Minister of State for Finance Pankaj Chaudhary has responded after implementing the mutual tariff of US President Donald Trump. He said in a program that we are analyzing the effects of mutual tariffs imposed by the US. According to PTI news, he also said that if America is the first for Donald Trump, then India is the first for our PM Modi. In fact, US President Donald Trump announced the implementation of minimum 10% tariffs today. This includes rigorous tariff rates for countries marked as the worst criminal by the White House. The new tariffs affect around 100 countries. 60 of these face more import duty. Trump has announced a 10% fee on Britain, 20% on the European Union and 26% on India.
When asked about its impact on India, the Minister of State for Finance said that its assessment is going on. The administration of President Donald Trump believes that India charges high import duty on American goods, so it was now necessary to take this step to reduce the country’s trade deficit and promote manufacturing. The move is expected to affect India’s exports to America. However, experts say that India is in a better position than its rivals, who will have to face more fees.
Ministry of Commerce is doing analysis
The Ministry of Commerce is analyzing the impact of the 26 percent counter -duty of the US on imports from India. A senior government official said that a similar 10 percent fee on all imported goods in the US will be applicable from April 5 and the remaining 16 percent from April 10. The official said that the ministry is analyzing the impact of these fees. The official said that there is a provision that if a country resolves the concerns of America, the Donald Trump administration can consider reducing the fee against that country. Let me tell you, India is already talking on bilateral trade agreement with the US. The two countries are aiming to finalize the first phase of the agreement by September-October this year. The official said that this is not a shock for India, but a mixed result.
India can have an impact on India
According to PTI news, experts say that the US products can affect the goods of areas including agriculture, precious stones, chemicals, medicines, medical equipment, electrical and machinery by imposing retaliation on Indian products. Due to high tariff differences in these areas, the US administration may face additional customs. There is a difference of high tariff, the difference between import duty on any product by the US and India. At a broad field level, the potential fee difference between India and the United States vary in different fields.
How much is high tariff difference
This difference on chemicals and medicines is 8.6 percent; 5.6 percent on plastic, 1.4 percent on clothes and garment; 13.3 percent on diamonds, gold and jewelery; 2.5 percent on iron, steel and base metals; 5.3 percent on machinery and computer; 7.2 percent on electronic and 23.1 percent on vehicle and its components.
Latest business news
