India's external trade, navigating a phase of uncertainty owing to the European Union's new carbon tax on imports and slowing consumption in Europe, is set to face further pressure. The US will likely seek lower tariffs in the coming year as President-elect Donald Trump, who has charged New Delhi with imposing high tariffs, assumes office in January.
However, a silver lining is the border disengagement with China this year, followed by a bilateral meeting between Prime Minister Modi and President Xi Jinping. That coincides with optimism among government economists about more manufacturing investments coming from China to India, which could boost the country's exports to developed markets.
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