The Indian government clarified in Parliament that the U.S. has not yet imposed reciprocal tariffs as President Trump criticized India’s tariffs. Ongoing negotiations for a Bilateral Trade Agreement focus on enhancing market access, reducing barriers, and increasing trade, with the aim of doubling bilateral trade to $500 billion by 2030. India maintains a trade surplus with the U.S.
India’s Centre updated Parliament regarding U.S. reciprocal tariffs, clarifying that as of now, no tariffs have been imposed by the United States on India. This follows President Trump’s criticism of India’s high tariffs, labeling them as “very unfair” and announcing potential reciprocal tariffs effective April 2 for countries imposing fees on American goods.
India and the U.S. are collaborating on a Bilateral Trade Agreement (BTA) aimed at enhancing market access, lowering tariffs, and non-tariff barriers, while also promoting supply chain integration, as noted by Jitin Prasada. The U.S. recently issued a memorandum requiring its commerce secretary and U.S. Trade Representative to investigate non-reciprocal trade arrangements that harm American interests.
During Prime Minister Modi’s last visit to Washington, both nations committed to more than doubling bilateral trade to $500 billion by 2030 and plan to start negotiating the BTA by fall 2025. In 2023, trade between India and the U.S. totaled $190.08 billion, with notable figures being $123.89 billion from goods and $66.19 billion from services.
The article outlines the current status of U.S. reciprocal tariffs on India, noting that no tariffs have been applied as of now. It highlights ongoing negotiations for a Bilateral Trade Agreement aimed at improving trade relations and market access, with significant trade figures showcased. India’s trade surplus with the U.S. and the commitment to expanding this economic partnership are emphasized, positioning the U.S. as India’s largest trading partner from 2021 to 2024.
Original Source: www.hindustantimes.com
