US tariff: Goyal to meet exporters in Mumbai on Aug 2-4

New Delhi, Aug 1: Commerce and Industry Minister Piyush Goyal will hold meetings with exporters from different sectors, including food processing, textiles, engineering, and chemicals, from August 2-4 in Mumbai to discuss the implications of 25 per cent tariff announced by the US, an industry official said on Friday.

The official added that exporters from segments such as fisheries, engineering, IT, and pharma will also participate in the deliberations.

Leather sector exporters are expected to meet the minister on August 4 here.

The US on Friday slapped a 25 per cent tariff on India, potentially impacting about half of the USD 86-billion Indian exports to America, while the other half, including pharmaceuticals, electronics, and petroleum products, continued to be exempted from the levy.

New Delhi continues to be engaged in talks with the US to work out a trade deal, but will make no compromise on agricultural, daily and genetically modified (GM) products, sources said on Friday. For the sixth round of talks, the US team is coming to India on August 25.

The sectors, which would bear the brunt of 25 per cent duty include textiles/ clothing (USD 10.3 billion), gems and jewellery (USD 12 billion), shrimp (USD 2.24 billion), leather and footwear (USD 1.18 billion), animal products (USD 2 billion), chemicals (2.34 billion), and electrical and mechanical machinery (about USD 9 billion). In 2024-25, the bilateral trade between India and the US stood at USD 131.8 billion (USD 86.5 billion exports and USD 45.3 billion imports).