'We're Studying Implications': MEA On Donald Trump's Reciprocal Tariffs
Washington has imposed a 27% discounted reciprocal tariff on all Indian goods.
India on US tariffs: The Ministry of External Affairs (MEA) on Wednesday said that India is studying the implications of 27% reciprocal tariff, announced by US on India and further discussions are underway for a speedy conclusion of a mutually beneficial multi-sectoral bilateral trade pact.
Donald Trump’s 26% tariff on Indian goods kicked in officially starting 9:30 am on Wednesday (IST).
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While addressing the weekly media briefing, MEA spokesperson Randhir Jaiswal said that he hoped that India and US would close the multi-sectoral bilateral trade agreement soon.
“On the 3rd, we had a detailed press release issued by the Ministry of Commerce where India’s position was made clear. We are studying the implications of the tariffs that have been announced…," he said when asked about the US tariffs on Indian imports.
Jaiswal further said that India and US are hoping to conclude the bilateral agreement by autumn of 2025, adding that the same was mentioned during the joint statement following Prime Minister Narendra Modi’s meeting with President Donald Trump in Washington DC.
“Discussions are ongoing between India and US Trade teams for an expeditious conclusion of a mutually beneficial multi-sectoral bilateral trade agreement. India values its comprehensive global strategic partnership with the US and is committed to working closely with it … Both teams are in discussion and hopefully we can close it," he added.
EAM Jaishankar On US Tariffs
Earlier today, External Affairs Minister Dr S Jaishankar said that India is engaging with the Trump administration to reach an agreement on tariffs. While speaking at News18’s Rising Bharat Summit, Jaishankar said that he has seen that India sees “an opportunity" in the current situation with respect to the tariffs.
He said that while it’s not the right time to speak on the impact of the tariffs on India, as that is yet to be known, India’s strategy to engage with the Trump administration on the issue is not something negative.
Jaishankar said, “Our strategy has been clear that we will engage with the Trump administration early on these issues. We’ve been open with them as they have been with us. We are trying to negotiate a bilateral trade agreement by fall of this year. We are the only country that has engaged with the Trump administration on this. This trade agreement, in fact, has long been our objective, and there can be no better time for it than now."
US Imposes 27% Tariff on Indian Goods
Washington has imposed a 27% discounted reciprocal tariff on all Indian goods.
While announcing plans for sweeping “Liberation Day" tariffs, Trump had said that Prime Minister Narendra Modi is a great friend of his and had noted that the US had not imposed tariffs on India for many years.
“India very, very tough. The Prime Minister just left and is a great friend of mine, but you are not treating us right. They charge us 52 per cent and we charge them almost nothing," Trump had said at the White House’s “Make American Wealthy Again" event in the Rose Garden.
Earlier today, the US President also hinted at announcing tariffs for the pharmaceutical sector. The levies will be aimed at encouraging drug manufacturers to shift operations back to the US, he said at an event hosted by the National Republican Congressional Committee.
(With inputs from agencies)
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