Synopsis
New Delhi reports that US President Donald Trump's executive order has imposed a 27% duty on Indian imports. The Commerce Department is analyzing the situation while engaging with Indian stakeholders. Ongoing discussions aim to enhance bilateral trade under the 'Mission 500' initiative.Key Takeaways
- US imposes 27% additional duty on Indian goods.
- Commerce Department reviewing implications of the order.
- India and US are discussing a Bilateral Trade Agreement.
- Focus on trade, investments, and technology transfers.
- India values its Strategic Partnership with the US.
New Delhi, April 3 (NationPress) The executive order issued by US President Donald Trump has set an extra duty of 27 percent on Indian goods entering the United States. The Commerce Department is thoroughly analyzing the consequences of this order, according to the Commerce and Industry Ministry led by Piyush Goyal, as stated on Thursday.
The President's executive order on reciprocal tariffs introduces additional ad-valorem duties ranging between 10 percent to 50 percent on imports from all trading partners. The baseline duty of 10 percent will take effect from April 5, 2025, while the remaining country-specific additional ad-valorem duty will come into play from April 9. For India, the total additional duty amounts to 27 percent, as reported by the Commerce and Industry Ministry.
"The Department of Commerce is diligently reviewing the implications of the various measures and announcements made by the President of the USA. In light of the vision of Viksit Bharat, the Department is engaging with all stakeholders, including Indian industries and exporters, to gather feedback regarding their assessment of the tariffs and to evaluate the situation. The Department is also exploring potential opportunities arising from this new development in US trade policy," an official statement revealed.
On February 13, Prime Minister Narendra Modi and US President Donald Trump announced the "Mission 500", which aims to more than double the bilateral trade to $500 billion by 2030. Discussions are currently underway between Indian and US trade teams to swiftly finalize a mutually beneficial, multi-sectoral Bilateral Trade Agreement. This agreement will encompass a broad spectrum of issues of mutual interest, including enhancing supply chain integration, as outlined in the statement.
"The current discussions are focused on enabling both nations to augment trade, investments, and technology transfers. We are maintaining communication with the Trump Administration regarding these matters and anticipate progressing in the upcoming days," the statement added.
"India values its Comprehensive Global Strategic Partnership with the United States and is devoted to collaborating closely with the US to implement the India-US ‘Catalysing Opportunities for Military Partnership, Accelerated Commerce & Technology’ (COMPACT) for the 21st century to ensure that our trade relationships remain a cornerstone of mutual prosperity and drive transformative changes for the benefit of both the Indian and US populations," it concluded.
