Textile stocks surge up to 8% after the imposition of a 35% tariff by Trump on Bangladesh:
New Delhi: Due to the imposition of large tariffs, local textile markets have become more competitive in the local market as compared to the global market.
In the US Garment Market, the ready-made market in Vietnam owns 19% of the market share, while Bangladesh accounts for 9 percent and India follows with 6 percent.
While the imposed tariff is slightly reduced, it was previously 37%, as declared in April. While the current tariff, which is 35% and also 10%, remains above the base rate, the possibility of negotiations is still available until the new tariff regime is imposed starting from 1st August.
Trump imposed 25 per cent tariffs on goods from Japan and South Korea, while 12 other nations received letters revealing the duties they will have to pay. Further, his letters revealed that goods from Myanmar and Laos will be taxed at a flat rate of 40 per cent, while Cambodia and Thailand will see a rate of 36 per cent.
In India, Trump issued a statement where he said we are close to making a trade deal with India. He further spoke: we have made a trade deal with the UK and China.
(Subham Singh)
