Union Minister of State for Finance Pankaj Chaudhary on Thursday said that India will thoroughly review and assess the impact of the 27 per cent new tariffs imposed on Indian exports to the US and would choose a response. Indian Government will analyse the situation and will take up reciprocal measures on that basis, Chaudhary, addressing reporters in New Delhi, said.
“It is America First for Donald Trump and India First for Modi ji. When we analyse the tariffs first and assess the impact they will have and decide which is the best course of action that will take us,” Chaudhary said.
These are in response to U.S. President Donald Trump’s April 2 announcement making for significant tariffs in his administration’s new trade policy involving various countries. Since taking office again, Trump has said trade must be ‘fair and reciprocal’ to America, claiming that foreign nations make it hard to sell US goods. His policy aims to counter non-monetary trade barriers, subsidies, and VAT-related trade imbalances.
Industry body ASSOCHAM’s president, Sanjay Nayar, also says India might not be badly hurt by these tariffs. She added that India’s position, compared to other Southeast Asian nations, is still quite stable. Also, for the pharmaceutical sector, India’s industry can concentrate on improving efficiency and restructuring supply chains with exemptions.
Reportedly, Nayar also suggested that India should also see fit to grant the U.S. greater market access to its domestic market as trade relations change. Meanwhile, experts expect that new U.S. policies will lead to a large change in trade flows and supply chains between Asia nations.
These developments happen, but in this Indian government’s cautious approach, any adjustments to the policies are made through a thorough evaluation to protect the national economic interests.
Join our whatsapp group for Latest updates
Click Here for Chhattisgarh News
Click Here for Entertainment News