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On behalf of America, reciperoot tariffs were announced on more than 180 countries around the world including America. However, only 26% tariffs have been imposed on India as compared to China-Vietnam and other countries of the world. President Trump said that PM Modi is his good friend, but India was always very tough about America and did not do well. Therefore, he has imposed a 26% discounted tariff on India.
In such a situation, where the US has given great relief to some sectors of India by not putting tariffs, some sectors gave a big opportunity against other countries of the world.
Big opportunity for India
According to TOI, Agriculture Economist Ashok Gulati said that after Trump’s new tariff announcement, India has the ability to increase its agricultural exports further in the US and maintain it. He suggested that the US has put a huge tariff on its opposition countries. India must definitely take advantage of this situation.
Gulati said that the 26% discounted recipes installed by the Trump administration will have less impact against the important agricultural export goods such as fish, rice against the regional countries, which have been levied on which this huge tax has been levied.
On Thursday, the Indian pharmaceutical industry has expressed satisfaction that the US has decided to keep the drugs out of the tariff. Sudarshan Jain, Secretary General of the Indian Pharmaceuticals Alliance, mentioned the strong trade relations of the Indo-US through Mission 500, which aims to take trade between the two countries up to $ 500 billion.
Cloth and pharmaceutical industry
Tax partner of EY India Saurabh Aggarwal said that India’s pharmaceuticals are taking advantage of the exemption of sector reciperook tariff. In such a situation, by imposing tariffs on the rest of the countries, a big opportunity was created for this industry in India.
He informed that the tariffs on India’s goods have been imposed much less than China and Vietnam. Because of this, there is a tremendous opportunity for India from telecommunications to pharmaceuticals i.e. textile industry.
Significantly, 10% baseline tariffs will be imposed on all imported goods in America, which will directly affect more than 180 countries. Countries like China imposed 34% tariffs, 20% on European Union, 25% on South Korea, 46% on Vietnam, 32% on Taiwan and 10% on Australia.
