Commerce ministry holds talks with exporters to counter steep US tariffs

The Commerce Ministry will hold a series of meetings this week with exporters from various sectors, including chemicals, gems and jewellery, to discuss ways to boost exports to new markets to shield industries from the steep 50 per cent US tariffs on Indian goods, an official said on Wednesday.

The official also said work is progressing fast on the formulation of the Export Promotion Mission, announced in the Budget for 2025-26.

"In the next 2-3 days, the ministry will meet stakeholders on the diversification of exports," the official added.

The steep 50 per cent tariff on Indian goods entering the United States, which came into effect from August 27, would impact exports worth more than $48 billion.

The sectors which would bear the brunt of the high import duties imposed by the Trump administration include textiles/ clothing, gems and jewellery, shrimp, leather and footwear, animal products, chemicals, and electrical and mechanical machinery.

Sectors such as pharma, energy products and electronic goods are out of the ambit of these sweeping duties.

The US accounted for about 20 per cent of India's $437.42 billion worth of goods exports in 2024-25.

The US is the largest trading partner of India from 2021-22. In 2024-25, the bilateral trade in goods stood at $131.8 billion ($86.5 billion exports and $45.3 billion imports).