Page 5 - Trade

US tariffs: India eyes Russia, Netherlands for pharma exports' growth

India's pharmaceutical industry is currently exempt from U.S. President Donald Trump's tariffs of up to 50% but the sector has been on edge due to the uncertainty surrounding the situation

Rupee hits fresh intraday low of 88.33 on tariff fears, ends flat at 88.20

The rupee hit a fresh low of 88.33 on tariff concerns before recovering losses to end flat at 88.20 per dollar on likely RBI intervention, amid continued FPI outflows

Re-export of goods from DTA to SEZ must get drawback U/S 74 of CA62

I think the CBIC should take note of the difficulties of the trade and amend the definition of 'export' at Rule 2(b) of Re-export of Imported Goods (Drawback of Customs Duties) Rules, 1995.

India Post suspends all US-bound mail services over new tariff rules

India Post has halted booking and dispatch of all US-bound mail, citing operational hurdles under new US tariff rules, affecting families, students and small exporters

Qatar wants to negotiate trade pact with India, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said a proposed Free Trade Agreement (FTA) with Oman will be finalised soon, and Qatar also wants to negotiate a pact with India. He said that India has already signed such acts with a number of developed economies, including Australia, the UK, the UAE, Mauritius, and four-European nation bloc European Free Trade Association (EFTA). Besides, India is negotiating trade pacts with the European Union (EU), the US, New Zealand, Chile, and Peru. These agreements, he said, will open up new opportunities, markets, and investment possibilities. Negotiations with the EU are moving at a faster pace, Goyal said, adding Commerce Secretary Sunil Barthwal is visiting Brussels next week to take stock of the trade pact talks. The India-EU official team will meet for the 13th round of negotiations from September 8 here in the national capital. After that, European Commissioner for Trade Maros Sefcovic is likely to visit India next month to tak

Trump tariff may hinder tyre makers' growth momentum in US: Industry body

The steep Trump tariff will severely constrain Indian tyre makers' ability to sustain the momentum established in the last few years in America, and there is a need for immediate policy support to help mitigate the adverse impact, the Automotive Tyre Manufacturers' Association (ATMA) said on Thursday. Tyre exports from India to the US will now face a tariff of 50 per cent on most categories and 25 per cent on specific categories. Competing economies such as China, Thailand, Vietnam, Cambodia and Indonesia continue to attract far lower tariffs, putting India at a distinct strategic disadvantage in its largest export market, the Automotive Tyre Manufacturers' Association (ATMA) said in a statement. "Hike in US tariffs will severely constrain the ability of Indian manufacturers to sustain export momentum established in the last few years, particularly since the US is our largest export destination," ATMA Chairman, Arun Mammen said. The Indian tyre industry has invested over Rs 28,000

FM pledges support, vows to safeguard traders' interests amid US tariffs

Finance Minister Nirmala Sitharaman on Thursday assured an exporters' delegation that the government stands firmly with them in this challenging time and is committed to addressing their concerns, while exploring every possible avenue to safeguard their interests amidst high US tariffs, FIEO said in a statement. The assurance was given to a delegation of the Federation of Indian Export Organisations (FIEO) led by its President S C Ralhan. They apprised her of the challenges faced by Indian exporters due to the recent escalation of tariffs imposed by the United States. During the interaction, Ralhan said he highlighted the immediate concerns of the exporting community, particularly the adverse impact of higher tariffs on market access, competitiveness, and employment generation. He underscored the need for quick and calibrated policy measures to mitigate the strain on India's exporters, who have been key drivers of growth and job creation. "The Finance Minister reassured the delegat

US tariffs to hit nearly one-fourth of textile exports in 6 months: Experts

As the 50 per cent tariffs imposed by the US come into effect, close to one-fourth of India's textile exports may be severely impacted in the next six months, with America being the largest export market for the country's apparel industry and exporters grappling with order cancellations, experts said on Thursday. However, the extension of duty-free import of cotton by three more months till December 31 is expected to bring some much-needed relief to the domestic textile industry, as it looks to mitigate the impact of the steep tariffs by re-orienting its export strategy and exploring alternate destinations other than the US, by leveraging India's existing free trade agreements (FTAs). "We are looking at a hit of at least 20-25 per cent for the next six months, if I am considering some amount of re-orientation to be done because otherwise the figure is 28 per cent of exports, largely apparel and made-ups," Confederation of Indian Textile Industry (CITI) Secretary General Chandrima ...

US tariffs: Govt to launch outreach in 40 nations to push textile exports

India is planning dedicated outreach programmes in 40 countries, including the UK, Japan, and South Korea, to push textiles exports amid a 50 per cent tariff imposed by the US on Indian products, an official said on Wednesday. Other nations include Germany, France, Italy, Spain, the Netherlands, Poland, Canada, Mexico, Russia, Belgium, Turkiye, the United Arab Emirates, and Australia. "In each of these 40 markets, this is proposed to pursue a targeted approach, positioning itself as a reliable supplier of quality, sustainable, and innovative textile products with the lead role of the Indian industry, including EPCs and Indian Missions in these countries," the official said. India already exports to over 220 countries, but the 40 importing countries hold the real key to diversification. Together, these 40 countries represent more than USD 590 billion in textile and apparel imports, offering vast opportunities for India to enhance its market share, which currently stands at only arou

Weighed down by 50% US levy, Indian exporters recalibrate strategy

Vinod Kumar, president of the India SME Forum, said outreach to about 100,000 members has drawn 1,035 responses, with entrepreneurs already mapping ways to cope with the tariffs

Texmaco, RVNL form joint venture to boost rail modernisation, exports

Rolling stock maker Texmaco Rail & Engineering Ltd on Wednesday said it has formed a joint venture with Rail Vikas Nigam Ltd (RVNL) to strengthen India's railway modernisation and export competitiveness. The venture will manufacture freight and passenger rolling stock including wagons, locomotives, coaches, trainsets and metro coaches and also take up EPC projects, depot operations and global tenders, a statement said. Texmaco, part of the Adventz Group, will hold a 49 per cent stake, while Navratna PSU RVNL will remain the majority shareholder. The transaction is expected to close by December 2025, subject to approvals. The JV will explore automation, artificial intelligence and green technologies to deliver advanced and cost-effective solutions, the companies said. Adventz Group chairman Saroj Kumar Poddar said the JV will expand India's capacity to deliver world-class rail infrastructure. It will open doors for innovation, exports and digital technologies, making Indian ...

Textiles, jewellery stocks to remain in focus amid 50% US tariffs: Analysts

Stock market investors may remain jittery in the near term as the steep 50 per cent tariff on Indian goods entering the United States came into effect from Wednesday, with sectors like textiles, gems and jewellery, leather expected to remain in focus, when the benchmark indices begin trading on Thursday, analysts said. Market experts, however, believe that panic is unlikely since the 50 per cent tariff is not unexpected and in the near term, stocks may remain range-bound. The additional 25 per cent tariff imposed by US President Donald Trump on India for its purchases of Russian oil came into effect Wednesday, bringing the total amount of levies imposed on New Delhi to 50 per cent. Sectors that 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. The domestic equity market is closed on Wednesday on account of

A week of hopes, anxieties and expectations ahead for exporters

President Donald Trump surprised India earlier this month by imposing 25 per cent tariffs on Indian goods entering the US, in addition to the 25 per cent reciprocal tariffs

India, Eurasian Economic Union ink terms of reference for trade pact talks

India and the five-nation Eurasian Economic Union bloc on Wednesday inked terms of reference to start formal negotiations for a proposed free trade agreement, an official statement said. The five members of the Eurasian Economic Union (EAEU) are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The development is important as India is looking to diversify its export markets due to high tariffs imposed by the US. The terms of reference (ToR), the commerce ministry said, provides the framework for negotiations and is expected to unlock untapped trade potential, increase investments and establish a stronger, durable IndiaEAEU economic partnership. Both sides reaffirmed their commitment to the early conclusion of the agreement and to building a long-term institutional framework for trade cooperation, it said. The two-way trade stood at USD 69 billion in 2024, an increase of 7 per cent over 2023. With a combined GDP of USD 6.5 trillion, the proposed free trade agreement (FTA) is ..

India's richest families benefit from Russian crude oil deals: Bessent

"They are reselling, they made $16 billion on excess profits - some of the richest families in India," he said

India, US negotiating agreement to liberalise trade in goods: Minister

India and the US are negotiating a multi-sector bilateral trade agreement and as a part of the negotiations, both sides are discussing liberalisation of trade in goods, including non-sensitive agricultural products, Parliament was informed on Tuesday. The government is engaged with all relevant stakeholders including agriculture, farming experts, to assess the interests and requirements of India's rural economy, farmers and agricultural sector, Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Lok Sabha. "India and the USA are negotiating a multi-sector Bilateral Trade Agreement (BTA). As a part of negotiations, among other things, both sides are engaged in discussions on liberalization of trade in goods, including non-sensitive agricultural products, with the aim to expand trade and deepen the India-US trade relationship," he said. He added that the government is committed to taking all necessary steps to secure and advance the country's ...

Centre removes cotton import duty till Sept 30 to aid textile sector

The Centre has waived the 11 per cent duty on cotton imports till September 30, providing relief to the textile industry facing higher US tariffs and intense global competition

Apple rings up record run in India's phone exports amid US tariff threat

Apple Inc has led the charge despite concerns that it might slow its expansion in India. Its iPhone exports rose 63 per cent to $7.5 billion in April-July this year, compared with $4.6 bn a year ago

Next round of India-Asean trade pact review talks in October in Jakarta

The next round of review talks for the India-Asean free trade agreement in goods will be held in October this year in Jakarta, an official statement said on Friday. The tenth round of the negotiations concluded here this month (August 10-14). The Commerce Ministry said the Joint Committee focused on advancing the ongoing review of AITIGA (Asean India trade in goods agreement) to enhance its effectiveness, accessibility, and trade facilitation capabilities. ASEAN remains a key trade partner for India, accounting for around 11 per cent of India's global trade. The bilateral trade reached USD 123 billion in 2024-25, reflecting the strong economic ties between the two sides and creating opportunities for enhanced cooperation in the years ahead, it said. "The next AITIGA Joint Committee meeting is scheduled for 6-7 October 2025 at the ASEAN Secretariat in Jakarta, Indonesia, and will be hosted by Malaysia," it added. In a separate statement, the ministry said the fourth meeting of the

Govt imposes anti-dumping duty on certain steel imports from Vietnam

This comes a year after the ministry initiated a probe on some steel imports from the Southeast Asian country to analyse threats and consequential injury to India's steel sector