Government will not rush to bail out exporters hit by US’s 50% tariff

New Delhi: Govt is unlikely to rush ahead with a package to aid hit by ’s 50% as it is yet to get a full assessment of the situation. Finance minister Nirmala Sitharaman told reporters she is seeking feedback from textiles and marine exporters, seen to be worst affected even as the impact on others such as gems and jewellery sector is lower given the low level of value addition in India.

Govt officials said rushing ahead will be counter-productive for exporters as they will be more than eager to offer discounts to US buyers, who would bargain harder once the tariffs are out of the way. Indian negotiators led by commerce secretary Rajesh Agarwal is in Washington for trade deal talks. Union minister Piyush Goyal said talks were progressing well, but India will not be bound by deadlines for the deal.