Last Updated:
Trump’s reciprocal tariffs struck several countries on April 2, sending the markets into uncertainty. India’s trade deal talks with the US is underway, as per agreement between PM Modi and Trump.
India unlikely to retaliate against Trump’s tariffs (Reuters Image)
India does not plan to hit back at the US over the 26% reciprocal tariffs imposed on the country by President Donald Trump, a government official said, citing the ongoing trade deal talks between the two nations, news agency Reuters reported.
The government of India has found a clause of Trump’s tariff order that offers a possible reprieve for trading partners who “take significant steps to remedy non-reciprocal trade arrangements”, the official said.
According to this clause, the countries can be excused or get relief from the tariffs if they make efforts to fix unfair trade deals.
Another official, who did not want to be named, said that New Delhi sees itself to be in a better place than other Asian nations like China, Vietnam and Indonesia, who have been hit by higher Trump tariffs, as India is one of the first nations to have already initiated talks with Washington over a trade deal – something the country considers an advantage.
More to follow…
Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: