Interim Textile Exports Protection Scheme Urged Amid US Tariff Tensions

The Confederation of Indian Textile Industry calls for an interim Textile Exports Protection Scheme to cushion exporters from additional tariffs. This comes as a temporary 90-day halt on reciprocal tariffs by the US offers short-lived relief, necessitating a more sustainable bilateral trade solution.

The Confederation of Indian Textile Industry is urging the government to introduce an interim Textile Exports Protection Scheme. This plea aims to alleviate the burden of additional tariff costs faced by exporters amidst escalating trade tensions with the US.

The US, the largest market for Indian textiles and apparel, has temporarily deferred reciprocal tariffs for 90 days. This pause provides temporary relief for exporters bracing for tariff hikes. However, the industry seeks a long-term solution through intensified government engagement with US counterparts.

Amid the ongoing US-China trade tensions, India might emerge as an alternative supplier. This potential shift requires proactive diplomacy from India to secure a favorable tariff regime and capitalize on the market opportunity presented by the US's diversified sourcing strategy.

(With inputs from agencies.)