India’s Small Exporters Advocate for Import Duty Reductions Amid U.S. Tariff Concerns
India’s small exporters are seeking cuts in import duties on certain U.S. goods due to looming tariffs on steel and aluminum imposed by the U.S. government. Concerns stem from potential losses in orders and increased costs. The Engineering Export Promotion Council suggests that reduced tariffs could lead to better trade deals with the U.S.
India’s small engineering goods exporters are calling on the government to reduce import tariffs on specific U.S. goods in response to impending tariffs on steel and aluminum imposed by President Trump. Effective March 12, the U.S. will impose a 25% tariff on these imports, prompting concerns among Indian exporters regarding increased costs and dwindling orders. Pankaj Chadha, Chairman of the Engineering Export Promotion Council, noted that approximately $7.5 billion of India’s annual $20 billion engineering goods exports may be impacted by these tariffs.
In order to mitigate the adverse effects of U.S. tariffs on steel and aluminum, Indian exporters are advocating for reduced import duties on certain U.S. products. This strategy aims to foster more favorable trade relations and safeguard their market position against rising costs and declining orders. Continued support from the Indian government will be vital for exporters amidst these challenges.
Original Source: www.hindustantimes.com
