India will get big advantage in exports due to removal of Trump's tariffs, economy will get strengthened
Know the main points and gist of the news at a glance
New Delhi The US Supreme Court has declared President Donald Trump's large-scale tariffs illegal (Supreme Court strikes down Trump tariffs).
The 6-3 majority ruled that Trump misused the International Emergency Economic Powers Act (IEEPA). These tariffs were imposed on many countries ranging from 10% to 50%, with India also having heavy duties.
If these tariffs are removed completely or are reduced significantly, then India will benefit greatly (US tariffs on India lifted). America is India's largest export market.
High tariffs made Indian goods expensive, which reduced demand. Now Indian products will be cheaper in America, due to which exports can increase. This will increase employment, especially in labour-intensive sectors.
Also read- Big blow to Trump from Supreme Court, US President's tariff is illegal; What will be the direct impact on India?
What benefits will India get?
List of major goods to be cheap
These sectors were earlier badly affected by the 25-50% tariff. Now American buyers will buy more Indian goods due to cheapness. Although some sectors like pharmaceuticals were already exempted, overall India's economy will get a boost.
Experts say that this decision is a big blow to Trump's trade policy and will bring relief to global trade.
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