New Delhi, August 27: India is hopeful that the United States will reconsider the additional 25 per cent tariff it imposed on Indian goods as a penalty for India’s Russian oil purchases. The Indian government is actively engaging with exporters to increase shipments of key products like textiles, leather, and gems and jewellery to other countries, according to government sources. Officials indicated that financial assistance is likely to be provided to businesses affected by the high tariffs.

This week, the Commerce Ministry will hold meetings with exporters from several sectors, including chemicals, gems, and jewellery, to explore ways to boost exports to new markets. The ministry is also moving quickly to implement the Export Promotion Mission, announced in the Budget for 2025-26. According to an official, meetings with stakeholders on diversifying exports will take place over the next two to three days. Trump’s 50% Tariff Takes Effect From August 27: Exporters Worried As Tariff Hike Can Severely Impact India’s Exports to the US.

"In the next 2-3 days, the ministry will meet stakeholders on the diversification of exports," the official added. The steep tariffs are expected to affect exports worth more than $48 billion. Sectors likely to feel the impact include textiles and clothing, gems and jewellery, shrimp, leather and footwear, animal products, chemicals, and electrical and mechanical machinery. However, sectors such as pharmaceuticals, energy products, and electronic goods are not included under these duties. Donald Trump Tariffs Likely To Result in US GDP Go Down by 40–50 Bps: Report.

The United States has been one of India’s largest trading partners in recent years. In 2024-25, India exported $86.5 billion worth of goods to the US, while imports from the US were valued at $45.3 billion. Overall, the US accounted for about 20 per cent of India’s total goods exports of $437.42 billion during the year. With these measures, the Indian government aims to shield exporters from the sudden rise in tariffs while continuing efforts to strengthen trade relations with other international markets.

(The above story first appeared on LatestLY on Aug 27, 2025 08:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).