Union Finance Minister Nirmala Sitharaman shared a major update on the impact of tariffs from the United States. She said that India will be affected by the US tariffs. Finance Minister informed that Union Minister Piyush Goyal is in America and holding talks with the government there. Her statement came during an event in Visakhapatnam, Andhra Pradesh. She stated that the tariffs are likely to increase with the decision of the US President.
What Did Finance Minister Say?
Finance Minister said that the Commerce Ministry is taking up negotiations with the United States. She said, “We will have to see how the Commerce Ministry takes up negotiations with the U.S. to ensure that our interests are well-represented.”
She further added that India is engaging with the United States to protect its exports. “Tariff is something the US President has been speaking about. The Commerce Minister has already gone to the US to engage with US officials, including the United States Trade Representative (USTR),” added the Finance Minister.
Trump Announces Reciprocal Tariffs
Trump during his address at joint session of the United States Congress, declared that now it is time for the United States to start imposing tariffs on the countries that have used it against US for decades. He announced that reciprocal tariffs will kick in on April 2.
Trump said, “Other countries have used tariffs against us for decades and now it is our turn to start using them against those other countries. On average, the European Union, China, Brazil, India…and countless other nations charge us tremendously higher tariffs than we charge them, it is very unfair. India charges us tariffs 100%…the system is not fair to US, it never was…on April 2, reciprocal tariffs kick in and whatever they tariff us, other countries, we will tariff them…whatever they tax us, we will tax them. If they do non-monetary tariff to keep us out of their market, then we will do non-monetary barriers to keep them out of our market…”
Notably, United States President Donald Trump had outlined a new trade policy on February 18. It is based on fairness and reciprocity. US said that it would implement reciprocal tariffs, charging other countries the same tariffs they impose on American goods.
Also Read: US Tariff Hike: Nirmala Sitharaman Outlines The Economic Challenges For India – More Details Inside
