Hours after US President Donald Trump 's announcement of reciprocal tariffs, India on Thursday said it is studying the opportunities that may arise in light of the drastic change in US trade policy.
On Wednesday, US slapped a 27% tariff on imports from India. Trump said that the tariffs charged by India to the US are 52%.
The Executive Order establishes additional ad-valorem duties between 10% and 50% on imports from trading partners.
Starting April 05, 2025, a 10% baseline duty will be implemented, whilst country-specific additional duties commence from April 09, 2025.
The department of commerce said that they are carefully examining the implications of the US President's various measures and announcements. In alignment with Viksit Bharat's objectives, the department maintains active engagement with stakeholders, including industry representatives and exporters, to gather feedback on tariff impacts and evaluate the situation. Additionally, they are investigating potential opportunities arising from these US trade policy changes.
In a statement, the ministry of commerce said that Prime Minister Narendra Modi, and the US President Donald Trump on February 13, 2025, unveiled 'Mission 500', targeting to increase bilateral trade to US $500 Billion by 2030.
Both nations' trade teams are currently negotiating a comprehensive bilateral trade agreement, addressing mutual interests including supply chain integration. The discussions aim to enhance trade growth, investments and technology transfers. Regular communication continues with the Trump Administration to advance these objectives.
"India values its Comprehensive Global Strategic Partnership with the United States and is committed to working closely with the US to implement the India-US ‘Catalysing Opportunities for Military Partnership, Accelerated Commerce & Technology’ (COMPACT) for the 21st century to ensure that our trade ties remain a pillar of mutual prosperity and drive transformative change for the benefit of the people of India and the US." the statement read.
On Wednesday, US slapped a 27% tariff on imports from India. Trump said that the tariffs charged by India to the US are 52%.
The Executive Order establishes additional ad-valorem duties between 10% and 50% on imports from trading partners.
Starting April 05, 2025, a 10% baseline duty will be implemented, whilst country-specific additional duties commence from April 09, 2025.
The department of commerce said that they are carefully examining the implications of the US President's various measures and announcements. In alignment with Viksit Bharat's objectives, the department maintains active engagement with stakeholders, including industry representatives and exporters, to gather feedback on tariff impacts and evaluate the situation. Additionally, they are investigating potential opportunities arising from these US trade policy changes.
In a statement, the ministry of commerce said that Prime Minister Narendra Modi, and the US President Donald Trump on February 13, 2025, unveiled 'Mission 500', targeting to increase bilateral trade to US $500 Billion by 2030.
Both nations' trade teams are currently negotiating a comprehensive bilateral trade agreement, addressing mutual interests including supply chain integration. The discussions aim to enhance trade growth, investments and technology transfers. Regular communication continues with the Trump Administration to advance these objectives.
"India values its Comprehensive Global Strategic Partnership with the United States and is committed to working closely with the US to implement the India-US ‘Catalysing Opportunities for Military Partnership, Accelerated Commerce & Technology’ (COMPACT) for the 21st century to ensure that our trade ties remain a pillar of mutual prosperity and drive transformative change for the benefit of the people of India and the US." the statement read.
You may also like
Red Notice Fugitive Aaditya Jain, Wanted In Rajasthan Extortion Case, Deported From UAE To India
Donald Trump says tariffs going 'better than expected' as trillions wiped off global economy
'Genius' kitchen storage tip to stop onions from sprouting and rotting
Wimbledon set to make major change to Henman Hill as chiefs issue explanation
Karnataka: Janaushadhi Kendras cut down medical bills of Tumkur residents
