Indian Government Confirms No Tariffs Imposed by US on India
The Indian government has stated no country-specific or reciprocal tariffs have been imposed by the US on India. Minister Jitin Prasada mentioned the US has levied additional duties on steel and aluminum but clarified India’s position. The ongoing trade relations between the two nations aim for substantial bilateral trade growth by 2030, with negotiations for a bilateral trade agreement underway.
The Indian government has clarified that no country-specific or reciprocal tariffs have been imposed by the United States on India. Minister of State for Commerce and Industry Jitin Prasada stated in the Rajya Sabha that while the US has levied additional duties on steel and aluminum imports from all countries, India remains exempt from reciprocal tariffs.
Since his inauguration, President Donald Trump has prioritized reciprocal tariffs in his global economic strategy, arguing that the current tariff framework favors other nations over the US. He has criticized India as a significant offender in this regard, threatening to introduce reciprocal tariffs on April 2.
Minister Prasada further informed the Upper House regarding the US Memorandum on Reciprocal Trade and Tariffs issued on February 13, 2025, which instructs India’s secretary of commerce and the US trade representative to evaluate non-reciprocal trade arrangements and recommend solutions.
Trump has frequently condemned India’s trade policies, labeling it as one of the nations with the highest tariffs globally, while acknowledging his positive rapport with India. He indicated expectations for India to reduce tariffs substantially but warned that US tariffs may equal those imposed by India come April 2.
The Indian government is actively assessing the repercussions of the US’s increased steel and aluminum duties, emphasizing that these new duties represent a surge beyond existing tariffs.
Despite ongoing trade disagreements, both India and the US are dedicated to enhancing economic collaboration. They reaffirmed their commitment through a joint statement on February 13, 2025, as they pursue the ambitious “Mission 500” to elevate bilateral trade to $500 billion by 2030.
Furthermore, negotiations are ongoing for a bilateral trade agreement aimed at increasing market accessibility, reducing various trade barriers, and resolving key issues bilaterally. The agreement is anticipated to be completed within eight months.
Earlier this month, Commerce Minister Piyush Goyal visited the US to engage with his US counterparts regarding trade relations and is likely to return to Washington D.C. later this month with proposals for tariff reductions. US Secretary of Commerce Howard Lutnick proposed a comprehensive trade deal, urging an overarching free-trade agreement rather than segment-specific negotiations to expedite the process.
In conclusion, the Indian government has confirmed that the US has not instituted any specific tariffs on India thus far. Trade discussions continue with a focus on strengthening economic ties and overcoming challenges imposed by tariffs on steel and aluminum imports. Both countries are optimistic about enhancing their trade relationship through a bilateral agreement and the ambitious goal of achieving $500 billion in trade by 2030.
Original Source: www.business-standard.com
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