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The recent developments in US tariff policy present a positive scenario for India, particularly for the apparel sector, according to Dr A Sakthivel, Chairman of the Apparel Export Promotion Council (AEPC).
The 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 authorise the President to impose tariffs." Following the ruling, Trump announced a sweeping new 10 per cent global tariff across all trading partners, marking what he signalled as the next phase of his trade strategy. The president defended the India trade arrangement, calling it fair and reiterating that the United States will not face duties under the pact. "It's good for India that tariffs get reduced. And it, of course, is for all over the world. But we have an advantage because we have the raw materials itself, we can give big delivery and good quality. It is advantageous for India. Even with the Supreme Court order, we are benefited," Dr Sakthivel told ANI. Commenting on the Bilateral Trade Agreement (BTA) negotiations with the US, he said, "The deal is done already and it's only to be implemented. After the Supreme Court order, we will have advantages, because definitely we have to negotiate and get done either 10% or less than 10% opportunity for us. So we should negotiate with US. Mr Trump has said that India is a friendly country and we will respect that." On whether the US would now refund money collected against the tariffs imposed earlier, Dr Sakthivel expressed scepticism. "I don't think it will be done immediately. It is a concern of US importers and our buyers. So once if they get the money, maybe then we can request buyers also to refund the money." Looking ahead, the AEPC Chairman was upbeat about prospects for Indian apparel exports. "US buyers are looking for India. Now, buyers will have more Indian goods. So this is a positive situation for us now. It's a win-win situation for us and also the USA. And as I said, it is a more positive situation for India than other countries." (ANI)
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