After Donald Trump announced punishing tariffs totalling over 50 per cent on Indian imports, big manufacturers in the world’s most populous country were deluged with anxious calls from investors and US clients.
Gokaldas Exports, a garment maker that generates half its revenues exporting from India to the US, where it supplies retailers including Walmart, Gap and Abercrombie & Fitch, said customers were asking if it could shift production elsewhere.
“It’s been insane — at 50 per cent tariff there is no business to be done,” said Sivaramakrishnan Ganapathi, the managing director of Gokaldas. “In the interim, brands are saying they’ll scale down their sourcing from India?.?.?.?they have options to go to Vietnam, Bangladesh, Sri Lanka.”
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