One hot topic in business circles is regarding the 25% tariffs imposed by US President Donald Trump on India. The new rule will be applicable from August 1.
It is being said that the tariffs will lead to 1 lakh people losing their jobs in the jewellery industry in India.
The impact will be more on handmade jewels as the prices will rise leading to decline in demand in the US, according to All India Gem and Jewellery Domestic Council (AIGJDC) chairman. When America imposed 10% tariffs, 50,000 people lost their jobs. Now, the US has imposed 25% tariffs over the existing 5-13.5%. Hence, there is a likelihood of 1 lakh people losing jobs.
The industry will now have to look for alternate markets in the European Union and West Asia, say market analysts.
Other segments that are likely to be impacted include copper exports, garment exports, Basmati rice exports, plastic exports and leather & footwear exports.
The US has trade deficit with India. So, Trump went ahead and slapped tariffs. While US imposed 3% tariffs on Indian-made goods, India imposes 17% tariff on US imports up until now.
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