- NEW DELHI — The executive order issued by US President Donald Trump has
imposed an additional duty of 27 per cent on Indian goods entering the US and
the Commerce Department carefully examining the implications of the order, the
Piyush Goyal-headed Commerce and Industry Ministry said on Thursday.
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- The US President issued an executive order on reciprocal
tariffs imposing additional ad-valorem duties ranging from 10 per cent to 50
per cent on imports from all trading partners. The baseline duty of 10 per cent
will be effective from April 5, 2025 and the remaining country-specific
additional ad-valorem duty will be effective from April 9. For India, the
additional duty works out to 27 per cent, the Commerce and Industry Ministry
said.
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- "The Department of Commerce is carefully examining
the implications of the various measures/announcements made by the President of
the USA. Keeping in view the vision of Viksit Bharat, the Department is engaged
with all stakeholders, including Indian industry and exporters, taking feedback
of their assessment of the tariffs and assessing the situation. The Department
is also studying the opportunities that may arise due to this new development
in the US trade policy," an official statement said.
Also read: US reciprocal tariffs: Asian markets trade lower, Japan leads losses
- Prime Minister Narendra Modi and US President Donald
Trump had, on February 13, announced the "Mission 500" - aiming to
more than double the bilateral trade to $500 billion by 2030. Accordingly,
discussions are ongoing between Indian and US trade teams for the expeditious
conclusion of a mutually beneficial, multi-sectoral Bilateral Trade Agreement.
These cover a wide range of issues of mutual interest, including deepening
supply chain integration, according to the statement.
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- "The ongoing talks are focused on enabling both
nations to grow trade, investments and technology transfers. We remain in touch
with the Trump Administration on these issues and expect to take them forward
in the coming days," the statement said.
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- "India values its Comprehensive Global Strategic
Partnership with the United States and is committed to working 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 ties remain a pillar of mutual prosperity and
drive transformative change for the benefit of the people of India and the
US," it added.
