Let us what it has in store for India's textile (labour intensive) sector
"Time to test India's resilience and grit/resolution given latest US tariffs have put our industry on mat leaving us with little/no advantage vs competing countries pitted for the slice of US market share when it comes to Textile a major job creator for India, says Rakesh Mehra H'ble chairman CITI (Confederation of Indian Textile industry)".
The situation can be well described by proverbial statement 'Time to roll up sleeves for India's textile industry'.
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Let us see a quick overview of how India stacks on the tariffs vs our immediate competing countries:
Albeit India's 25 percent tariff is less than China's 30 percent levied tariff (TRADE TRUCE) and Bangladesh's current 35 percent, and also Cambodia whilst but grater competition is expected from the other quarter, given it is posed with formidable competition from Indonesia and Vietnam (which is also mired in the controversy of CHINA's trans-shipments).
Notwithstanding India is a Friend...
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Is it a punitive test for India buying arms and oil from Russia? This is a million dollars question
Or
Is it India's no go areas/well described by red lines
Or
India is US 9th largest trade partner and arguably Indian trade for US is not as significant as it's been made out back home?
But industry experts back home argue making a case that make no mistake Trump albeit maybe a tough negotiator but is a deal maker/art of real making so never say never.
Where is it leading US to:
Quick fact sheet
Devil lines in details
Erstwhile average US tariffs before liberation day 2.3% whilst post liberation day 22.5% historical decadal high since 1909
Leaving a consumer burden of an average increase of 2.3% (after all tariffs is a cost the consumer will have to bear)
One serious study has estimated the average US household will end up paying staggering $3800 per year (So US economy may gain consumer ends up feeling the heat of inflationary forces).
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So net net jury is out on the economical rationale of the phenomenon called "TRUMP TARIFF TANTRUMS".
The good news is credible economists guesstimate that US tariffs could hurt economy/shaving off 20-30 BPS this fiscal but domestic growth engine continues to shield economic disaster and is it a wake call to move beyond US says a national economist of repute.
How good is Trump dubbing India 'Dead Economy'?
DISCLAIMER: The efforts are still on as we write considering both the countries are staying engaged.
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