India said yesterday it was studying the impact of the 27 per cent tariff slapped by the US on its imports and vowed to push for a trade deal this year, signalling a conciliatory tone despite failing to get relief from President Donald Trump’s trade policy.
New Delhi’s response came hours after Trump announced the drastic tariffs that piled more stress on an ailing global economy and sent world stock markets and oil prices tumbling.
While Trump said Indian goods will face a 26pc tariff, the White House executive order put the rate at 27pc. India’s trade ministry too put the rate at 27pc, citing the executive order.
A 10pc baseline tariff starts on Saturday before the remaining, higher reciprocal tariff takes effect from April 9.
India’s trade department is “carefully examining the implications” of the US announcement and also holding talks with Indian industry and exporters on their assessment of the tariffs, a trade ministry statement said.
“The department is also studying the opportunities that may arise due to this new development in US trade policy,” it said, and referred to the agreement between Trump and Indian Prime Minister Narendra Modi in February to work on the first phase of a trade deal by autumn 2025.
“The ongoing talks are focused on enabling both nations to grow trade, investments and technology transfers,” it said, referring to negotiations between the two sides. “We remain in touch with the Trump administration on these issues and expect to take them forward in the coming days.”
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