After the donald trump administration imposed a 26% charge on indian exports, a senior official told Reuters that india is unlikely to impose counter-tariffs on the US and will instead concentrate on completing the bilateral trade agreement as soon as possible. Dalal Street and international markets have been rocked by Trump's announcement; since Wednesday, the Sensex has down 1.6%.
A crucial provision in the executive order that trump issued last week that provides relief to countries that take "significant steps to remedy non-reciprocal trade arrangements" is what the government is relying on, the official said.
Another government official noted that india was finding solace in the fact that it was among the first countries to begin negotiations on a trade agreement with the United States. Higher tariffs have affected its Asian counterparts, including china (34%), vietnam (46%), and indonesia (32%).
Another government official noted that india was finding solace in the fact that it was among the first countries to begin negotiations on a trade agreement with the United States. Higher tariffs have affected its Asian counterparts, including china (34%), vietnam (46%), and indonesia (32%).
Indonesia declared it would not respond, despite China's announcement that it will apply reciprocal 34% tariffs on all US imports starting on april 10. In a possible trade agreement, vietnam, a growing export and manufacturing substitute for china, has committed to lowering its tariffs to zero.
Trump spoke to prime minister Narendra Modi as a "great friend" but last week proposed a reciprocal tariff of 26% on India.
The good news for india is that US tariffs do not apply to copper, semiconductors, or pharmaceuticals. Almost half of the generic medications sold in the united states are sourced from India. However, exports in important industries like jewelry, stones, electronics, and auto parts can suffer.
Trump spoke to prime minister Narendra Modi as a "great friend" but last week proposed a reciprocal tariff of 26% on India.
The good news for india is that US tariffs do not apply to copper, semiconductors, or pharmaceuticals. Almost half of the generic medications sold in the united states are sourced from India. However, exports in important industries like jewelry, stones, electronics, and auto parts can suffer.
The opposition has criticized the administration for not receiving a reprieve despite the "camaraderie" between PM Modi and trump, while india has responded to the tariffs cautiously.
Rahul Gandhi, the Lok Sabha's leader of the opposition, has stated that the tariffs would "completely devastate" the economy.
Significant work has been made on the proposed Bilateral Trade Agreement (BTA) with the United States. The two countries agreed on the BTA's criteria of reference last month.
India has reduced import taxes on bourbon whisky and Harley-Davidson motorcycles from 50% to 40% in an attempt to appease Trump. Additionally, it eliminated the "Google Tax," a charge on wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital services that impacted US internet companies.
Rahul Gandhi, the Lok Sabha's leader of the opposition, has stated that the tariffs would "completely devastate" the economy.
Significant work has been made on the proposed Bilateral Trade Agreement (BTA) with the United States. The two countries agreed on the BTA's criteria of reference last month.
India has reduced import taxes on bourbon whisky and Harley-Davidson motorcycles from 50% to 40% in an attempt to appease Trump. Additionally, it eliminated the "Google Tax," a charge on wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital services that impacted US internet companies.