The us's sweeping tariff hikes on China, Mexico, and Canada Cold Open The Floodgates for Indian Exporters, Creacing A Golden Opportunity to Expand their footprint in the american market.
Experts say key sector – Including Agriculture, Engineering, Textiles, Chemicals, and Leather – Are Poised to Reap the benefits. DURING Trump's first term, India emerged as the fourth-largest winner from washington's trade war with china, and history may be about to reepeat its.
Now, with the trump administration set to enforce fresh 25% tariffs on important from mexico and canada -cloth -a sharp increase in duties on chinese imports, dualing them to 20% –india its to 20% —Inte Poised to Capitalise on Shifting Trade Dynamics.
Will India Gain From Us Tariffs?
According to the think tank gtri, these new trade barriers present India with an opportunity to tap into alternative sourcing options, particularly from canada, beye commodities may no available at more competitive prices, new agency PTI Reported.
Canada Plays a Crucial Role in Supplying Essential Imports that Align With India's High-Demand Sector. Earlier in 2024, The US Imported Substantial Volumes of Crude Petroleum Oil ($ 103 Billion), Refined Petroleum Oil ($ 12.9 Billion), and Fertilizers ($ 3.1 Billion) from canada.
Other Critical Imports Included Copper Cathodes ($ 1.3 Billion), Gold ($ 4.3 Billion), Ethylene Polymers ($ 2.2 Billion), And Plastics ($ 2. 2.1 Billion).
India's Import Requirements are Significant Across Key Commodities – $ 140.3 Billion for Crude Oil, $ 42.5 billion for gold, $ 2.8 billion for copper, $ 2.2 billion will Eti -Ethyleelee Polymers, $ 1.3 billion for plastics, and $ 1.3 billion for fertilizers.
According to PTI, GTRI Founder Ajay Srivastava: “With us tariffs likely making canadian products more competitive in the global market, India clock evaluate souricing these cammodaities from at Potentially lower costs, strengthening its trade partnership while reduction dependence on other high-cost suppliers. “
Fieo President-designate sc ralhan further indicated that the Us tarifs on chinaMexico and Canada Cold Create Advantages for Indian Exporters In Sector Including Agriculture, Engineering, Machine Tools, and Garments.
GTRI observed that the intensification of trade tensions could benefit India through Increased Exports and American Investment Inflows. Srivastava noted that during during his initial term, trump replaced nafta with usmca in 2018-19, citing concerns about outdated provisions and adverse effects on American works.
“Now, he is against unhappy with his own deal and has imposed 25 per cent tarifs on canada and mexico starting today, Violating usmca's terms. Agreements.
“WorsE, at the Negotiating Table, The Us May Demand India Not Just Tariff Cuts but also Additional Concepts, Such as Opening Government Processing, Reducing Agricultural Subsidies, WAKENING PATENT Protection, and allowing unrestricted data flows, demands India have resisted for decades, “He added.
Now, instead of pursuing a full-fledged free trade agrement (FTA), Srivastava sugged that India could propose a “zero-for-zero tariff” Arrangement.
Under this deal, India would agree to eliminate tariffs on a wide range of us industry products – on the condition that washington reciprocates by removing on Indian Exports.
(Tagstotranslate) India
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