More Stories

Informist, Wednesday, Dec. 4, 2024

 

NEW DELHI – The proposed tariffs by US President-elect Donald Trump on several nations are an opportunity for India, top officials at NITI Aayog said on Wednesday. While these tariffs, if imposed, will be a shock to global trade in the short run, they will present an opportunity for India to increase its share in global supply chains, NITI Aayog Member Arvind Virmani said at a press conference. 

 

During his campaign trail, Trump had called India "the biggest charger of tariffs" and had vowed to reciprocate if re-elected US president. Last week, Trump said he would impose tariffs on China, Mexico, and Canada on day one of his presidency, but did not mention India. Trump will take charge of the White House on Jan. 20. On Saturday, Trump threatened 100% tariffs on exports from 'BRICS' nations to the US if these countries attempt to replace the dollar as the trading currency.

 

"There's going to be huge disruption because of that (tariffs), it's US trade, but there are going to be huge opportunities," said B.V.R. Subrahmanyam, NITI Aayog's chief executive officer. "We are at first slip, the ball is coming in our direction, and the question is, can we actually prepare for ourselves."

Subrahmanyam said that tariffs by the US can lead to a "massive boom" as such tariffs will lead to trade diversion. "How are we going to catch it is the big question," he said at the launch of the think tank's 'Trade Watch Quarterly' report. "I think that's what we're all focused on, very, very concerned and I think we'll see some steps in the next few months," Subrahmanyam said.

 

Last week, Morgan Stanley said that a 10% increase in tariffs on US imports from India could lower the south Asian country's GDP growth by about 30 basis points.  End

 

Reported by Shubham Rana

Edited by Akul Nishant Akhoury

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2024. All rights reserved.