Vardhman Textiles, Welspun Living, Trident: Textile shares surge on hopes of lower tariff after Trump says trade talks with India on

Share of export oriented textile companies which ae highly reliant on the United States like Trident, Welspun Living, Alok Industries, Trident, Vardhman Textiles and Raymond Lifestyle surged anywhere between 2%-8% in trade on Wednesday, September 10, on hopes that higher tariff announced by United States could come down going ahead.

The US President Donald Trump on Tuesday said that India and US will resume trade talks to address trade barriers between the two nations.

"I am pleased to announce that India and the United States of America are continuing negotiations to address the Trade Barriers between our two Nations. I look forward to speaking with my very good friend, Prime Minister Modi, in the upcoming weeks. I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!," Trump wrote on his social media platform TruthSocial.

He added he was confident in reaching “a successful conclusion for both of our Great Countries.”

Modi responded on X, calling the United States and India “close friends and natural partners.”

He said ongoing talks would “pave the way for unlocking the limitless potential of the India-US partnership” and that he, too, looked forward to speaking with Trump soon.

The public show of goodwill came after weeks of friction in bilateral ties.

Trump imposed a 25% reciprocal tariff on Indian imports and later doubled duties to 50% over its Russian crude purchase, saying talks would not move forward until issues were resolved.

The Trump administration has also sharpened its criticism of India’s oil purchases. White House trade adviser Peter Navarro accused New Delhi of acting as a “laundromat for the Kremlin” by refining and reselling Russian crude.

“They don’t need the oil. It’s a refining profiteering scheme,” Navarro told reporters. “India doesn’t appear to want to recognize its role in the bloodshed. … What you’re doing right now is not creating peace. It’s perpetuating the war.”

Navarro went further in an interview with Bloomberg TV, calling Russia’s invasion of Ukraine “Modi’s war” and arguing that India’s purchases were bankrolling Moscow’s military campaign.