percent tariffs on its exports to the United States, as announced by Union Minister of State for Finance, Pankaj Chaudhary. During a press conference in New Delhi, he proclaimed, “For Donald Trump, it’s America First, and for Modi ji, it’s India First. We will analyse it first, then assess its impact and see how to deal with it.”

Industry leaders, including ASSOCHAM president Sanjay Nayar, have expressed optimism that Indian exports will experience limited impact compared to their Southeast Asian counterparts. Nayar stated that while the tariff rates appear substantial, India is in a relatively advantageous position. He mentioned that the pharma sector’s exemption from tariffs presents a critical advantage and emphasized the need for Indian industries to enhance efficiency in response to these challenges.

Former President Trump justified the tariffs as a means of addressing unfair trade practices, such as non-monetary barriers and subsidies, while urging foreign nations to lower or eliminate tariffs on American products. The newly introduced tariffs reflect a systemic approach that varies significantly across countries, with China facing a 34 percent tariff and India set at 26 percent.

Under these tariffs, Indian goods such as steel, aluminum, and automotive products will incur a 27 percent tariff, whereas pharmaceuticals, semiconductors, copper, and energy products will not face any tariffs at all. Experts suggest this creates a complex scenario for India’s manufacturing sector, revealing both opportunities and challenges in the current trade landscape.

In conclusion, while the recent tariffs imposed by the United States present challenges for Indian exports, industry leaders maintain that the overall impact may be less severe than initially anticipated. The Indian government, under the guidance of Minister Pankaj Chaudhary, is committed to analyzing this situation meticulously. Enhanced efficiency and market access to the U.S. will be crucial for Indian industries moving forward.

Original Source: www.hindustantimes.com

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