Story perspectives

India Targets New Markets Amid US Tariff Challenges

9/1/2025

Summary

Story summary

Union Minister Piyush Goyal stated India will pursue new markets and beneficial trade agreements despite US tariffs.
India's exports hit a record $824.9 billion; Goyal minimized the impact of reduced US exports due to low market share.
The mentha oil and handicrafts sectors face crises, risking job losses and halted orders from 50% tariffs.
Chief Economic Advisor V Anantha Nageswaran indicated job losses will primarily affect export-oriented units, but domestic demand may help.
The Gems and Jewellery Export Promotion Council requested immediate government relief measures to counter the tariff impacts.

History

Historical Context

India's economic liberalization began in 1991, transitioning from a closed economy to one that embraced global trade. By 2023, exports surged to $824.9 billion, reflecting a historical trend of adapting to global pressures. This shift echoes the 2008 financial crisis, which prompted countries to seek new trade partnerships, potentially reshaping India's export landscape and protecting vulnerable sectors like mentha oil and handicrafts.

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Story summary

Union Minister Piyush Goyal stated India will pursue new markets and beneficial trade agreements despite US tariffs.
India's exports hit a record $824.9 billion; Goyal minimized the impact of reduced US exports due to low market share.
The mentha oil and handicrafts sectors face crises, risking job losses and halted orders from 50% tariffs.
Chief Economic Advisor V Anantha Nageswaran indicated job losses will primarily affect export-oriented units, but domestic demand may help.
The Gems and Jewellery Export Promotion Council requested immediate government relief measures to counter the tariff impacts.

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