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Cama Jewelery MD Colin Shah said, “Trump’s announcement is a major setback for India. Being one of the major export sites, it will have a serious impact on areas such as gems and jewelery, which are very much dependent on exports and one of the largest contributors in the country’s economy.
Trump’s 25 percent tariff: US President Donald Trump has announced a big blow to India and announced 25 percent tariffs and fine. Exporters have reacted on Trump’s decision. Exporters said that this announcement will be a major setback for the country’s exports and will bring a new layer of uncertainty. According to the news agency PTI, exporters said that in the absence of clarity on the purview of fine, Indian exporters and American importers are neither able to assess their costs nor plan to withstand the burden of increased tariffs. Cama Jewelery MD Colin Shah said, “Trump’s announcement is a major setback for India. Being one of the major export sites, it will have a serious impact on areas such as gems and jewelery, which are very much dependent on exports and one of the largest contributors in the country’s economy. Moving forward, we hope that business activities with America will be slow.” Let us know that India’s domestic gems and jewelery industries are already suffering the brunt of geopolitical tension going on between Russia-Ukraine and Middle East for almost two years.
Donald Trump announced this
US President Donald Trump on Wednesday announced a 25 percent tariff on all goods coming from India from August 1, as well as a fine on buying military equipment and crude oil from Russia. Ajay Sahay, Director General of the Federation of Indian Export Organizations (FIEO), also expressed similar views that this decision of America has added a new layer of uncertainty for the businesses of both sides. Sahai said, “Exporters consider this obstacle to be a temporary blow, and they estimate that a comprehensive trade agreement will bring stability, remove inequalities and eventually open new avenues of trade and improvement.” Sharad Kumar Saraf, a Mumbai -based exporter and founder president of Technocraft Industries India, said, “This announcement will create more uncertainty. We need stability in these tariffs.” According to the Commerce Ministry data, India’s goods exports to the US increased by 23.53 percent to US $ 8.3 billion in June, while the imports declined by 10.61 percent to about 4 billion US $ 4 billion. India and America are talking on a bilateral trade agreement. The US team is visiting India in August for the sixth round of talks for this agreement.
What were included?
In 2024, America’s main exports to the US in the main exports of India and organic products (US $ 8.1 billion), telecommunications equipment (US $ 6.5 billion), precious and semi-precious stones (US $ 5.3 billion), petroleum products (US $ 4.1 billion), vehicle and auto components ($ 2.8 billion), gold and other precious metallic metals (US $ 2.8 billion), including crackers (US $ 2.8 billion), cords (US $ 2.8 billion), cords (US $ 2.8 billion), cords (US $ 2.8 billion). Silent tenders (US $ 2.8 billion), and iron and steel products (US $ 2.7 billion) were included. Import included crude oil (US $ 4.5 billion), petroleum products (US $ 3.6 billion), coal, coke (US $ 3.4 billion), cut and polished diamonds (US $ 2.6 billion), electrical machinery (US $ 1.4 billion), aircraft, spacecraft and its parts (US $ 1.3 billion), and gold (US dollars).
Also read- Trump Tariff: Trump stunned 25 percent tariff, calling India a friend, will be effective from August 1
