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Trump’s new tariff plan causes global uproar and stock market downturn. India’s brass city faces recession and layoffs as exporters seek new markets
Exporters fear that Trump’s tariff plan could reduce Moradabad’s total exports by up to 50%. (Local18)
US President Donald Trump’s new tariff plan has sparked global uproar, causing a significant downturn in the stock market. This impact is particularly noticeable in India, where Moradabad, renowned as the Brass City, is experiencing considerable turmoil.
The city’s brass products are widely exported, both domestically and internationally. However, exporters are now facing a crisis due to Trump’s tariffs, which also pose a threat of worker retrenchment.
Awadhesh Agarwal, a member of the Handicraft Export Promotion Council (EPCH) and general secretary of the Moradabad Handicrafts Exporters Association, noted that there was already a decline in exports to Europe. With the decrease in orders from the US, the situation has worsened.
“Work was continuing to some extent in America, but now with the increased tariffs, American buyers have halted their orders. As a result, many units have ceased operations, reducing the need for workers,” Agarwal explained.
Vikas Arora, President of the SEZ Exporters Association, reported that American buyers have not only stopped placing new orders but have also halted the shipment of previously placed orders. They have refused to send their containers, leaving finished goods stuck in the units.
Mohammad Nazim, director of Select International, added, “We may now have to lay off workers who are not immediately needed. Currently, operations are being maintained with reduced staff.”
Exporters fear that Trump’s tariff plan could reduce Moradabad’s total exports by up to 50%. Since the US accounts for half of Moradabad’s exports, a drop in demand there will undoubtedly affect the local economy.
Consequently, businesses are now seeking new export markets beyond the US, where Moradabad’s handicrafts are appreciated.
- Location :
Moradabad, India, India
