New Delhi: India's biggest woollen knitwear market in Ludhiana is facing a double whammy as Trump tariffs have rolled out - exports to US have become untenable and European buyers are driving a tough bargain and renegotiating terms of orders.
The US has been the biggest customer of woollen knitwear, synthetic yarn and activewear from Ludhiana. With Trump tariffs of 50% in place, Ludhiana's exports are severely impacted. The exporters are hoping that like China, they get a 90-day reprieve. At the same time, they are saddled with spare capacities.
Amit Jain, chairman of Confederation of Indian Industry Punjab told ET, "The world knows that Indian garment and textile market will face the tariffs. Even as they are losing business, European buyers are now haggling on per unit cost. There is uncertainty which means that if the exporter renegotiates with Europe and then US comes around, he will be in a precarious situation."
The US has been the biggest customer of woollen knitwear, synthetic yarn and activewear from Ludhiana. With Trump tariffs of 50% in place, Ludhiana's exports are severely impacted. The exporters are hoping that like China, they get a 90-day reprieve. At the same time, they are saddled with spare capacities.
Amit Jain, chairman of Confederation of Indian Industry Punjab told ET, "The world knows that Indian garment and textile market will face the tariffs. Even as they are losing business, European buyers are now haggling on per unit cost. There is uncertainty which means that if the exporter renegotiates with Europe and then US comes around, he will be in a precarious situation."
