|
India remains in a strong position despite recent changes to the US tariff regime, according to Chandrima Chatterjee, Secretary General of the Confederation of Indian Textile Industry (CITI).
The US Supreme Court on Friday struck down a huge chunk of President Donald Trump's far-reaching tariff agenda, delivering a major rebuke of the president's key economic policy. The majority ruled 6-3 that the law undergirding those import duties "does not authorize the President to impose tariffs." In response, Trump announced a sweeping new 10% global tariff across all trading partners, marking what he signaled as the next phase of his trade strategy after the Supreme Court blocked his previous tariff authority. The president also defended the India trade arrangement, calling it fair and reiterating that the United States will not face duties under the pact. Speaking to ANI, Chatterjee said the industry is assessing how these developments impact the India-US Bilateral Trade Agreement (BTA), under which India had enjoyed some preference over competitors. "We were at 18% vis-a-vis some of our competitors being at 19 or 20%. But even if that marginal competitive edge goes with this global 10%, I think India is in a good position," she said. Chatterjee emphasized the importance of continuing bilateral negotiations. "The only hope that we still carry with us is that the bilateral agreement, the negotiations and talks that are going on should continue, and that should give Indian exporters some advantage, not just in tariffs, but in terms of other value that an BTA brings--be it more exchange of technologies, better investment coming in, and more collaborations to drive value-driven growth in textile and apparel exports to the US." Chatterjee expressed optimism about the way forward. "I think the way forward has taken a very optimistic turn. The day it became 18%, and since then, things have been good. The US was a very strong market, and even yesterday's development doesn't put any shadow on that." She noted that the US has been 30% of India's textile export market. "With uncertainty ebbing now, especially with the Supreme Court order bringing more predictability and certainty in the policy regime that the US will follow henceforth, I think our exporters should strengthen their base in the US and think of further growth there," Chatterjee concluded. (ANI)
|
