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Trump’s 50% Tariff on India Takes Effect: Experts Warn of Export and Job Impact
India Becomes Second Country After Brazil to Face 50% Tariff
US President Donald Trump’s 50% tariff on India came into effect on August 27. With this move, India has become the second country after Brazil to face such a high tariff from the US. The decision is expected to impact India’s exports to the US, creating concern among exporting companies. Economists have suggested several measures to counter the tariff shock.
Impact Depends on RBI’s Relief Measures
Experts pointed out that exports to the US account for only 2.3% of India’s GDP. However, the additional 25% tariff will affect different sectors in different ways. The overall growth impact will depend largely on the Reserve Bank of India’s response in terms of credit and liquidity relief.
Government May Explore New Markets
Radhika Rao, Economist at DBS Bank, told Reuters, “The government may look for new markets. Trade and investment can be boosted through multilateral agreements. Meanwhile, the option of restarting talks with the US remains open. The government must adopt strategies that promote business rather than protectionist measures.”
70% of Exports to the US at Risk
Rajeshwari Sengupta, Associate Professor at Indira Gandhi Institute of Development Research, stated that “Free trade agreements, regional agreements, tariff reductions, and removal of non-tariff barriers will help promote trade and attract foreign direct investment.” Barclays added that the US has shifted from being a “good friend to a poor trading partner,” a transition that has taken considerable time. Nearly 70% of India’s exports to the US are now at risk, potentially slowing growth.
Up to 2 Million Jobs Could Be Affected
Sujan Hajra, Chief Economist and Executive Director at Anand Rathi Group, warned that up to 2 million jobs could be threatened in the short term due to US tariffs. However, he emphasized that in a broader perspective, the risk may not be as alarming since India has a diversified export base, positive inflation outlook, and strong domestic demand to cushion the impact. Nirmal Bang Institutional Equities added that India may increase imports of oil and defense equipment from the US as part of its strategy.
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