New Delhi:
An official statement stated that the Department of Commerce is carefully examining the implications of American mutual tariffs over India and is associated with all stakeholders, including domestic industry and exporters to take their feedback on the issue.
The Ministry of Commerce said that it is also studying opportunities that may arise due to this new development in the US trade policy.
US President Donald Trump has announced the implementation of additional Ad-Valorem duties from 10 percent to 50 percent on imports from all business partners.
The baseline duty of 10 percent will be effective from April 5 and 27 percent from April 9. Some areas are exempted from these duties, including pharma, semiconductor and energy products.
“The Department of Commerce is carefully investigating the implications of various measures/ announcements made by the President of the United States,” said.
It has also been said that there is a discussion between Indian and American trade teams for early conclusion of a mutually beneficial, multi-regional bilateral trade agreement (BTA).
The BTA supply chain will cover a wide range of issues of mutual interest, including deepening integration.
The ongoing dialogue focuses on enabling both nations to increase trade, investment and technology transfer.
“We are in touch with the Trump administration on these issues and hope to take them forward in the coming days,” it said.
It states that India value its widespread global strategic partnership with the United States and is committed to working with the US for the benefit of the people of the two countries.
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)
