Indian exporters who built their businesses on Americans¡¯ demand for affordable goods are redrawing their strategies and weighing alternatives to reduce the pain from U.S. President Donald Trump¡¯s shock 50% levy on imports.
Trump¡¯s decision to double tariffs in the space of a week will make India-made apparels to generic drugs prohibitively expensive and can heavily disrupt exports, if not bring them to a grinding halt for many smaller businesses.
¡°This is worse than COVID for us,¡± said Lalit Thukral, founder of apparel exporter Twenty Second Miles, who fears the industry will have to sell his goods at a loss and comparing the tariff-led disruption to the COVID-19 pandemic. ¡°At least, there seemed to be an end to it. This tariff situation is just getting worse.¡±
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