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Source: AFP
India reacted cautiously connected Thursday to US President Donald Trump's sweeping tariffs, with the authorities saying it was examining some "implications" and "opportunities" from the work hikes.
Indian stocks fell astatine the unfastened of trading connected Thursday, with the benchmark Nifty scale trading much than 0.3 percent down successful the afternoon.
Trump, speaking portion unveiling the tariffs astatine the White House connected Wednesday, said Indian Prime Minister Narendra Modi was a "great friend" but that helium had not been "treating america right".
India's Department of Commerce said connected Thursday it is "carefully examining the implications of the assorted measures".
It besides added successful a connection that it was "studying the opportunities that whitethorn originate owed to this caller development", a apt notation to determination competitors being deed harder.
An archetypal White House illustration revealing the tariffs listed India astatine 26 percent but an annexe cited by New Delhi enactment the duties astatine 27 percent.
Indian exporters said they were disappointed and relieved successful adjacent measure.
"The tariffs slapped connected India are decidedly some precocious and higher than expected, which volition wounded request for our exports," Ajay Sahai, manager wide of the Federation of Indian Export Organisations, told AFP.
But Sahai besides pointed retired that India was deed with little levies than manufacturing rivals.
"Many countries which we vie with globally, including China, Indonesia, and Vietnam etc, person been deed harder than us," helium said.
"That opens up abstraction for america to summation successful presumption of marketplace share. But astatine the aforesaid time, if much countries retaliate and planetary commercialized gets hurt, this isn't bully for anyone."
'Competitive advantage'
A White House information expanse said that pharmaceutical goods would beryllium exempt from the reciprocal tariffs, providing alleviation to an Indian industry that shipped much than $8 cardinal successful exports to the United States successful the 2024 fiscal year.
Source: AFP
Indian Pharmaceutical Alliance caput wide Sudarshan Jain said that showed "the captious relation of cost-effective, life-saving generic medicines successful nationalist health, economical stability, and nationalist security".
New Delhi is besides successful the process of negotiating the archetypal tranche of a bilateral commercialized statement with Washington.
India sought to trim commercialized tensions with Washington successful the run-up to Trump's "Liberation Day" announcement by cutting tariffs connected immoderate products, including high-end motorcycles and whisky.
Experts accidental that India's aboriginal argumentation responses should besides instrumentality into relationship China's adjacent steps.
"Asia has been deed overmuch much than India connected tariffs," said Madhavi Arora, main economist astatine Emkay Global Financial Services.
"China's endurance effect to the monolithic tariff stroke volition substance for India, amid its excess concern capableness and dumping successful the world/Asian markets."
Global Trade Research Initiative, a New Delhi-based deliberation tank, said the tariff shakeup "presents an accidental for India to fortify its presumption successful planetary commercialized and manufacturing".
It said India had been handed a "competitive advantage" successful respective cardinal sectors, highlighting textiles and garments, with Chinese and Bangladeshi rivals deed by precocious tariffs.
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Source: AFP
