Indian trade policy needs to prepare for navigating complex challenges in 2025. The challenges will arise from a combination of factors. These include President Trump's assumption of office as the US President; a stagnation in global economic growth and consequent lower demand for manufacturing exports; possibilities of far-reaching political changes impacting trade with major partners; and a lower rate of domestic economic growth.
President Trump's decisions on tariffs will impact prices of various exports to the US. For India too, the tariffs will be meaningful given that the US is its largest export market. If Trump tariffs are levied on several of the US' major trading partners, then an interesting scenario will emerge where these partners will explore ways of circumventing tariffs for accessing the US market. The likely outcome, as already demonstrated by China, will be to relocate production to locations from which exporting to the US won't attract tariffs. India might need to explore similar options too.
This story is from the January 01, 2025 edition of Financial Express Mumbai.
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This story is from the January 01, 2025 edition of Financial Express Mumbai.
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