Commerce and Trade Minister Piyush Goyal on Friday mentioned that although subsequent US president Donald Trump has referred to as India a “tariff king”, he highlighted that along with this, he has talked about PM Narendra Modi is a good chief. Talking on the Enterprise In the present day MPW session in Mumbai, Goyal, mentioning concerning the excessive tariffs and commerce between India and the US, mentioned India would not thoughts slashing tariffs for merchandise there is no such thing as a competitors.
“Merchandise the place there is no such thing as a competitors. We do not manufacture heavy bikes like Harley-Davidson bikes. We can’t have any drawback in taking a request on this regard,” Goyal mentioned on Friday.
“We aren’t fearful about tariffs. If it is a tariff hike on China, it solely helps India. If it is a tariff hike on everyone, we’re all in the identical boat. We’ll nonetheless proceed to do properly. However I personally imagine India is appeared upon as a trusted associate by the democratic world,” Goyal mentioned.
Throughout his first time period as president, Donald Trump referred to India as a “tariff king”. In an interview final August, Trump expressed his disapproval of India’s excessive tax charges.
In 2019, India imposed retaliatory tariffs on a number of US merchandise in response to Washington’s choice to not exempt Delhi from elevated taxes on metal and aluminum imports. Trump, throughout his presidency, revoked India’s preferential commerce therapy because of the tariff disagreement. He additionally threatened sanctions if India proceeded with buying oil from Iran or buying Russian S-400 anti-aircraft missiles.
Trump highlighted the difficulty of excessive tariffs on Harley-Davidson bikes throughout his presidency, utilizing it as a main instance of the commerce imbalance between the US and India.
US-India commerce ties
In a September report launched by market analysis agency Nomura, the potential impacts of a second time period for US President Donald Trump on the U.S. financial system, geopolitics, monetary markets, and the worldwide panorama – significantly in Asia – have been assessed. Curiously, regardless of Trump’s agency stance on commerce and the greenback, the report steered that his presidency might show advantageous for India.
The report identified two primary areas of concern relating to commerce relations between India and the U.S. below a Trump 2.0 administration. Firstly, India’s commerce surplus with the U.S. might come below scrutiny. Secondly, the Trump authorities may take punitive actions towards international locations believed to be artificially devaluing their currencies.
Regardless of these potential challenges, the report highlighted that any short-term disruptions are anticipated to be offset by America’s “China Plus One” technique, which seeks to relocate provide chains from China to extra favorable locations like India. This shift in coverage is predicted to realize traction all through Trump’s tenure.
