BREAKING: India Hits Back as Trump Slaps 27% Tariff on Goods, U.S. Trade Tensions Escalate
US Imposes Fresh Tariffs on Indian Goods, India Vows to Mitigate Impact
The Indian government is closely assessing the implications of a fresh set of tariffs imposed by US President Donald Trump, which will see an additional 27% duty on Indian exports to the US. The move comes as the two countries engage in ongoing negotiations for a comprehensive Bilateral Trade Agreement (BTA) aimed at boosting trade to $500 billion by 2030.
According to an official statement, the Ministry of Commerce and Industry is carefully examining the implications of the US measures and engaging with stakeholders to determine the way forward. "The Department of Commerce is carefully examining the implications of the US measures. Keeping in mind the vision of Viksit Bharat, we are actively engaging with Indian industry and exporters to gather feedback and assess both the challenges and potential opportunities arising from these developments," the statement said.
President Trump’s executive order introduces reciprocal tariffs ranging from 10% to 50% on imports from all trading partners, with a baseline 10% duty coming into effect on April 5, 2025. The remaining country-specific levies, including the 27% tariff on Indian goods, will take effect from April 9. This move has raised concerns for Indian exporters, who face significant revenue losses due to the sudden imposition of the tariffs.
However, officials believe that ongoing trade discussions with the US could offer a pathway to mitigate the impact and create new opportunities in the evolving global trade landscape. India remains committed to strengthening its economic ties with Washington, reaffirming its dedication to implementing the India-US Catalyzing Opportunities for Military Partnership, Accelerated Commerce & Technology (COMPACT) framework to bolster economic and strategic collaboration.
As both countries continue to engage in diplomatic efforts to resolve the trade imbroglio, officials are working towards a mutually beneficial agreement that ensures trade remains a pillar of prosperity for both nations. The outcome of these negotiations will closely be watched by business communities in India, which have pinned their hopes on the agreement to drive growth and create new opportunities for Indian trade.
India’s Ministry of Commerce and Industry stated that it remains in close contact with the Trump administration and is "working towards a mutually beneficial agreement that ensures trade remains a pillar of prosperity for both nations." The country’s determination to safeguard its trade interests while promoting economic ties with the US does not auger well for a smooth resolution to the issue.
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Original Source: https://nenews.in/business/trumps-order-imposes-27-tariff-on-indian-goods-india-engages-in-talks-with-us/22918/
Category : Business,Neighbours,Indian goods,Indian government,Tariff,US President Donald Trump
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Publish Date: 2025-04-03 21:10:00
