Stay Informed: Trump’s Tariff News & Warnings of a Potential 1929-Style Depression – Live Updates from The Times of India

The Indian leather industry is facing tough times after the US imposed high tariffs on its products. This move has hit hard, especially since the industry depends on international sales for 80% of its revenue.

Exporters like Umakant Dubey are worried. He pointed out that many major contracts might be lost to competing countries like Bangladesh, Vietnam, and Pakistan. “We are looking at a huge loss,” he said, highlighting how fragile the industry is because of its reliance on global markets. With only 20% of leather products consumed in India, the stakes are even higher.

Another exporter, Mohd Shamim Azad, echoed these concerns. He explained that increased tariffs mean higher costs, which could lead to canceled orders. “It’s not just bad for us; it’s bad for the whole country,” he said, signaling broader economic implications.

Experts warn that this situation could lead to a significant slowdown in the industry. According to a recent report from the Leather Export Promotion Council, the leather sector could lose around $1 billion in exports if these tariffs remain in place.

Historically, trade tariffs have affected industries globally. For instance, during the 1930s Great Depression, protectionist policies led to significant downturns in various sectors. Today, the current tariffs could have a similar effect, urging other countries to reconsider their trade policies.

On social media, many are reacting to this dilemma. Conversations on platforms like Twitter highlight frustration among exporters and workers in the leather industry. Many users are sharing stories of the impact these tariffs are having on livelihoods, underscoring the urgent need for a resolution.

In summary, the leather industry’s future hinges on overcoming these tariff challenges. As global markets shift, India’s position in the leather export landscape is at a critical juncture. Understanding these dynamics is essential for grasping the industry’s potential recovery or decline.



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