New Delhi [India]April 3 (ANI): US President Donald Trump’s mutual tariffs will affect the American economy, allowing them to be left with limited purchase options for their needs according to Industry Body PHDCCI CEO and General Secretary Ranjit Mehta.
“If you look at the first effect, it is going to affect the American economy, first. First of all. Consumers who are freedom to buy products from anywhere in the world, where they are becoming cheap. However, by implementing these tariffs, I think it’s going to be more expensive for the American economy,” Mehta told ANI.
Show full article
India will be taxed on 27 percent mutual tariffs.
Luggage like steel, aluminum and auto related goods from India will face 25 percent tariffs, and will be out of the scope of mutual tariffs for pharmaceuticals, semiconductors, copper or energy products now.
Mehta said that President Trump has spoken about everyone by announcing these tariffs.
As far as India is concerned, the General Secretary of PHDCCI said that he feels that it is good for the pharma sector that it has been released from tariff ambit.
He said that Trump Tariffs would affect especially gems and jewelery, textiles and electronics areas.
Between this time time, he sees “light at the end of the tunnel”, given that the two countries are interacting on a bilateral trade agreement (BTA) until the fall of 2025.
The industry captain said, “As we prepare for these tariffs, one thing that is light at the end of the tunnel is that we are interacting with the US on bilateral trade agreements.” “Perhaps by September, October, it should be finalized.”
Indian industry should create its abilities. He appreciated Prime Minister Narendra Modi’s ‘self -reliant India’ schemes.
“I think this is an opportunity within these challenges, and we have another opportunity to ensure that we promote Make in India, and India has a great opportunity for the investment that is looking for a China plus one,” said Mehta.
He also called India to diversify his trade in new countries.
He said, “We have to diversify in Latin American countries, Africa, West Asia, Southeast Asia.
Small and medium enterprises whose orders are expected to be affected, Mehta said, should also think about new markets, and the government can help by organizing exposes, providing finance and accessing markets.
“And this is the time to innovate. For MSME, we need to build those groups. The export-taiyar cluster will be the answer,” he further supplied. (AI)
This report has been auto-generated from Ani News Service. ThePrint does not have any responsibility for its content.