Sikkim CM slams US tariffs, backs Modi's 'vocal for local' push

On the Warpath | India's exports of textiles, leather goods, gems and jewellery, food products, and automobiles are likely to face the biggest challenge

- IANS GANGTOK

With tariffs already in place, India braces for a major impact on exports to the US markets. Meanwhile, New Delhi estimates the tariffs will impact $48.2 billion worth of exports, news agency The Associated Press had reported.

Labour-intensive sectors like those of textiles, leather goods, gems and jewellery, food products, and automobiles are expected to face the biggest challenges, according to the Global Trade Research Initiative.

Also, Barclays estimates about $55 billion of Indian exports, nearly 70 per cent of shipments to the US, are now directly at risk.

In such a scenario, FPJ treks across several sectors in several states to feel the ripple effect... MSME SURVIVAL: Punjab exporters in textile and leather goods, most of whom fall under the MSME category and have meagre profit margins, fear that their business would turn unviable in the new situation, hence, the need to explore new markets in Europe, Asia and Africa despite sharp competitiveness.

Exporters in Ludhiana, one of the country's top export hubs with core sectors of hosiery, hand tools and auto parts, and has over 300 companies directly exporting to the US, foresee a potential loss of over Rs 10,000 crore in the wake of new US tariffs.