New Delhi, Aug. 14 -- The recent increase of 25% tariffs by the United States on Indian rice has forced Indian exporters to quickly adapt and renegotiate prices with American buyers.
This is likely to raise food prices for consumers in the US, said Dev Garg, Vice President of the Indian Rice Exporters Federation (IREF) and Director of Shri Lal Mahal Group. The US move has also prompted the Indian exporters to explore other feasible markets.
Dev Garg said, "Indian exporters have already begun renegotiating prices with USA-based buyers, which will inevitably lead to increased prices. History teaches us that sudden and substantial tariffs, as seen in countries like Nigeria and Kenya, force domestic populations to accept higher costs for impo...