Will india also impose retaliatory tariff on America?
US President donald trump has imposed a 26% tariff on indian goods, but the indian government, instead of responding to it, is focusing on completing the trade agreement with America as soon as possible.
Trump had said in his order that if the countries take the right steps to correct the trade related irregularities, then they can be given some relief. The government is currently expressing confidence in this statement of his.
Big claim made in the report
Speaking to Reuters, a government official said that after the US imposed a 26% tariff on indian goods, india is currently not planning any retaliatory action i.e. imposing tariff 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 Trump's order, which says that countries trying to balance trade can get some relief from tariff. Trump's decision has led to a decline in the world markets as well as the indian stock market. The Sensex fell 1.6% in just two days.
India-US meeting may happen soon
India and the US decided in february this year that they would enter into 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 questions asked on this issue. Last month, Reuters reported that india is ready to reduce taxes on goods worth $23 billion coming from the US.
The Modi government has taken some important steps to win over trump, such as reducing taxes on expensive bikes and bourbon whiskey and removing taxes on wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital services, which has given relief to American tech companies.
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