As US President Donald Trump’s sweeping tariffs rattle global markets, External Affairs Minister Dr S Jaishankar on Monday dialled his US counterpart Marco Rubio.
The two leaders held discussions on the Indo-Pacific, the Indian Sub-continent, Europe, the Middle East, and the Caribbean during the telephonic conversation, according to EAM Jaishankar. The early conclusion of the Bilateral Trade Agreement (BTA) was also brought up during the talk, which both sides agreed upon.Notably, India and the US are in the process of bilateral trade negotiations, and the two governments are actively working to build a framework for the BTA. The agreement aims to expand trade, enhance market access, as well as reduce tariff and non-tariff barriers. This was also emphasised during Prime Minister Narendra Modi’s visit to the US in February this year, where both sides expressed interest in negotiating a “mutually beneficial, multi-sector” BTA.
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Trump To Hit 90-Day Pause Button On Tariffs?
India sees bloodbath on Dalal street
Stock markets across the world witnessed a bloodbath on Monday due to Trump’s ‘Liberation Day’ tariffs. A baseline tariff of 10% has been slapped on all imports, with rates even higher for 60 countries or trading blocs that have a high trade deficit with America. Announcing the tariffs at the White House Rose Garden on April 2, Trump had called New Delhi “very very tough” and stated that 52% tariffs are charged on US exports to India. He, however, called Prime Minister Narendra Modi his “good friend”. New Delhi is being charged a ‘discounted’ reciprocal tariff of 26%. Big Winner? Trump Excludes THIS Indian Industry From 26% Reciprocal Tariff – Know WhyTrump’s announcement left a drastic impact across the globe as stock markets opened on Monday. India’s BSE Sensex and NSE Nifty suffered one of their worst single-day crashes in nearly a year, falling over 5 per cent amid a global market rout. Investors lost Rs 12 lakh crores as the Sensex plunged more than 3,000 points, while the Nifty breached the 22,000-mark. (With agency inputs)