Carefully examining implications of Trump’s tariffs announcement: Govt

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.

US President Donald Trump announcing reciprocal tariffs. (AFP)

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.”