'Will find opportunity in disaster', government will find a solution to Trump's tariff; told the plan ahead
A few hours after the announcement of reciprocal tariff by US President Donald Trump, India said that it is studying the opportunities arising from the huge change in US trade policy. The Indian government further said - the effects of the announcement of 27% reciprocal tariff on India are being carefully examined. Also, they will talk to America.
US President Donald Trump has declared the reciprocal tariff. The response of the Indian government has surfaced after this. The government has stated that it's examining closely the impact of United States (US) President Donald Trump's announcement of a new baseline 10% tariff on all countries' goods and a 27% reciprocal tariff on India.
The government also examines the opportunities created as a result of this development in US trade policy.
Issuing a statement, the Commerce Ministry of the Union stated that it is negotiating with all stakeholders including Indian industry as well as with exporters, seeking their inputs based on their tariff assessment and observing the situation with consideration of developed India's perspective as well.
It referred to the 'Mission 500' announcement of Prime Minister Narendra Modi and Trump on February 13, which talks of more than doubling bilateral trade to $ 500 billion by 2030. The statement said that the Indian and US business teams are negotiating for the early conclusion of a mutually beneficial, multi-sectoral bilateral trade agreement. It includes many issues of mutual interest, including deepening supply chain integration.
'The statement further said that the talks were focused on enabling both countries to increase trade and investment. We are in touch with the Trump administration on these issues and hope to take them forward in the coming days. The government also said that this is not a big setback for India. It will take this as an opportunity for disaster and is studying the opportunities that arise in the major shift in US trade policy.
India is committed to working closely with the US to implement the India-US Inspired Opportunities for Military Partnership and Technology for the 21st Century (Compact) to ensure that trade relations remain the bedrock of mutual prosperity and bring about transformational change for the benefit of the people of both countries.
