Shrimps of shrimp seek government assistance as Trump tariffs threaten USD 2 billion in export

New -Delhi, August 10 (PTI) The Seafood Export Association of India has approached the ministries of trade and finance to obtain emergency financial support, as the export of 2 billion shrimp shrimp experienced shrimp to the US due to increased tariffs imposed by President Donald Trump. The association has requested a 30 percent increase in working capital through soft loans, with margins covered by interest subvention and a 240-day moratorium for pre- and post-packaging operations. “Near USD 2 billion in shrimp exports have severe disruptions,” Seafood Export Association of India (SEA) secretary general told Pti Kn Raghavan, adding that Trump increased the reciprocal rates from 25 percent to 50 percent last week. India exported shrimp of $ 2.8 billion to the US in 2024 and has sent 500 million to the value of USD so far this year. The new duties make Indian seafood significantly less competitive compared to China, Vietnam and Thailand, facing US rates of only 20-30 percent, Raghavan said. He warned that these Asian competitors would probably get the US market share by lowering prices, while Indian exporters could not redirect existing consignments as it would attract additional 40 percent fines for contract offenses. “The only way is to explore five new markets, but it will take time. The free trade with the UK, although signed, will take time for implementation,” Raghavan said. The tariff -skalation threatens one of India’s largest agricultural export sectors, which employs millions in the coastal states and contributes significantly to the country’s foreign exchange earnings.