Union Minister Piyush Goyal talking to the media on Monday.
Union Commerce Minister Piyush Goyal said on Monday that India has imposed only 7-8 percent tariffs on the US, which is not much. Refusing to disclose the details of the ongoing dialogue with the US, he said that he who has imposed a 26 percent mutual tariff on the country, India believes that it can make bilateral trade agreements with countries that follow fair trade practices. Attacking China, the minister said that the inappropriate practices of the Northern neighbor have brought the world to the present turn. Goyal also clarified that the entry of car manufacturer in India is not welcome in the current situation.
India’s total tariff on America 17 percent
According to the news, Goyal admitted that India’s total tariff on America is 17 percent. Many of them are related to goods that India do not import at all. Despite the close ties and personal equations between President Donald Trump and Prime Minister Narendra Modi, how the US imposed tariff on India, Goyal said that it is not about friend or enemy and the fees have been announced in a formula-based manner.
Union minister surprised about tariff
The Union Minister expressed surprise how the US would be able to implement the recently announced mutual charges. He said that we have seen cases in which obstacles were sidelined by means such as goods entering the third country with low fee for entry into the US, as in the case of Vietnam after Trump imposed high fees on China in his first term. Goyal said that we have not heard the end of the story yet, he said that no one can ensure how the business turn will be kept safe.
India is not an economy dependent on exports
Piyush Goyal said that the ongoing changes in the US trade policy will not affect domestic development, as India is not a dependent economy on exports. The minister said that the rupee is not unstable as the equivalent emerging market currencies. He said that the Indian stock markets are fortunate to be at the bottom of the markets affected by Trump’s disruptive policies. Goyal said that China used unfair methods to gain unfair advantage in business. Goyal said, the current situation is the result of three decades of attacks on many economies.
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