New Delhi, Aug. 28 -- The Commerce Ministry on Thursday said the recent imposition of 50 per cent tariffs by the United States will have a short-term impact on India's exports, particularly in sectors such as textiles, chemicals, and machinery. However, it asserted that the long-term effect on overall trade and GDP will remain limited.

"It is understood that 50 per cent tariffs are going to impact trade, especially the sectors on which tariffs are there. They will suffer some trade loss in the US. There will be an impact on textiles, chemicals, machinery, etc. for the short run, but it will not be a very long-term loss," a senior Commerce Ministry official told ANI.

The official acknowledged that industry bodies have expressed concern o...