The Indian textile market will not face any problems after the US imposes higher tariffs on the country's products.
“Indian textile traders are so strong that they can create their own market anywhere in the world”, Champalal Bothra, president of the Confederation of All India Traders (CAIT), told ANI.
“We want to tell the Indian government that 35% of our exports to the US can be offset through free trade agreements, through changes in government policies and exports to other countries, by reducing costs”, Bothra added.
“No country in the world cannot dictate terms to India and try to put pressure on it", he said. “A local trader will not work under tariffs, he will find a new market and will prosper. If the Indian government comes up with a strategy to support small and medium enterprises, we can fight tariffs by reducing costs. “New markets can be opened in Europe, South Africa, Japan, Central Asia“, the chairman said.
Trump announced last week the introduction of a 25% tariff on Indian goods, and later said that he would also significantly increase the tariff on India for importing and reselling Russian oil.
The Indian Ministry of External Affairs issued a statement in which it called the attacks by the US and the EU on imports of Russian oil into India unjustified, as Western countries have previously encouraged such trade to strengthen the stability of global energy markets, while they themselves continue to buy goods and services from Russia.