After the US Supreme Court’s decision to cancel President Donald Trump’s global tariff, Trump announced a 15 percent tariff. Union Finance Minister Nirmala Sitharaman has responded in the press conference on what impact American tariffs will have on the Indian economy. He said, it is too early to say anything about its impact on the Indian economy.
What did the Finance Minister say?
During the press conference, the Union Finance Minister said, ‘It would be a bit premature to comment on this for the Indian economy. The Commerce Ministry is reviewing the situation regarding the India-US bilateral trade agreement, the delegation will have to decide when they will hold further talks. The decision on this will be taken by the concerned ministry.
American SC had canceled Trump’s order
Let us tell you that President Donald Trump’s global tariff order was canceled by the US Supreme Court on February 20, Trump had called this order of the court shameful. Within hours of the court’s decision, Trump announced a new tariff of 10 percent on all countries, which was later increased to 15 percent.
What does American tariff mean for India?
The tariff rates of 18 percent fixed in the trade deal between India and America are also lower than Trump’s new tariff of 15 percent. Regarding the trade deal with India, Trump had said, ‘Nothing will change. They will pay tariffs and we will not pay tariffs. At the same time, the Indian Commerce Ministry has said that it will review the decision of the US Supreme Court and the impact of the new steps of the Trump administration.
The Commerce Ministry has said in the statement that India is assessing the impact of the US Supreme Court’s decision and the subsequent measures announced by the US administration on India.
