The Centre has denied committing to lowering import duties on US merchandise, following President Donald Trump’s declare that New Delhi had agreed to decrease tariffs, The Occasions of India reported
The Centre on Tuesday instructed a Parliamentary panel that it had made “no commitments to the US on the difficulty”, the report added.
The federal government “has sought time till September to deal with the difficulty that’s being repeatedly flagged by the American president,” the report stated.
It additionally talked about that commerce secretary Sunil Barthwal, whereas showing earlier than the Parliamentary standing committee on exterior affairs, reportedly stated India and the US had been engaged on a mutually useful bilateral commerce settlement, prioritising long-term cooperation over speedy tariff changes.
Donald Trump on Friday stated India has agreed to chop tariffs considerably as a result of he’s lastly exposing New Delhi for imposing ‘large tariffs’ on American imports.
He had additionally blamed all buying and selling companions of “unfair” practices and introduced reciprocal tariffs on many international locations, together with India, to start from subsequent month.
“India fees us large tariffs. Huge. You possibly can’t even promote something in India. They’ve agreed, by the way in which; they wish to minimize their tariffs means down now as a result of any individual is lastly exposing them for what they’ve accomplished,” ANI quoted Trump as saying.
Earlier on Saturday, US commerce secretary Howard Lutnick claimed that India’s tariffs on American merchandise are among the many highest globally and urged New Delhi to rethink its place, noting that the 2 international locations share a “particular” bilateral relationship.
Talking just about on the India Immediately Conclave, the commerce secretary burdened the necessity for India to open up its agricultural commerce for imports and instructed that it may be “smarter” whereas coping with probably the most “necessary buying and selling accomplice” US, on the opposite facet of the desk.
In the meantime, US inventory markets plunged on Monday as traders grew anxious in regards to the financial fallout from President Donald Trump’s tariffs.
