With little clarity on the extent of tariffs slated to be imposed by the United States, India plans to devise its trade strategy and take steps to protect domestic businesses after the exact levy becomes clear.
The US is imposing 25% tariffs on exports
from Mexico and Canada and has doubled tariffs on all Chinese imports to 20%. China has retaliated by levying tariffs on exports of agricultural goods from the US. American President Donald Trump also hinted at 25% tariffs on all steel and aluminium imports.
India’s Commerce and Industry Minister Piyush Goyal is on a visit to the US, where he is likely to meet US Trade Representative (USTR) Jamieson Greer and US Commerce Secretary Howard Lutnick.
The Commerce Ministry has also begun engaging with different departments on aspects of India-US trade. India and the US recently committed to raising bilateral trade to $500 billion by 2030. Both countries have also announced plans for the 1st tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) within 2025.
Also read: US to impose tariffs on crop purchases as food imports balloon
