Finance Minister Nirmala Sitharaman addresses concerns over the impact of recent US tariff changes on the Indian economy, stating that the Commerce Ministry is actively reviewing the situation before further comment.
Photograph: ANI Photo
Key Points
- Finance Minister Nirmala Sitharaman says it’s too early to comment on the impact of US tariff changes on the Indian economy.
- The US imposed a 10% tariff on all countries, including India, which was later raised to 15%.
- India’s commerce ministry is reviewing the situation and will decide on further negotiations with the US.
- India and the US have rescheduled a meeting to finalize the interim trade pact.
- India is actively pursuing trade agreements with various countries, including Australia, New Zealand, the UAE, and the UK.
Finance Minister Nirmala Sitharaman on Monday said it is too early to comment on the tariff changes announced by the United States and the commerce ministry is reviewing the situation.
On Friday, the US Supreme Court gave a verdict against the sweeping import tariffs imposed by the Trump administration on trade partners.
Following that, President Donald Trump imposed a 10 per cent tariff on all countries, including India, from February 24 for 150 days. Later on Saturday, Trump announced raising these tariffs to 15 per cent.
Impact on Indian Economy
Asked about the impact of tariff changes on the Indian economy, Sitharaman said it is a “bit too soon” to comment.
Also read: Why India-US Trade Deal Is Key For Growth
“But on the trade particularly, aside from the Indian economy in general, the commerce ministry is reviewing the situation. The delegation will have to take a call on when they are going to go for further negotiations. So it’s a bit too early for me (to comment),” Sitharaman said.
India-US Trade Negotiations
On Sunday, India and the US decided to reschedule the proposed meeting of their chief negotiators, supposed to be held in Washington from Monday, to finalise the text for the interim trade pact, according to sources.
Joint Secretary in the commerce ministry, Darpan Jain, is the chief negotiator of India for this agreement.
India’s Pursuit of Trade Agreements
Talking to reporters after addressing the RBI’s Central Board in Mumbai, Sitharaman said India has been on a very clear path of wanting to have trade deals and have already inked pacts with Australia, New Zealand, the UAE, Qatar, Oman, the EU and the UK.
“So, therefore, our attempt to have a trade agreement will go on with countries,” she said adding that India wants the economy to have the advantage of trading globally and being able to reach global markets.
