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Informist, Thursday, Apr. 3, 2025

 

--Trade min: Expect US govt to take trade-pact matter forward in coming days

--Trade min: Studying opportunities that may arise from US' new trade policy

--Trade min: Engaged with stakeholders, exporters to take views on US tariffs

--Trade min: Carefully examining implications of US tariffs

 

NEW DELHI – The government is currently examining the implications of the reciprocal tariffs announced by the US on the Indian economy, the trade ministry said, adding that it expects the US administration to take forward matters related to the trade pact in the coming days and expedite the discussions. Late Wednesday, the US announced 27% reciprocal duty on Indian goods starting Apr 9.

 

India's commerce department is engaged with all stakeholders, including the Indian industry and exporters, and is taking feedback of their assessment of the tariffs, the ministry said Thursday in a press release. "The department is also studying the opportunities that may arise due to this new development in the US trade policy."

 

The proposed bilateral trade agreement is now New Delhi's hope to safeguard the economy from a prolonged impact of US' reciprocal tariffs. The two sides aim to conclude the first tranche of the trade deal by the fall of 2025.

 

There is significant apprehension over the proposed US tariffs as the US is India's top export destination with a share of over 17% in total outbound shipments. In 2023-24 (Apr-Mar), India exported goods worth $77.52 billion to the US and had a trade surplus of $35.32 billion. 

 

Apart from India, US President Donald Trump has slapped 34% tariff on China, 46% on Vietnam, and 32% on Taiwan, among other countries. The US will start with additional 10% duty on all imports from all trading partners starting Apr. 5, and then raise the duty to the specified reciprocal tariff for each nation, the White House has said.  End

 

US$1 = INR 85.46

 

Reported by Krity Ambey

Edited by Ashish Shirke

 

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