New Delhi [India]April 6 (ANI): The allegations of high mutual tariffs by the US on other competitive countries increase the chances of increasing dumping by those countries in India, as well as in other export markets, which can negatively affect some areas, the Carey Rating said in a report.
According to the report, ‘Regional effects of US mutual tariffs: neutral to negative,’ The expected direct effect of American mutual tariff will be different, no effect on pharmaceuticals is expected because they are free from mutual tariffs for now.
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According to the rating agency, the effect is expected to be largely neutral to electronics, textiles, agricultural products, chemicals and automobiles and parts. At the same time, it will be negative for gems and jewelery.
During 2023-24, India’s total trade exports to the US were USD $ 77.5 billion as compared to imports of USD 42.2 billion USD from the US.
Of India’s total exports to the US, the descending order of value is sector electronics, textiles, pharmaceuticals, gems and jewelery, agricultural products, chemicals and automobiles and parts.
So far, the US is tariff of 3.50 percent on import of goods from India in relation to up-and-above areas, which is now increasing by 26 percent equally as mutual tariffs.
Other countries imposed by the United States, which are the major competitors of India in most of the above areas, are more than us – Vietnam at 46 percent, Bangladesh 37 percent, China at 34 percent, Taiwan at 32 percent, Taiwan, 32 percent and 29 percent according to Pakistan, according to the rating agency.
Since assuming positions for his second term, President Trump has reiterated his stance on tariff mutation, stressing that the United States will match the tariffs imposed by other countries including India to ensure proper trade.
On 2 April, the US President issued an executive order on mutual tariffs, in which additional advertising Veloram duties were implemented from 10 percent to 50 percent on imports from all business partners. The baseline duty of 10 percent will be effective from April 05, 2025, and the remaining country-specific advertisement will be effective from Velum Duty from April 09, 2025. Additional duty on India is 26 percent. (AI)
This report has been auto-generated from Ani News Service. ThePrint does not have any responsibility for its content.