US tariff influence: Commerce minister Piyush Goyal calls meet with exporters

NEW DELHI: Commerce and trade minister Piyush Goyal will maintain a key assembly with exporters on Wednesday to debate the implications of the 26% further reciprocal tariffs not too long ago imposed by the US underneath President Donald Trump’s administration, in keeping with an trade official.
Senior officers from the commerce ministry, representatives from varied Export Promotion Councils (EPCs), and the Federation of Indian Export Organisations (FIEO) are anticipated to attend the assembly.
An official from one of many councils stated exporters are making ready to boost considerations over the potential fallout of the U.S. tariffs, which might harm demand and finally influence India’s outbound shipments. “The duty may impact demand in the US, which would hurt our exports,” an exporter famous.
The U.S. is India’s largest export market, accounting for practically 18% of India’s whole items exports, 6.22% of imports, and 10.73% of bilateral commerce. India’s merchandise exports fell for the fourth consecutive month in February, citing world financial uncertainties.
From April to February within the 2024–25 fiscal 12 months, India’s merchandise exports reached USD 395.63 billion, marginally greater than USD 395.38 billion in the identical interval a 12 months earlier. Meanwhile, service exports throughout the identical interval have been estimated at USD 354.90 billion, up from USD 311.05 billion the earlier 12 months.
Export sectors anticipated to be instantly impacted by the US tariff hike embody shrimp, carpets, medical units, and gold jewelry.