Following the India-US trade deal announced yesterday, please find below Rahul Mehta, Chief Mentor, Clothing Manufacturers Association of India’s response for your kind consideration.
“Whilst the announced levy 0f 25% does come into effect, it would indeed be a surprising twist to our expectations on the way the trade talks were proceeding. However, having seen the several about turns on the tariff front in the case of other countries, I would not press panic buttons right now. But, if the proposed terms under India-US Trade Deal do come into effect, It will make our products 7% to 10% more expensive than some of our competitors, and it will certainly hurt our Apparel exports to the US. Fortunately, this set-back has come at the time when we have just signed an FTA with UK, and are proceeding rapidly with an FTA with EU. So yes, it is tough times, but not beyond our ability to face.”
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