Union finance minister Nirmala Sitharaman reacted to the US Supreme Court quashing President Donald Trump’s global tariffs and his imposition of a 15% global tariff in response to the verdict, saying that it was too soon to comment on the impact of tariff changes on the Indian economy.
Finance minister Nirmala Sitharaman also said that the Union commerce ministry is reviewing the situation. (PTI)
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Addressing a press conference, she said, “On the Indian economy, I think it's a bit too soon for me to comment.”
While commenting on the bilateral trade deal with the United States, the finance minister said, "On the trade, particularly aside from the Indian economy in general, the Commerce Ministry is reviewing the situation and the delegation will have to take a call on when they're going to go for further negotiations. It's a bit too early for me to comment,” she said.
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US SC strikes down Trump's tariffs; President imposes 15% global tariffs
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The US Supreme Court dealt Trump a major blow by scrapping several tariffs he had imposed during the global trade war.
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The US Supreme Court dealt Trump a major blow by scrapping several tariffs he had imposed during the global trade war.
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Only hours after the ruling, Trump declared a new 10% duty on imports entering the US from all countries starting Tuesday. He later raised it to 15% on Saturday.
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For India, the current 15% rate is still better than the 18% fixed in the bilateral framework announced this month and remains much lower than the 26% Liberation Day level.
What India said on the SC verdict and the latest tariffs
The Union commerce ministry said in a statement released on Saturday that it was reviewing the impact of the ruling and Trump’s later decisions.
“We have noted the US Supreme Court judgement on tariffs yesterday. President Trump has also addressed a press conference in that regard. Some steps have been announced by the US Administration. We are studying all these developments for their implications,” it said.
Aryan Mudgal is a Content Producer at Hindustan Times with nearly three years of experience. He is part of the digital news team at HT and enjoys covering day-to-day news and writing long, detailed explainers on key national and global affairs. He takes particular interest in reading and writing about Indian politics, crime, civic issues, as well as global affairs. He goes berserk when covering elections, especially Lok Sabha and assembly polls, and always looks out for fresh stories that could intrigue readers. At Hindustan Times, Aryan has covered various major events, including the Bihar assembly elections, Maharashtra civic polls, the US' military action in Venezuela, Union Budget, and Bangladesh elections. He has previously worked with the explainers team at Firstpost and the news desk at Times Network, covering a range of events including the 2024 Lok Sabha elections, Israel–Hamas war, Russia-Ukraine war, Bangladesh’s student protests and Sheikh Hasina’s ouster, Delhi assembly elections, and more. He completed his bachelor’s degree in CEP (Communications & Media, English, and Psychology) from Christ University, Bengaluru, and later pursued a postgraduate diploma in English Journalism from the Indian Institute of Mass Communication (IIMC). He hails from Siliguri in West Bengal and enjoys reading about politics and day-to-day issues concerning the state. Outside of work, Aryan loves listening to music and enjoys rewatching his favourite comfort shows.
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Home/India News/Will US Supreme Court tariff ruling impact Indian economy? Nirmala Sitharaman answers
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