The imposition of US Tariffs has not only influenced trade with the US and China but also disrupted the global supply chain. Battling with the circumstances, India has gained a Global push. The nation has cracked deals with 24 countries to compensate for the losses that it has witnessed over the past six months because of US tariffs.
Global Push: India cracked deals with 24 Countries to combat the influence of the US Tariffs
In the first half of the current Fiscal year, Indian exporters has recorded a robust growth in exports to 24 countries. Notably, this 24 countries include the UAE, Germany, Togo, Egypt, Vietnam, Iraq, Mexico, Russia, and Kenya, Nigeria, Canada, Poland, Sri lanka, Oman, Thailand, Bangladesh, Brazil, Belgium, Italy, Tanzania and Korea. On the Contrary, exports to the United States reduced primarily due to higher tariffs imposed by trump-led administration in September. According to an official, exports to these 24 countries are around $129.3billion during the first half of FY 2025-26, projecting a positive sign in comparison of the same period of last fiscal year. This is 59 percent of India’s total exports. During April-September this year, exports increased by 3.02 percent to $220.12 billion, and imports by 4.53 percent to $375.11 billion, leaving a trade deficit of $154.99 billion
Then, what about the Indian exports to US?
India’s exports to the United States rose by 13.37%, reaching US$45.82 billion, whereas imports from the US increased by 9% to US$25.6 billion during the same period. Despite this growth, the US imposed a 50% tariff on a variety of Indian goods, that came into effect on August 27, a move that could influence trade flows in the upcoming coming months. In response, both countries are currently engaged in trade talks, aimed at resolving trade tensions and enhancing economic cooperation. Based on current trends, the United States is projected to remain India’s largest trading partner in FY 2024–25.