According to government sources, some plans may be announced soon to help Trump tariff affected exporters. Exporters connected with clothing and jewelery business are currently facing many challenges due to 50 percent tariffs imposed by Donald Trump.
In addition, exporters of leather and footwear, chemicals and engineering products, agriculture and marine export sectors are also facing new challenges. However, the government is planning to eliminate the problem of small exporters and reduce the pressure on capital. This will make jobs safe and exporters will also make efforts to ensure that the production is not difficult to continue until they get new markets for their products.
For this, the government is planning to bring a new incentive package, which will be like a package received to the MSME sector during Kovid. At the same time, the government is also working on the 'Export Promotion Mission', which was announced in the budget.
As you can tell, US President Donald Trump imposed a 50% reciprocal tax on India in August. Earlier, the United States imposed a 25% tariff on India, citing trade deficit. After this, an additional 25% tax was levied on India's exports on the issue of buying crude oil from Russia.
It is noteworthy that the US Court of Appeals for the Federal Circuit dismissed Trump's decision illegal. The Trump administration argued in the court that in Ukraine, it was necessary to impose a tax on India for peace. Tariffs were imposed to protect America from 'trade deficit', which could prevent economic losses.
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