'Time to woo Europe, ASEAN': Harsh Goenka sees opportunity for India amid Trump's 25% tariff announcement
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In a move that rattled markets and drew concern from policymakers, US President Donald Trump on Wednesday announced a 25% tariff on all goods imported from India starting August 1, alongside an additional penalty over India's continued purchase of Russian crude oil and military hardware. While many view this as a significant blow to India's trade prospects, industrialist Harsh Goenka believes there are silver linings.Goenka pointed out that key sectors like pharmaceuticals, steel, and IT exports may remain largely unaffected by the tariff hike. In a post on social media, he emphasized that this could be a chance for India to rethink its trade and manufacturing strategies.'There's scope to boost ' Make in America ' through joint ventures,' Goenka wrote, suggesting that Indian businesses could benefit by aligning more closely with US manufacturing goals. He also advised looking eastward: 'Time to woo Europe, ASEAN. Ride the China+1 shift.' The chairman of RPG Enterprises summed up his stance with a proactive message: 'India's playbook: turn pressure into opportunity!'Meanwhile, the timing of Trump's announcement surprised many, coming just a day after Indian officials confirmed a US trade delegation would visit on August 25 to explore a bilateral deal. Analysts say the tariffs are likely a strong-arm tactic to push India into trade concessions, especially as the US has recently secured favorable terms with partners like Japan, the UK, and the EU.In his statement, Trump criticized India's trade policies as 'most strenuous and obnoxious,' claiming that despite being a friend, India maintains one of the highest tariffs and strictest non-monetary trade barriers globally.Trump further accused India of ignoring geopolitical concerns by purchasing discounted oil and weapons from Russia, making it the first country to be penalized specifically for doing so—despite China being Russia's largest oil buyer.India's import of Russian crude has surged from a mere 0.2% before the Ukraine conflict to 35–40% of total oil imports. In response to Trump's remarks, New Delhi said it is assessing the impact of the new tariffs but remains committed to achieving a "fair, balanced, and mutually beneficial" trade agreement with the US.
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