The government is working on a comprehensive package to support Indian exporters impacted by a steep 50 per cent tariff imposed by the US, Union Finance Minister Nirmala Sitharaman has said. She said a multi-departmental engagement is underway to assess the impact on Indian shipments.
Sitharaman said various industries are sharing the impact with the departments or ministries concerned as the second part (25 per cent) of the tariff kicked in from August 27.
"So, we are getting their inputs...something is being worked out to do some hand-holding for those exporters who have been affected by the US tariff of 50 per cent. Till the time we get that assessment, how can we assume how much the impact is? So, every respective ministry is speaking to their stakeholders and asking for an assessment of the impact. We will have to see," said the Union Finance Minister.
The tariffs - among the highest in the world - include a 25 per cent penalty for buying crude oil from Russia. On August 7, the Trump administration enforced a 25 per cent tariff on Indian goods, citing India's persistent oil imports from Russia and long-standing trade barriers.
The sectors impacted due to high import duties include labour-intensive segments like textiles/ clothing, gems and jewellery, shrimp, leather and footwear, animal products, chemicals and electrical and mechanical machinery. Sectors like pharma, energy products and electronic goods are out of the ambit of these sweeping duties.
The US accounted for about 20 per cent of India's USD 437.42 billion exports in 2024-25. The US has been the largest trading partner of India since 2021-22. In 2024-25, the bilateral trade in goods stood at USD 131.8 billion (USD 86.5 billion exports and USD 45.3 billion imports).
Follow us
