US tariff impact: Commerce minister Piyush Goyal calls meet with exporters
NEW DELHI: Commerce and industry minister Piyush Goyal will hold a key meeting with exporters on Wednesday to discuss the implications of the 26% additional reciprocal tariffs recently imposed by the US under President Donald Trump’s administration, according to an industry official.
Senior officials from the commerce ministry, representatives from various Export Promotion Councils (EPCs), and the Federation of Indian Export Organisations (FIEO) are expected to attend the meeting.
An official from one of the councils said exporters are preparing to raise concerns over the potential fallout of the U.S. tariffs, which could hurt demand and ultimately impact India’s outbound shipments. “The duty may impact demand in the US, which would hurt our exports,” an exporter noted.
The U.S. is India’s largest export market, accounting for nearly 18% of India’s total goods exports, 6.22% of imports, and 10.73% of bilateral trade. India’s merchandise exports fell for the fourth consecutive month in February, citing global economic uncertainties.
From April to February in the 2024–25 fiscal year, India’s merchandise exports reached USD 395.63 billion, marginally higher than USD 395.38 billion in the same period a year earlier. Meanwhile, service exports during the same period were estimated at USD 354.90 billion, up from USD 311.05 billion the previous year.
Export sectors expected to be directly impacted by the US tariff hike include shrimp, carpets, medical devices, and gold jewellery.
