“STANDSTILL”<\/p>\n
Moody’s recently warned that for India, the “much wider tariff gap” may “even reverse some of the gains made in recent years in attracting related investments”.<\/p>\n
India’s gems and jewellery industry exported goods worth more than US$10 billion last year and employs hundreds of thousands of people.<\/p>\n
“Nothing is happening now, everything is at a standstill, new orders have been put on hold,” Ajesh Mehta from D Navinchandra Exports told AFP.<\/p>\n
“We expect up to 150,000 to 200,000 workers to be impacted.”<\/p>\n
Gems and other expensive non-essential items are vulnerable.<\/p>\n
“A 10 per cent tariff was absorbable – 25 per cent is not, let alone this 50 per cent,” Mehta added.<\/p>\n
“At the end of the day, we deal in luxury products. When the cost goes up beyond a point, customers will cut back.”<\/p>\n
Seafood exporters, who have been told by some US buyers to hold shipments, are hoping for new customers.<\/p>\n
“We are looking to diversify our markets,” says Alex Ninan, who is a partner at the Baby Marine Group.<\/p>\n
“The United States is totally out right now. We will have to push our products to alternative markets, such as China, Japan … Russia is another market we are really looking into.”<\/p>\n
Ninan, however, warns that is far from simple.<\/p>\n
“You can’t create a market all of a sudden,” he said.<\/p>\n","protected":false},"excerpt":{"rendered":"“STANDSTILL” Moody’s recently warned that for India, the “much wider tariff gap” may “even reverse some of the…\n","protected":false},"author":2,"featured_media":64702,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,164,1209,4688,1055],"class_list":["post-64701","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-business","tag-economy","tag-india","tag-tariffs","tag-united-states"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/64701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=64701"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/64701\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/64702"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=64701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=64701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=64701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}