New Delhi [India], April 2 (ANI): Congress MP Renuka Chowdhury on Wednesday moved suspension of Business Notice in Rajya Sabha to discuss the impact of US Tariffs on India which are slated to come in effect from today.
Expressing concern over the tariff, Renuka Chowdhury moved the notice to discuss India’s policy to counter the impact on economy. She added that government policy has been “undefined, directionless and clueless.”
“That this House do suspend Zero Hour and relevant rules relating to Question Hour and other scheduled business to deliberate the impact of US Tariffs on India, which are slated to come into effect, beginning today i.e. April 2, 2025. The government’s policy to counter the impact of these tariffs on the Indian Economy is undefined, directionless and clueless. A new US-based report, yesterday, criticised not just India’s trade barriers but also some of its domestic policies like ‘Make in India’ and Aatmnirbhar Bharat, meant to encourage local manufacturing and supporting farmers,” she wrote on the notice.
Stressing the importance of trade with US, she said the higher tariffs poses a serious risk to multiple industries, millions of jobs, and India’s overall economic stability.
“The United States remains India’s largest export destination, accounting for 17.7% of total exports. However, the looming threat of higher US tariffs poses a serious risk to multiple industries, millions of jobs, and India’s overall economic stability. India is said to lose at least Rs 60,000 per year due to reciprocal tariffs by the US, according to credible estimates. US President Donald Trump has repeatedly stated his intent to impose “reciprocal tariffs.” The US has already imposed tariffs on imports from Canada, Mexico, and China, signalling a growing wave of protectionism that could soon impact India,” Chowdhury wrote.
She further highlighted the impact that the tariffs will have on IT, textlie and pharmaceutical industry.
“India’s IT industry, which generates over 80% of its export earnings from the US, may suffer reduced demand if outsourcing costs rise due to tariffs. The textile sector could become less competitive. Similarly, the pharmaceutical industry, which supplies 40% of the US generic drug market, may witness a decline in demand, potentially impacting consumer prices and access to affordable medicine. Sectors such as chemicals, metals, automobiles, and food products are at high risk, with jewellery, pharmaceuticals, and petrochemicals among the most vulnerable,” she wrote.
On Tuesday, White House Press Secretary Karoline Leavitt said at a press briefing said that tariffs Donald Trump announces at a Rose Garden ceremony at 4 pm ET Wednesday will go into effect “immediately,”
Still it remains unclear whether Trump plans to levy individual tariff rates on all US trading partners, put tariffs on only some countries, or apply a universal tariff — perhaps as high as 20 per cent — on all imports. Trump’s advisers are publicly supportive of Trump’s tariff agenda, but they differ in approach and scope behind the scenes.
Meanwhile, recently, Trump said that he had heard that India was dropping its tariffs on American goods substantially.
“I think I heard that India just a little while ago is going to be dropping its tariffs very substantially and I said why didn’t somebody do this a long time ago,” he said. (ANI)
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