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New Indian Express
27 minutes ago
- New Indian Express
Trump tariff a blow to gems, jewellery, handicraft
JAIPUR: The Trump administration's decision to impose a 25% tariff on select imports from India has sparked panic among exporters in Rajasthan, particularly those trading with the United States. With America accounting for over Rs 17,000 crore of Rajasthan's total exports worth Rs 85,000 crore, the move is expected to severely impact key sectors such as gems and jewellery, handicrafts, and textiles. The most significant impact will be likely on exports of handicrafts worth Rs 5,000 crore, gems and jewellery worth Rs 7,000-8,000 crore, and garments and textiles worth Rs 1,500 crore to the US. Until now, only textiles attracted a tariff of 5.5%. However, if a uniform 25% tariff is enforced across these categories, exporters fear losing a significant share in the American market. Gems, jewellery sector at risk Previously, this trade faced a modest 5.5% duty. Now, the 25% tariff set to come into effect from August 7 poses a serious threat. Speaking to this newspaper, Naveen Jain, Jeweller and proprietor of Lord Krishna International, said, 'Every year, Rajasthan exports gems and jewellery worth Rs 7,000–8,000 crore to the US. So far, the tariff was 5.5%. With the jump to 25% from August 7, it will be extremely challenging for Indian exporters to remain competitive.' Sanjay Kala, former president of the Jewellers Association and Managing Director of Kinu Baba Gems India Pvt Ltd, echoed the concerns. 'This 25% tariff by the US is a massive challenge for Rajasthan's gems-jewellery, handicrafts and textile sectors. Exports worth over Rs 17,000 crore will be directly affected. Our products will lose their competitive edge globally, leading to a fall in exports and risking the livelihoods of lakhs of artisans and entrepreneurs.' Kala further emphasised the need for immediate government intervention. 'This will have severe economic and social consequences. With such a steep duty in our biggest export market, losses are inevitable. The Centre must initiate strong diplomatic talks with the US and announce special relief schemes to support exporters, ensure continuity in production, and protect employment.' He added, 'We must also diversify our export strategy by tapping into other global markets. Our industry has overcome many challenges before, and with government support and collective resilience, we will navigate this as well.'
New Indian Express
27 minutes ago
- New Indian Express
Trump's claim on Russian crude rubbished
NEW DELHI: US President Donald Trump on Saturday said he had heard about India stopping purchasing Russian crude, adding it would be a good step, a claim the government denied. Trump made the remark after announcing 25% reciprocal tariff on Indian imports, along with additional penalties linked to Russian crude imports. 'I understand that India is no longer going to be buying oil from Russia. That's what I heard, I don't know if that's right or not. That is a good step. We will see what happens,' Trump said. The petroleum ministry, however, clarified that India has not stopped importing Russian crude. A ministry official said Indian oil marketing companies (OMCs) continue to buy Russian oil, with supply decisions based on factors such as price, crude grade, inventories, logistics, and other economic considerations. 'These are long-term oil contracts. It is not so simple to just stop buying overnight,' the official said. The official also emphasised that Indian OMCs do not import crude from Iran or Venezuela — both sanctioned by the US. Russian oil, however, is not sanctioned by the US or the EU. Instead, it is subject to the G7-EU price-cap mechanism, which aims to restrict Russia's revenue while ensuring global oil supplies continue. India has consistently complied with the US-recommended price cap of $60 per barrel on Russian oil. Recently, the EU proposed a lower price cap of $47.6 per barrel, to be enforced from September. The official said India's purchases remain legitimate and fully within international frameworks.
Hans India
27 minutes ago
- Hans India
Trump claims India may exit Russian oil trade
New Delhi/Washington: United States President Donald Trump has said that India may cease purchasing Russian oil, calling it "a good step" if confirmed, while India has defended its sovereign right to conduct energy policy based on national interest. Earlier on Friday, the External Affairs Ministry clarified that India's energy purchases are guided by market dynamics and national interests, adding that the government is unaware of any specific developments regarding Indian oil companies pausing Russian imports. Trump made the remarks while answering reporter's questions, on whether he had a number in mind for the penalties on India and if he was going to speak with Prime Minister Narendra Modi. The US President said, "I understand that India is no longer going to be buying oil from Russia. That's what I heard, I don't know if that's right or not. That is a good step. We will see what happens..." During the weekly media briefing, MEA spokesperson Randhir Jaiswal, when asked about media reports that some Indian oil companies have stopped taking oil from Russia, had said India has made clear its approach on the issue. "You are aware of our broad approach to energy sourcing requirements, that we look at what is available in the market and the prevailing global situation. We are not aware of any specifics," he said. Jaiswal's comments came after a series of statements from the US, including from President Donald Trump and Secretary of State Marco Rubio, criticising India for continuing to import discounted Russian oil despite Western sanctions over the Ukraine war.
