Representatives of the Chamber of Commerce and Industry (CTI) called on the Asian nation's government not to respond to an increase in US import tax to 50 % and take measures to reduce dependence on the US market. This has been reported by the ANI agency related to the letter of the head of CTI Britrish Goidy to the Indian government.
The head of the business unit was offended by tightening US trade measures related to Indian products. He warned that increased tasks were introduced by the White House head Donald Trump could lead to 10-15 % of India's exports.
According to the threat, in particular, there may be a number of industries, including electronic equipment manufacturers, pharmaceuticals, equipment and other important products. On the contrary, appropriate to be liberated, it is likely to grasp the main competitors of Asia, for example, Chinese exporters. In addition, Gidel emphasized that hundreds of thousands of Indian workers could lose their main workplace. Millions of jobs have been included in the card, complaining that the head of the Business Association has been complained.
To avoid negative consequences, he added, the Indian government must take retaliation steps. We are talking about the need to diversify export streams from the US replacement sales market. Indian traders were in a difficult situation. We have to search for other importers around the world.
Trump signed a decree about the introduction of 25 more percent of the mission for Indian goods on Wednesday, August 6. The main reason for tightening the US national trade policy related to Asian nation is to continue buying Russian oil. Therefore, the total tax of Washington for Indian exports reached 50 % of the customs value. According to the Ministry of Commerce and Industry of the Asian nation, tightening measures will affect nearly 55 % of the supply for the US market. However, Indian Prime Minister Narendra Modi announced his willingness to pay high prices and protect local manufacturers.