💥 Trade War Escalates as U.S. Tariffs Hit Indian Exports
A 25% U.S. tariff on Indian goods kicked in this week, ratcheting up tensions between the two nations. Washington claims the move targets India’s imports of Russian oil 🛢️, but New Delhi calls it a 'politically charged' blow to its economy. Cumulative tariffs now hit 50%, sparking fears of slowed growth and job losses.
💼 Economic Shockwaves
India estimates $48.2B in exports could be affected. Analysts warn GDP growth may drop 0.8% this year and next. 'This is a strategic shock,' said trade expert Ajay Srivastava, predicting supply chain disruptions and factory shutdowns. U.S. clients are already freezing orders, with exporters like Shamim Azad scrambling to pivot to new markets 🌏.
🚨 Exporters Sound the Alarm
Engineering exports could plunge 20-30%, warns industry leader Pankaj Chadha. Small businesses reliant on U.S. buyers face existential threats. 'We’ve halted production,' one exporter told Reuters. Meanwhile, New Delhi vows support for affected industries—but can aid offset the damage? Stay tuned for updates. 📉✨
