Amid fears amongst exporters of upper tariffs within the profitable US market from April 2 when reciprocal tariffs are set to come back into impact, the Ministry of Commerce and Business informed Lok Sabha Tuesday that the federal government is participating with the US to get rid of tariffs and non-tariff limitations and enhance commerce.
Commerce Minister Piyush Goyal concluded his US go to final Saturday and the Ministry plans consultations with exporters this week.
Representatives from sectors together with vehicles, leather-based, textiles, electronics and prescription drugs, amongst others, are anticipated to current their stance on tariff concessions that could be supplied to the US throughout commerce negotiations, The Indian Specific has learnt.
Issues over concessions grew after US President Donald Trump mentioned final Friday that India had agreed to chop tariffs after being “uncovered” for being restrictive from a commerce perspective and making it tough for American corporations to do enterprise in India. US Secretary of Commerce Howard Lutnick additionally mentioned that India’s agriculture sector “should open up” for US merchandise.
In a written reply in Lok Sabha Tuesday, Minister of State for Commerce and Business Jitin Prasada mentioned the “Indian authorities continues to have interaction with america” to boost and broaden bilateral commerce ties in a mutually useful and truthful method.
Responding to a query by Congress MP Ok Sudhakaran and TMC MP Sayani Ghosh on the affect of reciprocal tariffs, Prasada reiterated that the US had not but applied reciprocal tariffs on India and that each nations would give attention to “rising market entry, decreasing tariff and non-tariff limitations, and enhancing provide chain integration.”
“The US issued a Memorandum on Reciprocal Commerce and Tariffs on February 13, 2025, instructing the Secretary of Commerce and america Commerce Consultant to analyze hurt to the US from any non-reciprocal commerce agreements adopted by buying and selling companions. A report with detailed proposed cures for every buying and selling accomplice is to be submitted, primarily based on which US motion may then be undertaken beneath related US laws. As of now, reciprocal tariffs haven’t been utilized by the US on India,” he mentioned in his reply.
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“The Authorities of India continues to have interaction with the Authorities of america to boost and broaden bilateral commerce ties in a mutually useful and truthful method. Each nations launched a joint assertion on February 13, 2025, reaffirming their dedication to deepening financial ties. Below the formidable ‘Mission 500’, each nations purpose to greater than double US-India commerce to $500 billion by 2030 by means of deepening commerce relations throughout a number of sectors,” he mentioned.
Notably, Trump on Tuesday introduced extra 25 per cent tariffs on metal and aluminium from Canada and Mexico amid a widening commerce conflict. Shares on Wall Road slumped Monday, recording one of many worst buying and selling days since 2022, pushed by issues over the affect of Trump’s commerce insurance policies on the US financial system.
Commerce Secretary Sunil Barthwal informed a Parliamentary panel Monday that negotiations between the 2 nations are ongoing and no settlement on commerce tariffs had been reached to this point.
Barthwal briefed the Parliamentary Committee on Exterior Affairs on Trump’s current declare that India had agreed to cut back its tariffs “approach down,” whereas International Secretary Vikram Misri up to date the committee on China and Europe.
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