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Informist, Thursday, Mar. 27, 2025

 

--DGFT Sarangi: Reports India has offered to cut tariff in US deal guess work

--DGFT Sarangi: Nobody knows what will happen on Apr 2 about tariffs

--CONTEXT: DGFT's Sarangi speaking at an event in Delhi

 

NEW DELHI - Director General of Foreign Trade Santosh Sarangi Thursday brushed off media reports claiming that India had offered massive tariff reductions in its trade deal with the US, calling them as "guesswork." "Don't go by this (reports)," Sarangi said at an event in the national capital. "As we are speaking, there are teams from both sides discussing what should be the contours of a bilateral agreement. Both leaders have agreed to conclude it by end of the fall season, which is Sept-Oct," he said.

 

Sarangi said no tariff reductions will be offered at this stage in the agreement, which is expected to be finalised by September.

 

Earlier this week, a media report suggested that the Indian government is willing to lower tariffs on 55% of US goods, valued at $23 billion, as part of the first phase of the ongoing trade negotiations with Washington.

 

US President Donald Trump has announced that his administration will levy reciprocal tariffs on countries, including India, from Apr. 2. 

 

"You have heard Trump saying that for some countries he will be considering deferment but going by what has happened over the last couple of days, nobody knows what is going to happen on Apr. 2," Sarangi said.

 

"So I can't really say whether he is going to defer it, whether he is going to impose and then negotiate, it is anybody's guess," he said. 

 

Sarangi said that India and US are complementary economies, and there are several areas where India can provide US market access and tariff reductions "without compromising our industry or farm sector". "Working out a bilateral trade agreement with the US should be an easier option compared to some other countries we negotiate with," he added.  End

 

Reported by Shubham Rana

Edited by Subhojit Sarkar

 

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