The whole world has its eyes set on the 2024 US elections. The results will have a huge impact on world trade and might bring some changes to the Indian trade practices as well.
The US is India’s largest export market, reaching $77.5 billion last year. But there is strong demand to bring manufacturing jobs back home in America which might come into effect if Donald Trump wins the elections.
The Republican candidate has made his intentions clear to increase tariffs on Indian goods in order to protect local jobs. On the other hand, if Kamala Harris wins, her approach may be less aggressive, but tariffs could still be on the table.
Major sectors like textiles, electronics, and machinery will face the brunt of these increased costs. The only industry that is an exception is pharmaceuticals as the US government would not want the public outrage on expensive medicines.
Indian businesses might have to find a way to bypass these tariffs. Setting up operations in the US or in countries that have trade deals with the US will help them avoid extra costs.
While the trade relation between India and America will remain in good terms it will definitely make the market more competitive. It is best for Indian companies to expand their supply and adapt quickly.
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