Trade war: Government sees opportunity for Indian exporters in US
The Commerce Department is sensing an opportunity for exporters in the US due to the trade war with China and has identified close to 180 items where Indian players can take advantage of the opportunity that has opened up due to higher duties on Chinese products.
The products are spread across sectors ranging from engineering goods to auto components and some chemicals, sources said. The Department, which is seeking to push Indian exports at a time when the trade deficit is widening, has begun sensitising trade bodies and is asking them to aggressively move to tap the opportunity. The list includes motors and components used in vehicles apart from specialised chemicals. While the list put together by the Government covers Chinese exports of $8-10 billion, which would be impacted by higher import duties in the US, sources said Indian exporters could look at grabbing a part of the market. “It could be $2-3 billion or more, depending on how quickly and effectively Indian companies move,” said a source.
The Donald Trump administration has levied tariffs on $250 billion of imported goods from China, which represents around half of the imports of Asia’s largest economy. The move has been countered by Beijing that has announced higher duties on $110 billion of US exports to China.
The Commerce Department had done a similar exercise for China. In a report, the Government said the retaliatory tariff actions provide a window for enhancing India’s exports to its neighbour, a move that could help bridge the trade deficit — which has been a major area of concern. It went on to identify products such as fresh grapes, alloy steel seamless boilers.
Source :- Dailyshippingtimes.com