Finance Minister Sitharaman: Assessing US Tariff Impacts is Premature
Synopsis
Union Finance Minister Nirmala Sitharaman expresses that it's too early to gauge the impact of the recent US tariffs. As the commerce ministry examines the situation, India's commitment to expanding trade agreements remains steadfast.
Key Takeaways
Nirmala Sitharaman believes it is premature to comment on US tariffs.
The commerce ministry is actively reviewing the situation.
India is committed to expanding global trade agreements .
Rising gold prices are attributed to central bank purchases.
The government and RBI are monitoring the economic situation closely.
New Delhi, Feb 23 (NationPress) Union Finance Minister Nirmala Sitharaman stated on Monday that it is premature to evaluate the consequences of the recent tariff adjustments made by the United States. She indicated that the commerce ministry is actively analyzing the current circumstances.
These comments from FM Sitharaman followed heightened trade tensions that surfaced after a ruling by the US Supreme Court against broad import tariffs initially enforced by the previous administration of Donald Trump.
In response, President Trump declared a 10 percent tariff on imports from all nations, including India, effective February 24 for a duration of 150 days. He later announced an increase of this tariff to 15 percent.
When questioned about the potential effects of these tariff alterations on the Indian economy, FM Sitharaman remarked that it was “a bit too soon” for any comments.
“The commerce ministry is evaluating the situation, and a delegation will determine the timing for further trade discussions. It is somewhat premature for me to provide input,” FM Sitharaman informed journalists.
Furthermore, the Finance Minister emphasized India’s dedication to forging trade agreements with various nations to enhance global market access.
“India has already entered into trade agreements with countries such as Australia, New Zealand, the UAE, Qatar, Oman, as well as with blocs like the EU and the UK,” the Finance Minister noted.
“India aims to continue its engagement with global markets and ensure that its economy derives benefits from international trade,” FM Sitharaman added.
After the customary post-Budget meeting with the Central Board of Directors of the Reserve Bank of India, the Finance Minister also addressed worries related to rising gold prices.
FM Sitharaman clarified that the recent surge in gold prices is primarily due to increased purchases by central banks worldwide.
“Currently, many countries, particularly their central banks, are buying and storing gold and silver,” the Finance Minister stated.
She further noted that gold has traditionally been a favored investment for Indian households, with demand typically rising during the festive season.
FM Sitharaman assured that both the government and the RBI are monitoring the situation closely. However, she stated that the price increase has not yet reached alarming levels.
Point of View
The comments by Finance Minister Nirmala Sitharaman highlight the cautious approach India is taking regarding international trade dynamics, especially amidst the evolving landscape of tariffs imposed by the United States. The need for further assessment reflects a prudent stance in safeguarding India's economic interests.
NationPress
10 May 2026
Frequently Asked Questions
What did FM Sitharaman say about US tariffs?
FM Sitharaman stated that it is too early to assess the impact of the recent US tariffs as the commerce ministry is currently reviewing the situation.
How is India responding to tariff changes?
India remains committed to signing trade agreements with various countries to enhance global market access.
What is the reason for rising gold prices according to FM Sitharaman?
She explained that the increase in gold prices is largely due to heightened buying by central banks around the world.
