The Central Government on Wednesday said that India has taken note of a statement by the United States President, Donald Trump, on a 25 per cent tariff on Indian exports and is studying its implications.
Centre’s Reaction To US Announced 25 Per Cent Tariff on Indian Export
In a press release, the Ministry of Commerce & Industry said that both nations have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months.
“We remain committed to that objective. The Government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs,” it further added.
“The Government will take all steps necessary to secure our national interest, as has been the case with other trade agreements, including the latest Comprehensive Economic and Trade Agreement with the UK,” it concluded.
The response came after Donald Trump on Wednesday announced a 25 per cent tariff for India, which will be effective from August 1.
Taking his social media handle, Trump wrote, “Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country.”
Trump highlighted that India has bought a vast majority of military equipment from Russia as the latter continues to engage in war with Ukraine. He also highlighted that the US has a ‘massive trade deficit’ with India. The announcement came after POTUS on Tuesday said that India may face tariffs between 20-25 per cent.
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