With the US set to impose reciprocal tariffs on April 2, 2025, Indian industries have called on the government to shield them from the potential economic fallout. The tariffs, announced by President Donald Trump, aim to match the tariff and non-tariff barriers imposed by trading partners, including India, and are expected to impact key sectors such as agriculture, pharmaceuticals, steel, and aluminum.
Key Concerns:
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Job Losses and Export Challenges: Indian exporters fear increased costs and reduced competitiveness in the US market, which could lead to job losses and revenue declines.
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Call for Trade Agreement: Industry representatives are urging the government to expedite a bilateral trade agreement (BTA) with the US to mitigate the impact of these tariffs. Negotiations are ongoing, with both nations aiming to finalize the first tranche of the BTA by the end of 2025.
US Perspective:
The government is engaging with stakeholders and US officials to resolve outstanding issues, but with just days left until implementation, uncertainty looms over India's export-dependent sectors.