US says New Delhi had agreed to ‘cut their tariffs way down’, India responds
In a written reply to the Lok Sabha, Minister of State for Commerce and Industry Jitin Prasada said that as on date, reciprocal tariffs have not been imposed by the US on India.
Days after President Donald Trump announced that New Delhi had agreed to ‘decrease their tariffs manner down,’ India says it has now not dedicated to slashing import tasks on US products.
In a written acknowledge to the Lok Sabha, Minister of Disclose for Commerce and Change Jitin Prasada acknowledged that as on date, reciprocal tariffs like now not been imposed by the US on India.
“Every international locations knowing to barter a mutually invaluable, multi-sector Bilateral Change Settlement. Every international locations would give attention to rising market ranking entry to, reducing tariff and non-tariff obstacles, and embellishing provide chain integration,” he acknowledged.
The US issued Memorandum on Reciprocal Change and Tariffs on February 13, wherein the Secretary of Commerce and United States Change Consultant are to snatch indispensable actions to analyze injure to The US from any non-reciprocal change preparations adopted by shopping and selling companions and present a file with detailed proposed therapies for each shopping and selling accomplice.
At some level of the visit of High Minister Narendra Modi to Washington closing month, India and the US announced their commitment to more than double the two-manner commerce to USD 500 billion by 2030 and negotiate the first tranche of a mutually invaluable, multi-sector Bilateral Change Settlement (BTA) by topple of 2025.
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In 2023, the US-India bilateral change in goods and services and products stood at USD 190.08 billion (USD 123.89 billion in goods and USD 66.19 billion in services and products change). That 300 and sixty five days, India’s merchandise exports to the US stood at USD 83.77 billion, while imports had been USD 40.12 billion, leaving a change hole of USD 43.65 billion in favour of India.
At some level of 2021-24, The US used to be India’s best shopping and selling accomplice. The US is one amongst the few international locations with which India has a change surplus.
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