US tariff changes under review, says Sitharaman
New Delhi, 23 February: Finance Minister Nirmala Sitharaman on Monday said it was too early to comment on the impact of tariff changes announced by the United States, adding that the commerce ministry is reviewing the situation.
Her remarks came after the US Supreme Court delivered a verdict against sweeping import tariffs imposed by the Trump administration on trade partners. Subsequently, US President Donald Trump announced a 10 per cent tariff on all countries, including India, effective February 24 for 150 days. A day later, the tariff was raised to 15 per cent.
Responding to queries on the possible impact of these measures on the Indian economy, Sitharaman said it was “a bit too soon” to assess the implications.
“On trade particularly, aside from the Indian economy in general, the commerce ministry is reviewing the situation. The delegation will have to take a call on when they are going to go for further negotiations. So it’s a bit too early for me (to comment),” she said while speaking to reporters after addressing the Reserve Bank of India’s Central Board.
According to sources, India and the United States have decided to reschedule a proposed meeting of their chief negotiators, which was earlier slated to take place in Washington from Monday, to finalise the text for an interim trade pact.
Joint Secretary in the commerce ministry, Darpan Jain, is India’s chief negotiator for the agreement.
Sitharaman reiterated that India remains committed to pursuing trade agreements. She noted that India has already concluded trade pacts with Australia, New Zealand, the UAE, Qatar, Oman, the European Union and the United Kingdom.
“Our attempt to have trade agreements will go on with countries,” she said, adding that India seeks to benefit from global trade and expand access to international markets.
