US tariffs hit Indian exports: Industry stresses diversification; opportunity to boost resilience & future-ready trading partner

US President Donald Trump’s decision to impose a 50% tariff on Indian goods from August 27 will hurt major export sectors but also presents an opportunity for India to strengthen its position as a resilient and future-ready trading partner, industry bodies said on Wednesday.The tariff is expected to hit sectors such as textiles, gems and jewellery, shrimp, leather, footwear, chemicals and machinery, PTI reported.FICCI president Harsha Vardhan Agarwal said the Indian economy continues to demonstrate resilience amid global headwinds. “The Indian economy is underpinned by a large and vibrant consumer base, robust macroeconomic fundamentals, continued economic reforms and enterprising businesses,” he said. Agarwal added that the proposed next-generation GST reforms announced by the Prime Minister would further boost growth.PHDCCI president Hemant Jain said while global trade tensions pose challenges, Indian exporters are already diversifying into ASEAN, EU and African markets to reduce dependence on traditional partners. “Supported by Atmanirbhar Bharat initiatives and advancing FTAs, India is turning global challenges into opportunities for reform, innovation, and expansion, proving that tariffs may test resilience but cannot stall India’s industrial momentum,” he said.ASSOCHAM secretary general Manish Singhal also described the US tariff move as both challenge and opportunity. “By deepening partnerships with developed economies, diversifying markets, and advancing bold reforms, we are building a competitive and trusted economic ecosystem,” he said.