India still negotiating, has made no commitment on tariffs, say sources
This story was originally published at 20:15 IST on 10 March 2025
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NEW DELHI – India has not made any commitment on tariffs and negotiations with the US are currently on, the commerce secretary told the Parliamentary Standing Committee on External Affairs Monday, multiple sources said. According to the sources, the secretary told the committee that the US has not issued a formal order imposing reciprocal tariffs on India, and India has sought time till September to resolve the issue.
On Friday, US President Donald Trump said India "wants to cut tariffs way down now" as the country had been "exposed" for charging "massive" duties. Trump's remarks came after Commerce and Industry Minister Piyush Goyal's visit to the US to discuss tariffs and a bilateral trade agreement. Goyal was in the US from Mar. 4 to Mar. 6.
"India charges us massive tariffs. Massive. You can't even sell anything in India. They have agreed, by the way. They want to cut their tariffs way down now because somebody is finally exposing them for what they have done," Trump had said during a media interaction at the White House.
Trump has announced reciprocal tariffs from Apr. 2. The US president announced his plan for reciprocal tariffs on Feb. 13 and signed a presidential memorandum--"Reciprocal Trade and Tariffs"--directing his administration to develop a comprehensive plan to address trade imbalances by matching tariffs imposed by other countries on US goods.
India has been working towards a mutually beneficial bilateral trade agreement with the US, one source said. During Prime Minister Narendra Modi's visit to the US last month, both sides had announced that they would negotiate a mutually beneficial multi-sector bilateral trade pact.
According to the Ministry of External Affairs, the US is among India's larger trading partners with bilateral trade in goods and services of $190.1 billion in calendar year 2023. The two countries have set a target of increasing their bilateral trade to $500 billion by 2030. End
US$1 = INR 87.33
Reported by Kuldeep Singh
Edited by Rajeev Pai
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