India Responds to Trump’s Tariff Announcement, Ensures Continued U.S. Engagement
The Commerce Ministry of India has responded to Donald Trump’s new 27% tariff on imports, indicating that communications with the U.S. will continue. A 10% baseline tariff will start soon, followed by further increases. Overall, lower tariffs for India have positively affected equity markets.
The Commerce Ministry of India has reacted to former President Donald Trump’s announcement of a 27% tariff on imports, affirming that India will maintain communication with the United States regarding trade matters. A baseline tariff of 10% will commence on Saturday, with additional tariffs set to increase by April 9.
Trump stated, “They (India) are charging us 52% and we charge almost nothing for years and years and decades,” expressing dissatisfaction during a White House conference. Notably, higher tariffs have also been imposed on other nations, including a 34% tax on China and a 46% tariff on Vietnam.
Despite the challenges posed by these tariffs, the relatively lower duties applied to India have had a stabilizing effect on equity markets. Comprehensive updates regarding the evolving situation will be provided in due course.
In summary, India’s Commerce Ministry is actively engaging with the United States following the announcement of a significant tariff increase by former President Trump. The initial 10% tariff will be effective soon, with more substantial increases expected shortly thereafter. These developments, along with the lower tariffs for India, have had a positive impact on the equity markets amidst a backdrop of rising duties on other countries.
Original Source: m.economictimes.com
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