Trade and Industry Minister Push Goal is expected to meet exporters on April 9, as reciprocal tariffs from the United States take effect.
According to sources close to development, the Ministry of Commerce called on a meeting with exporters on Wednesday to discuss the impact of reciprocal tariffs on exports and possible strategies to overcome it.
For the time being, exporters have been working on a quick shipment in the pipeline and ensured that they have been sent by April 9 to avoid US reciprocal tariffs. However, exporters say there is a pretty uncertainty right now because there are no new orders and everyone is waiting and viewing.
“In most cases, further orders are at rest. It should be seen whether the increased tariff can be handed over to consumers. Working capital is also becoming a problem because exporters will have to pay a higher tariff,” said Sector expert, adding that it would take about a month to fully assess the situation.
The United States has imposed a reciprocal tariff of 26% on India since April 9. Currently, the farm remains released, but the United States has said it may consider this release later.
Currently, the Ministry of Commerce also assesses the impact of tariffs and understand the road forward. According to sources, the government remains hoping to successfully negotiate a bilateral trade agreement with the United States, which can bring a certain return to tariffs and is also considering quickly monitoring trade deals with several countries, including the European Union.
Exporters, meanwhile, also hope for fresh government support and revive several export stimulating schemes, such as the interest scheme, which failed on December 31 last year, as well as expanding the RodTEP scheme (remission of duties and taxes).
Goyal had previously met with export promotion councils on March 13. While the meeting was part of his regular interactions, questions about US trade and tariff announcements were also taken to discussion.
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