Union Finance Minister Nirmala Sitharaman on Saturday said it was “too early” to assess how the recent tariff developments in the United States would impact the Indian economy. Her remarks came after the Supreme Court of the United States struck down former President Donald Trump’s global tariff order, following which he announced revised duties, including a 15 per cent tariff on imports.
Addressing a press conference, Sitharaman said, “On the Indian economy, I think it’s a bit too soon for me to comment.”
On the proposed India-US trade agreement, she noted that discussions are still underway. “On trade, particularly aside from the Indian economy in general, the Commerce Ministry is reviewing the situation and the delegation will have to decide when to proceed for further negotiations. It’s a bit too early for me to comment,” she said.
Within hours of the court ruling, Trump announced a fresh 10 per cent duty on imports from all countries, effective Tuesday, which was later increased to 15 per cent.
For India, the 15 per cent tariff is lower than the earlier 18 per cent rate discussed in the bilateral framework and significantly below the previously proposed 26 per cent “Liberation Day” tariff level.
Meanwhile, the Union Commerce Ministry said it is closely examining the implications of the US court verdict and subsequent tariff announcements. In a statement, the ministry said it has taken note of the Supreme Court judgment and the steps announced by the US administration, and is studying their potential impact on trade and the broader economy. (Agency)
