New Delhi: The executive order issued by US President Donald Trump has imposed an additional duty of 27 per cent on Indian goods entering the US and the Commerce Department carefully examining the implications of the order, the Piyush Goyal-headed Commerce and Industry Ministry said on Thursday.
The US President issued an executive order on reciprocal tariffs imposing additional ad-valorem duties ranging from 10 per cent to 50 per cent on imports from all trading partners. The baseline duty of 10 per cent will be effective from April 5, 2025 and the remaining country-specific additional ad-valorem duty will be effective from April 9. For India, the additional duty works out to 27 per cent, the Commerce and Industry Ministry said.
"The Department of Commerce is carefully examining the implications of the various measures/announcements made by the President of the USA. Keeping in view the vision of Viksit Bharat, the Department is engaged with all stakeholders, including Indian industry and exporters, taking feedback of their assessment of the tariffs and assessing the situation. The Department is also studying the opportunities that may arise due to this new development in the US trade policy," an official statement said.
Prime Minister Narendra Modi and US President Donald Trump had, on February 13, announced the "Mission 500" - aiming to more than double the bilateral trade to $500 billion by 2030. Accordingly, discussions are ongoing between Indian and US trade teams for the expeditious conclusion of a mutually beneficial, multi-sectoral Bilateral Trade Agreement. These cover a wide range of issues of mutual interest, including deepening supply chain integration, according to the statement.
"The ongoing talks are focused on enabling both nations to grow trade, investments and technology transfers. We remain in touch with the Trump Administration on these issues and expect to take them forward in the coming days," the statement said.
"India values its Comprehensive Global Strategic Partnership with the United States and is committed to working closely with the US to implement the India-US ‘Catalysing Opportunities for Military Partnership, Accelerated Commerce & Technology’ (COMPACT) for the 21st century to ensure that our trade ties remain a pillar of mutual prosperity and drive transformative change for the benefit of the people of India and the US," it added.
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
