India’s Key Export State Says US Tariffs Decimating Industries
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000M.K. StalinOne of India’s richest states that’s heavily reliant on exports said high US tariffs are causing “irreparable damage” to businesses in the region and called on Prime Minister Narendra Modi to urgently seek a trade deal with Washington.M. K. Stalin, the chief minister of Tamil Nadu, said export orders have dried up in some districts, resulting in a daily loss of 600 million rupees ($6.7 million) in revenue. In Tiruppur district — also known as the knitwear capital of the nation — there’s been “a staggering wipe out” of 150 billion rupees in confirmed orders, forcing production cuts of up to 30%, Stalin said in a letter to Modi on Thursday.