Mexico’s tariffs on India are a double whammy after US tariffs
The steep hikes by Mexico have devastated several Indian industries already reeling under crushing US tariffs.
Pankaj Chadha has been running a steel manufacturing unit in Mumbai, India’s financial capital, for the past four decades.
The 65-year-old told Al Jazeera that his company exports products mostly to the United States and Mexico, where they are used in various industries.
The recent spike in tariffs in both countries, however, has come as a crushing blow for Chadha. Before the tariffs, he had sales of roughly $5m and $8m to the US and Mexico, respectively. But those have since been halved.
“I have lost 50 percent of my business in Mexico and the US since the tariffs came into effect. It is a severe blow to my business as I was focusing on Mexico after the US tariffs, but the future looks bleak there also now,” he said.