The high tariff to be installed by India on some American products can also be decided.
India is doing exercise to further trade with the US. In this series, India has expressed a desire to cut more tariffs including zero charges on some agricultural products. The purpose behind this is to increase the trade between the two countries to $ 500 billion by 2030. According to the news of Hindustan Times, the goal was set earlier this month during Prime Minister Narendra Modi’s summit with US President Donald Trump.
Exercise to stop possible trade war intensifies
According to the news, on the condition of anonymity, officials said that to prevent a possible trade war, the Indian side has indicated a large cut in imports of cars, chemicals, electronics, pharmaceuticals and medical equipment for multi-regional bilateral trade with the US. An official says that under the leadership of Commerce Minister Piyush Goyal, a team in Washington is trying to combat the negative perception among the Americans, citing fresh examples of several changes in the tariff that India is a high tariff country.
There may be a decision regarding these products
There may also be a decision on the high tariff to be installed by India on some American products. These include reducing the tariff on high-end motorcycles from 110% to 100% and reduced the tariff from 50% to 30% on American bombon whiskey. The Indian side has indicated the desire of zero-fee structure on imports of specific quantities of pulses and peas. The Indian side has also cited American trade data. This shows that India imposes an average of 3% on an average of more than two dozen goods exported by the US to India. Commerce Minister Piyush Goyal is currently in Washington to negotiate an agreement to reduce trade tension. Let me tell you, Tamps are going to implement new tariffs from April 2.
India’s total exports may decrease!
Experts say that if Trump proceeds with tariff, then India’s high tariff rate and 41 billion dollars with the US make it one of the weakest countries. According to a SBI note, an average increase in US tariffs by 15% -20% can reduce India’s total exports by 3-3.5%. The government’s advisors are also discussing the steps that can be taken to prevent cheap flows of Chinese goods as a result of the proposed low Indian tariffs.
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