India's Exports Surge Despite US Tariff Hike, Trade Talks Ongoing
Despite a 50% tariff hike by the United States, India's merchandise exports surged by 6.75% in September, reaching $36.38 billion. This growth comes amidst ongoing trade negotiations between the two nations, with India hopeful for a swift trade deal.
India's exports have shown remarkable resilience, growing by 4.43% in the first half of the fiscal year despite global trade uncertainties. In September, exports continued to rise, indicating India's ability to navigate trade challenges. About 45% of India's exports to the United States are exempt from the tariffs or enjoy Most Favoured Nation (MFN) status, mitigating some of the impact.
The United States recently confirmed Sergio Gor as its Ambassador to India. Gor has met with top Indian officials, including Prime Minister Narendra Modi, Foreign Minister Subrahmanyam Jaishankar, and National Security Adviser Ajit Doval, signaling a commitment to strengthen bilateral ties. However, there's no mention of him meeting with a Handelssekretär named Rajesh Agarwal.
India expects its exports to the United States to keep growing, with the full impact of the tariffs likely to be seen in the coming months. Commerce Secretary Rajesh Agarwal is set to travel to the United States to negotiate a trade deal, with India open to purchasing more US crude oil, provided it's priced competitively. Both nations are working towards concluding a trade agreement at the earliest.
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