New Delhi, July 8 || The Indian textile companies saw their shares surging in the morning trade on Tuesday after the US President Donald Trump slapped 35 per cent tariff on Bangladesh.
Shares of textile firms such as Trident, Welspun, Gokaldas Exports, KPR Mill, Vardhman Textiles and Arvind Ltd. went up in the early trade.
The stock of Gokaldas Exports were up more than 7 per cent while Vardhman Textiles shares rallied 7.4 per cent and Welspun Living's stock jumped two per cent.
In a letter to Bangladesh's Chief Advisor Muhammad Yunus, Trump said that starting on August 1, 2025 “we will charge Bangladesh a tariff of only 35 per cent on any and all Bangladeshi products sent into the United States, separate from all sectoral tariffs.”
“Please understand that the 35 per cent number is far less than what is needed to eliminate the trade deficit disparity we have with your country,” Trump wrote in the letter. He said that goods transshipped to evade a higher tariff will be subject to that higher tariff.
The US President warned that if, for any reason, Bangladesh decides to raise its tariffs, then whatever number it chooses to raise them by will be added to the 35 per cent that the country charges.