On April 2 US President Donald Trump imposed a “Discounted” 26 percent of retaliatory tariff on Indian Exports. After this statement a commerce ministry official told new agency PTI that the impact was “Mixed bag and not a Setback”.
The Indian official also said that the commerce ministry was analysing the impact on India’s trade and noted that the Trump administration has expressed willingness to slash tariff rates if its concerns on trade are addressed.
The White House said these tariff rates would not be increased if countries will not retaliate further and address its concerns on bilateral trade.
During his “Liberation Day” announcement, Trump called Prime Minister Narendra Modi ‘a great friend’ but added that the country was “not treating us right”.
“Their Prime Minister (Narendra Modi) just left (US recently). He is a great friend of mine, but I said to him that ‘you’re a friend of mine, but you’ve not been treating us right’. India charges us 52 per cent, so we will charge them half of that – 26 per cent,” Trump said.