New Delhi:
India was slapped with India on all goods exported to the United States with a mutual tax of 26%, AAM AADMI Party (AAP) MP Rahul Chadha said on Thursday that he warned of adjacent taxes by the Donald Trump administration and its impacts on the Indian economy.
In a post on X, Mr. Chadha shared a video of his speech in the Rajya Sabha in February, when he said how America’s tariff would adversely affect the Indian economy.
“How will Trump Tariffs ruin the Indian economy? I said in Parliament on 11 February 2025,” he wrote on a micro-blogging site.
On Wednesday, Mr. Trump announced 26% tariff on all goods being exported by India to AmericaBetween mutual tariffs in the 10% -49% range unveiled by Trump Other countriesAccording to Reuters, the US has a $ 46 billion trade deficit with India. About 14 billion dollars of electronics products and gems of over $ 9 billion and jewelery collide with tariffs are among the top areas. While 26% tariffs will not apply to auto parts and aluminum products, they will still attract 25% tariffs that Mr. Trump announced earlier.
In his speech in the upper house during the first half of the budget session, Mr. Chadha also said that the IT region would be the largest victim as 80% of India’s exports are sent to the US.
The Rajya Sabha MP also explained how the tariffs will affect the textile industry in India. “Imagine that a buyer in the US is buying a shirt from a manufacturer in India. Today, the cost of the shirt is Rs 100. But if the Trump administration imposes a tariff of 20 percent on the shirt, the item will be made available for Rs 120. Work, export and demand decline, shutdown and jobs, for loss of jobs, and said.” He said.
How will Trump Tariffs ruin the Indian economy?
I said this in Parliament on 11 February 2025 pic.twitter.com/bei8zxy88h
– raghav chadha (@raghav_chadha) April 3, 2025
The Trump administration is going to impose 15-25% tariffs on textiles, Mr. Chadha told the house. He said, “The cost of cost for Indian manufacturers will be reduced. Sourcing or buying from India will be reduced. Estimates suggest that two lakh jobs will be closed. Ludhiana has many such hubs, besides Tamil Nadu and Gujarat; everyone will suffer,” he said.
Talking about the impact on the pharma industry, the AAP legalist said: “Forty percent of America’s supply is supplied by India. Such tariffs will have a huge impact on the Indian pharma industry and will cause revenue and job loss.”
He also said that 25% tariff was proposed for Indian auto companies. “A 14 billion dollar trade will be affected. The demand and export of Indian manufacturers will be reduced and more than 1 million people will lose their jobs,” he said.
Mr. Chadha said that those who lose their jobs will be added to the existing unemployed workforce in the country.
“Another effect is that the foreign exchange reserves will go down. The rupee will weaken further and the dollar will be strengthened. India’s corporate tax collection will be affected,” he said.
He also accused the Government of India on the instructions of the US government. “America says that we buy less oil from Iran, we do this. America says that we buy defense equipment from us, we buy helicopters from them,” he said.
He also alleged that many people in India, including supporters of the ruling Bharatiya Janata Party (BJP), were tried to ensure Mr. Trump’s victory in the presidential elections last year. He said, “But what we got in return? Indians who dreamed of making life in America were sent back to huts,” he said, referring to the exile of illegal Indian migrants, some of which were some of which were Shocking and restrained Throughout the flight, until his arrival in India.
