Textile, shrimp stocks surge following Trump’s comments on India-US trade deal
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Indian textile and shrimp exporting companies saw stock prices rise sharply on Wednesday after US President Donald Trump hinted at a potential trade agreement with India, fueling hopes for lower tariffs on exports from India.
The American market serves as a key revenue source for these export-focused shrimp and textile businesses.
The surge follows remarks by President Trump during the APEC CEO Summit Luncheon in South Korea, where he expressed admiration for Prime Minister Narendra Modi, referring to him as “the nicest-looking guy” while noting his firm negotiating stance. Trump explicitly stated plans to pursue a trade agreement with India.
Earlier declines in these stocks had occurred after the US imposed 50% tariffs on select Indian imports, a response partly attributed to India’s continued purchases of Russian oil.
Trump reiterated during his speech, “We’re negotiating a trade deal with India—I hold Prime Minister Modi in the highest regard… our relationship is extremely strong.”
These favorable statements come amid recent reports of progress in resolving trade disagreements, including US-imposed tariffs linked to India’s energy purchases from Russia and the reciprocal tariff structure affecting bilateral trade.
US lawmakers across party lines have recently voiced support for strengthening US-India relations, following months of trade tensions marked by US policies impacting Indian commercial interests.
Over the past two weeks, bipartisan congressional support has materialized through multiple letters and resolutions affirming the importance of the US-India partnership and seeking clarity on recent trade measures targeting New Delhi.
(With inputs from IANS)
