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Export-oriented textile & shrimp stocks came under pressure after US President Donald Trump cleared the way for a bipartisan sanctions bill
US President Donald Trump
Export-oriented textile and shrimp stocks came under heavy selling pressure on January 8 after US President Donald Trump cleared the way for a bipartisan sanctions bill that proposes a steep 500 per cent tariff on countries continuing trade with Russia, including India.
These stocks have remained volatile since Trump returned to office and raised tariffs on Indian imports to 50 per cent, citing New Delhi’s purchases of Russian oil.
Gokaldas Exports plunged nearly 13 per cent to Rs 596.65, while K.P.R. Mill slipped over 2 per cent. Pearl Global Industries declined around 6 per cent. In the seafood segment, Apex Frozen Foods dropped more than 6 per cent and Avanti Feeds fell nearly 7 per cent. The sharp correction reflects concerns as these companies earn a significant share of their revenue from the US market.
500% US tariff on India?
Republican Senator Lindsey Graham said the bill would give the US additional leverage over countries “fueling Putin’s war machine” by buying Russian oil. He added that the legislation, backed by Trump, could be taken up for a bipartisan vote as early as next week, even as diplomatic efforts to end the Ukraine war continue.
According to the US Congress website, the proposed Sanctioning of Russia Act 2025 also seeks to penalise individuals and entities and raise duties on all goods and services imported from Russia into the US to a minimum of 500 per cent, signalling a sharp escalation in economic pressure.
Graham said the bill would empower the US president to act against countries purchasing discounted Russian oil, which Washington believes is helping finance Moscow’s war effort. “This bill will allow President Trump to punish those countries that buy cheap Russian oil, fueling Putin’s war machine,” he said, naming China, India and Brazil as potential targets.
The development comes as the long-pending India–US trade deal remains elusive despite multiple rounds of engagement between officials of both countries.
“I have a very good relationship with PM Modi, but he is not happy with me as India is paying high tariffs. But now they have reduced it very substantially, buying oil from Russia,” Trump said recently.
India has, however, rejected claims that Prime Minister Narendra Modi promised to stop buying Russian oil, reiterating that its energy purchases are guided by national interest and energy security.
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January 08, 2026, 14:09 IST
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