The Union Commerce Ministry’s remarks comes, after The US Supreme Court on Friday stuck down President Donald Trump sweeping tariffs. It halted the tariffs imposed under the International Emergency Economic Powers Act (IEEPA).
Post Supreme Court verdict, Trump announced an immediate new 10 per cent tariff on imports from all countries, on top of any existing tariffs, and then issued a proclamation putting them into effect. The Proclamation imposes, for a period of 150 days a 10 per cent ad valorem import duty on articles imported into the United States. The temporary import duty will take effect from 24 February, according to US White House.
In a press conference, Trump had said “nothing changes” with Washington’s deal with India. Trump called the US-India trade deal a “fair deal”.
Under, IEEPA India was imposed a tariff of 25 per cent and additional tariff of 25 per cent for purchase of oil from Russia. Later, as a part of India-US trade deal negotiations, US removed the 25 per cent tariff on the Russian Oil purchases. India and US has agreed to a framework for an interim trade agreement through which US has agreed to reduce its reciprocal tariff to 18 per cent from 25 per cent.
Post the Supreme Court verdict, experts have said India would re-examine its trade deal with the US.
Read more here: https://industrialeconomist.com/what-are-the-tariff-options-for-us/
