support@headlinenews360.com
US Trump Tariff News: US President Donald Trump has imposed a 26% tariff on Indian goods, but instead of responding to this, the Government of India is focusing on completing the trade agreement with the US as soon as possible.
Trump had said in his order that if the countries which take the right steps to improve the disturbances related to trade, then they can be given some relief. The government is currently expressing confidence in this.
Big claim made in the report
Talking to the Reuters, a government official said that after the US imposing 26% tariff (fee) on Indian goods, India is currently planning to impose any retaliation on America. Instead, India is now focusing on completing the trade agreement with America quickly.
The official also said that the government is relying on the order of Trump, which says that the countries who are trying to balance trade can get some relief from the tariff. This decision of Trump has led to a decline in the world markets as well as India’s stock market. The Sensex fell down 1.6% in just two days.
India-US meeting may be held soon
India and the United States decided in February this year that they would set up an initial trade agreement by the end of 2025 to end the ongoing dispute over tariffs. However, the Indian Prime Minister’s Office has not yet responded to the questions asked on this issue. Last month, Reuters said that India is ready to reduce the tax on goods worth $ 23 billion coming from America.
The Modi government has taken some important steps to make Trump in its favor, such as reducing tax on expensive bikes and bombon whiskey and removing tax on digital services, which has given relief to American tech companies.
India is satisfied with this
Another government official told the Reuters that India is satisfied that it is one of the first countries to start a trade agreement with the US. America’s tariff decision has affected many countries in Asia. China has a 34% tariff of 34%, 46% on Vietnam and 32% on Indonesia. China has said in response that it will impose 34% tariffs on all goods coming from America from April 10.
At the same time, Indonesia has made it clear that it will not take any retaliation. Vietnam, which is now becoming a new manufacturing and export center instead of China, has agreed to completely eliminate its tariffs under a possible trade agreement.
