US presidential election results: Will it affect the trade with India..?
US presidential election results: Will it affect the trade with India..?
One of the most awaited elections in 2024 is the US presidential election. donald trump is running on behalf of the republican party and Kamala harris is running on behalf of the Democratic Party. These election results could have a major impact on businesses internationally. These election results could lead to major policy changes, especially in countries that have close ties with the US, such as India. india is the largest exporter of goods to the US. In FY 2023-24, the value of goods imported from the US to india was 42.2 billion dollars, while the value of goods exported from india to the US was 77.52 billion dollars.
Therefore, depending on the results of the US election, this export will have an impact on the import. india exports mostly electronics to the US.
US$ 11,081 million worth of electronics have been exported from india to the US in FY 2023-24. Next on the list is jewelry and gems with USD 9,949 million worth of gems exported from India. Third on this list is pharmaceuticals. india exports drugs worth USD 8,081 million to the US in a year. So depending on which candidate wins the election, this export and import will change. In particular, tax rates are said to be subject to change. At present, the US imports certain goods from india without any import duty. This includes medicines.
Similarly, the US government is likely to impose tariffs on electronic devices and machinery. Experts say that whichever person is chosen as the president, the central government will take all measures to maintain the trade relationship between the two countries.
One of the most awaited elections in 2024 is the US presidential election. donald trump is running on behalf of the republican party and Kamala harris is running on behalf of the Democratic Party. These election results could have a major impact on businesses internationally. These election results could lead to major policy changes, especially in countries that have close ties with the US, such as India. india is the largest exporter of goods to the US. In FY 2023-24, the value of goods imported from the US to india was 42.2 billion dollars, while the value of goods exported from india to the US was 77.52 billion dollars.
Therefore, depending on the results of the US election, this export will have an impact on the import. india exports mostly electronics to the US.
US$ 11,081 million worth of electronics have been exported from india to the US in FY 2023-24. Next on the list is jewelry and gems with USD 9,949 million worth of gems exported from India. Third on this list is pharmaceuticals. india exports drugs worth USD 8,081 million to the US in a year. So depending on which candidate wins the election, this export and import will change. In particular, tax rates are said to be subject to change. At present, the US imports certain goods from india without any import duty. This includes medicines.
Similarly, the US government is likely to impose tariffs on electronic devices and machinery. Experts say that whichever person is chosen as the president, the central government will take all measures to maintain the trade relationship between the two countries.