'$200 bn market in 15 countries': Here's what India can do if US slaps 100% tariffs
As the US contemplates imposing substantial tariffs on Russian crude, India is strategically exploring alternative markets to bolster its exports. With fifteen potential markets worth an impressive two hundred billion dollars, Indian exporters are adapting to global challenges. In contrast to the US, where merchandise exports reached eighty-seven billion dollars, shipments to alternative…
The United States is considering imposing a 100% tariff on Russian crude customers, which has raised concerns about the impact on India's exports. Despite this uncertainty, economist SP Sharma highlighted that India has 15 alternative markets with a potential $200 billion market for the same products. Sharma emphasized that India is not overly dependent on the US market, as exports to the US accounted for 87-88 billion dollars in merchandise exports.
However, he also noted that the US is not the fastest-growing destination for Indian exports, with shipments to other markets expanding at a quicker pace. Sharma stressed that India and the US continue to maintain strong economic ties and that imposing high tariffs would not benefit either economy, as India is a competitive and low-cost supplier.
He argued that continued trade engagement between the two countries would be more beneficial for both economies than imposing additional tariff barriers.
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