The Department of Commerce is closely studying the potential opportunities that may emerge as a result of recent tariff hikes imposed by the United States, the Ministry of Commerce said on Thursday. The government has confirmed that it is carefully reviewing the implications of the announcements made by the US, with an emphasis on identifying how India can benefit.
In addition, the commerce department has been actively engaging with various stakeholders, including Indian industry representatives and exporters, to gather valuable feedback. This approach aims to assess the impact of the US tariff increases and explore avenues for Indian businesses to capitalise on the evolving trade landscape.
US President Donald Trump on Thursday morning (IST) announced the imposition of reciprocal tariffs ranging from 10 per cent to 50 per cent on imports from all trading partners. The baseline 10 per cent tariff will take effect from April 5, while the higher 27 per cent rate will be enforced from April 9. However, certain sectors, including pharmaceuticals, semiconductors, and energy products, have been exempted from these duties.
“The Department of Commerce is carefully examining the implications of the various measures and announcements made by the US President,” the statement noted.
Meanwhile, India and the US are negotiating a bilateral trade agreement. The negotiations are centred on fostering increased trade, investments, and technology transfers between India and the US. It may also provide some relief to Indian exporters in terms of tariffs.
“We remain in contact with the Trump Administration regarding these matters and anticipate making progress in the coming days,” the statement added.
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