The US has imposed 26 percent of additional import duty on India. While Vietnam is facing 46 percent, China is facing 34 percent, Indonesia 32 percent and Thailand is facing 36 percent customs.
Indian exporter in strong position
Indian exporters are in better position than competitive countries to face new tariffs in the US, facing high import duty in the US. Sources gave this information on Saturday. Sources said that areas like shrimp, which are affected by the US counter tariffs, should find new markets such as the European Union to increase exports. Sources said, “India has emerged as the winner in the counter -duty charges imposed by the US since April 2.”
India will benefit.
India can take advantage of this by attracting investment, increasing production and increasing exports to the US. In order to avail opportunities related to the semiconductor sector, attention will have to be focused on infrastructure and policy support. In order to take full advantage of these opportunities, India will have to improve ‘Ease of business’. Logistics and infrastructure have to invest and maintain policy stability.
India’s situation is good
Sources said India is in a better position to deal with the current situation due to the ongoing negotiations with the US on the bilateral trade agreement. Since April 2, the US has imposed an additional 26 percent import duty on India, while Vietnam is facing 46 percent, China 34 percent, Indonesia 32 percent and Thailand is facing 36 percent customs duty. Sources also stated that the Ministry of Commerce is in touch with domestic exporters regarding these fees. The work of preparing the export promotion mission is going on to expand the assistance measures to exporters.
America-China trade war benefits
Sources also said that India has preserved its dairy sector in all free trade agreements (FTAs) and will continue to do so in future. In addition, the US-China trade war will also help Indian exporters to increase their exports. He said, “The government is ready to save local industries from any doubt of dumping goods in such a situation.”
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