Apr 03, 2025 02:35 PM IST
The Union commerce ministry said it was engaged with all stakeholders, including Indian industry and exporters, taking feedback on their assessment of the tariffs
The government on Thursday said it is carefully examining the implications of United States (US) President Donald Trump’s announcement of a new baseline 10% tariff on goods from all countries and 27% reciprocal tariffs on India, and studying the opportunities that may arise due to this development in the American trade policy.
In a statement, the Union commerce ministry said it was engaged with all stakeholders, including Indian industry and exporters, taking feedback on their assessment of the tariffs and assessing the situation keeping in view the vision of a developed India.
It referred to Prime Minister Narendra Modi and Trump’s February 13 “Mission 500” announcement to more than double the bilateral trade to $500 billion by 2030. The statement said Indian and US trade teams were in talks for the expeditious conclusion of a mutually beneficial, multi-sectoral Bilateral Trade Agreement. “These cover a wide range of issues of mutual interest, including deepening supply chain integration.”
The statement said the talks were 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.”
The statement said India values its Comprehensive Global Strategic Partnership with the US. It added India is committed to working closely with the US to implement the India-US Catalysing Opportunities for Military Partnership, Accelerated Commerce and Technology (COMPACT) for the 21st century to ensure that trade ties remain a pillar of mutual prosperity and drive transformative change for the benefit of the people of the two countries.
