Hopes of a trade deal between India and the US have increased after US President Donald Trump wrote on Truth Social earlier this morning that both countries are continuing with their trade talks and that he looks forward to speaking with his “good friend”, PM Narendra Modi.
Prime Minister Modi responded to Trump’s post by writing on “X” that India and US are close and natural friends and that he too looks forward to speaking with the US President.India and US have hit an impasse on an impending trade deal after the Trump administration levied an additional 25% tariff on Indian exports over India buying oil from Russia, taking the total tariff on exports to 50%. According to data from the GTRI, over 66% of India’s exports were likely to be hit, predominantly from textiles, seafood and gems and jewellery sector.
Most of these textile companies get between 50% and 70% of their overall tariff from the US market. In an interaction with CNBC-TV18 earlier, the management of Pearl Global had highlighted that US companies are now asking for 15% to 20% discounts to nullify the impact of these tariffs.
Pearl Global also added that in case the steep tariffs persist, it could force a $6 billion shift in exports and endanger lakhs of jobs. Most of these stocks have corrected between 15% to 20% in the last one month.
Shares of Welspun Living are trading with gains of 9% on Wednesday at ₹124.55, while those of Gokaldas Exports are trading 7.3% higher at ₹802.15. Indo Count Industries shares are trading 6.7% higher, while Trident trades with gains of over 4%.
