Contingency plans in play for apparel, drug, tyre companies

Indian exporters of apparel, automotive parts, pharmaceuticals and tyres—with significant shipments to the US—are preparing contingency plans or revising their business strategies to mitigate the business risk from the imposition of tariffs.

- Ayaan Kartik & Nehal Chaliawala

NEW DELHI/MUMBAI:

US President Donald Trump's administration has imposed a 10% universal tariff on all imports from every country, including India.

Gokaldas Exports Ltd, a listed garments exporter, will focus on expanding its business in Europe because tariffs have hurt business with its main export market—the US. "Since there is a lot of tariff uncertainty, we are pivoting to Europe. The idea is not to reduce our US business in absolute terms, but for incremental business we will focus on Europe including the UK," said Sivaramakrishnan Ganapathi, managing director of Gokaldas Exports.