India’s Chief Economic Advisor V Anant Nageswaran has said that the US can remove 25% tariffs after November 30. At present, the US has imposed 50% on imports from India. It has 25% mutual tariff and 25% punitive tariff.
Us tarifs on india: Chief Economic Advisor (CEA) V Anant Nageswaran, Government of India, hoped on Thursday that the US could withdraw 25% of the punitive tariffs imposed on India after November 30. The US has imposed a 50% tariff on imports from India. It has 25% mutual tariffs and 25% punitive tariff to import oil from Russia.
America is going to relax in strict attitude towards India
Negotiations are going on between India and the US about the trade agreement. Meanwhile, it is expected that America is going to relax its strict attitude towards India. The tariff incident will be a step taken in this direction.
There will be no punitive fee after 30 November
At an event organized by the Merchants Chamber of Commerce and Industry in Kolkata, the CEA said, “We are already working. I will take some time to talk about tariffs here. Yes, both the original mutual fee of 25% and a punitive fee of 25% was not expected. It is that there will be no punitive fee after 30 November. ” Nageswaran said,
I am confident that in the next few months, punitive tariffs and hope will also be resolved on mutual tariffs.
India’s exports on the path of reaching US $ 1 trillion
Nagswaran said that India’s export growth rate is currently US $ 850 billion (Rs 74.90 lakh crore) per year. It is on the way to reach 1 trillion US dollars (88.12 lakh crore rupees). Export is 25 percent of GDP. This is a sign of a healthy, open economy.
Donald Trump has imposed 50% tariff on India
Let us know that US President Donald Trump has imposed 50% tariff India. Major categories such as iron, steel, aluminum, vehicle, parts and copper products have been excluded from its purview.
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According to a report by the Global Trade Research Initiative (GTRI), despite the high tariff imposing, about 30.2 percent of the exports from India to the US will continue to enter the US market. Its value is US $ 27.6 billion (more than Rs 2.43 lakh crore).
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