Industry Odisha Bureau, Jul 28: Following the reported imposition of 10% tariff on Indian goods made with forced labour as a reported outcome of the Trump-regime’s Section 301 Investigation under the US Trade Act of 1974, and despite being reportedly touted as a lower tariff slab in comparison with India’s competitors like Bangladesh, China, Vietnam, Cambodia, Indonesia, Malaysia, et al, an important note by the Emkay Global Research and Investment Powerhouse in this regard has reportedly passed the remark, “The devil lies in the detail”.
Notably, the idiom, “The devil lies in the detail”, used in the remark of Emkay in India’s context, suggests: “Something may appear simple at first glance, but the hidden complexities or potential pitfalls exist within the finer details. It serves as a warning to pay close attention to minor elements, as neglecting them can lead to mistakes or complications. The phrase emphasizes meticulousness and careful planning, highlighting that success often depends on handling the small particulars effectively rather than just focusing on the big picture.”
As per the analysts, “The Trump-led US regime recently imposed a two-tiered tariff slab on 60 trading partners. While 19 countries face 10% tariffs and the remaining 41 face 12.5%, India comparatively got the lower 10% structure. Many of India’s key competitors including China and Vietnam were in the higher tariff slab of 12.5%, giving India a competitive advantage.”
Media reports citing Emkay’s note with the idiomatic remark reportedly stated that, “India’s textile and apparel industry did not receive tariff-rate quota (TRQ) exemptions, while countries such as Bangladesh, Cambodia, Indonesia, and Malaysia did. Hence, while the tariff burden remains at 10%, there will be a relative loss of competitiveness for Indian textile exporters versus key competitors. TRQ quota exemptions allow importers to bring in specified quantities of goods at a lower or zero-duty rate during a designated period.”
Media reports citing Emkay’s analysis reportedly stated that, “Soon after the 50% tariif imposition on India, India’s export growth to the US on a three-month moving average had slumped deep into the negative in October 2025. However, after the US Supreme Court struck down all the tariffs imposed by the incumbent Trump regime, India’s growth rate had begun improving.”
Now all eyes of the experts and analysts are on the outcome of the impending India-US trade deal to see if it could protect India’s long-term interests and fiscal position or not.
