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The Commerce Ministry has said that discussions are ongoing with the United States of America to carve out a mutually beneficial trade deal. Implications of tariffs imposed by US President Donald Trump are being closely examined by the ministry. The tariffs announced by Trump include a universal 10% duty on all imports into the US with an additional 16% to come into effect from April 10, 2025.
Officials in the ministry have said that there exists a possibility wherein US would reduce import duties if India addresses certain trade concerns. In this regard, discussions between the two sides are on to carve out a bilateral trade agreement. “These cover a wide range of issues of mutual interest including deepening supply chain integration. 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,” said the Commerce Ministry in a statement.
“Before the reciprocal announcement, US tariff rates were among the lowest with simple average tariffs at 3.3% compared with India’s 17%,” said the White House in a statement. Currently America has a trade deficit amounting to $46 billion with India.
The Prime Minister’s Office (PMO) has called for a high-level meeting to assess the tariff order announced by US President Donald Trump.
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