India pushes ahead with US trade talks despite tariff hike to 50%
NEW DELHI: India hopes to continue trade talks with the United States even after Washington raised tariffs on its exports to 50 per cent over New Delhi’s purchase of sanctioned Russian oil, two lawmakers said on Monday (Aug 11) after a parliamentary panel briefing on foreign affairs.
Last week, US President Donald Trump imposed an additional 25 per cent tariff on Indian goods, bringing the total duty to one of the highest levels faced by any American trading partner.
TRADE TALKS TO CONTINUE
“Our relations with the US are multi-dimensional, and should not be seen only through the prism of trade,” one lawmaker said, citing the foreign secretary’s remarks to the panel.
Shashi Tharoor, opposition Congress party leader and head of the panel, said there was no change to the planned sixth round of trade talks, scheduled for Aug 25 when a US trade delegation is due in New Delhi.
Earlier, junior finance minister Pankaj Chaudhary told lawmakers that about 55 per cent of India’s merchandise exports to the US would be affected by the new tariff. His estimate factored in the initial 25 per cent levy.
“The Department of Commerce is engaged with all stakeholders” to assess the situation, Chaudhary said.
Goods trade between the US and India, the world’s largest and fifth-largest economies, was worth about US$87 billion in the last fiscal year, according to Indian government data.
NUCLEAR REMARKS FROM PAKISTAN
The panel also discussed remarks reportedly made by Pakistani army chief Field Marshal Asim Munir on nuclear threats in South Asia during a visit to the US.
“Nuclear blackmail will not work with India, and no party or representative disagrees with this view,” Tharoor said, adding that the external affairs ministry had condemned the comments.
