New Delhi, July 30
While US President Donald Trump’s announcement of a 25 per cent tariff, plus penalty, on Indian imports from August 1 has raised concerns, Indian industry leaders on Wednesday believe this global trade shake-up could also open new growth avenues for the country.
He urged Indian industry to step up with quality, compliance, and competitiveness, stressing that similar tariff headwinds for China and Vietnam could help India gain long-term trust and expand its global market share.
“Let us view this moment not as a setback -- but as a springboard,” he added.
President Trump on Wednesday announced that the US will impose a 25 per cent tariff with a penalty on Indian imports starting August 1.
The announcement was made on Truth Social, his own social media platform. Trump said the decision also comes with a penalty on India for buying military equipment and energy from Russia.
“Remember, while India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high,” Trump said.
He also mentioned that the US has a massive trade deficit with India.
The announcement follows months of talks between the two countries, but a mini or interim trade deal has remained out of reach.