{
  "id": 15295293,
  "title": "Christmas cheer, but caution remains: Exporters welcome US tariff relief, keep diversification plans",
  "url": "https://urgent.news/2026/10/17/christmas-cheer-but-caution-remains-exporters-welcome-us-tariff",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-17T22:30:00.000Z",
  "source": {
    "name": "The Economic Times - Economy",
    "slug": "the-economic-times-economy",
    "url": "https://economictimes.indiatimes.com/news/economy/foreign-trade/christmas-cheer-but-caution-remains-exporters-welcome-us-tariff-relief-keep-diversification-plans/articleshow/135019234.cms"
  },
  "original_language": "en",
  "account": "India's exporters are welcoming the US tariff relief granted to major buyers of Russian oil, as it brings a measure of relief ahead of the pre-Christmas shipping season. However, this relief is unlikely to reverse the strategic shift that Indian exporters have already made, with many diversifying their markets away from the US.\n\nThe US decision to waive sanctions under the Lindsey O Graham Sanctioning Russia and Iran Act has exempted India and other countries from tariffs of up to 100%. US buyers have been urging Indian suppliers to accelerate Christmas shipments, emphasizing that the US is unlikely to single out India again for buying Russian oil.\n\nDespite the tariff relief, Indian exporters are not reversing their longer-term strategy of diversifying their markets. The punitive tariffs last year taught them the importance of not putting all their eggs in one basket. Gopalakrishnan, chairman of Royal Classic Mills, stated that their exposure to the US market has fallen from 85% to 40% in just 15 months, with no plans to change that strategy.\n\nColin Shah, managing director of Kama Jewelry, echoed this sentiment, noting that despite diversification, the US remains the firm's largest market, followed by Australia, Canada, the EU, and the UK. He also mentioned that Christmas-related exports usually continue until December 15.\n\nSathish Gandhi, a wig exporter, pointed out that US buyers have acknowledged the high tariff regime's impact on American consumers, who still rely on India for natural, high-quality human hair for products like wigs, wefts, frontals, and extensions.",
  "summary": "US President Donald Trump's decision to waive sanctions on major buyers of Russian oil has provided some relief to Indian exporters facing the pre-Christmas shipping season. While the waiver eliminates tariff uncertainties for the festive season, Indian exporters are still actively diversifying their markets, reducing their dependence on the US. The US remains the largest market for Indian exporters, but their exposure has decreased from 85% to 40% over the past 15 months. Other key destinations include the UK, European Union, Australia, Canada, and the UK. Despite the diversification efforts, Christmas-related exports are expected to continue until December 15, with consumer demand for jewelry remaining resilient.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}