The Donald Trump administration is unlikely to focus on India’s counter -duty on the US and focus on finalizing the bilateral trade agreement as soon as possible after the Donald Trump administration levies a 26% duty on exports from the US. Trump’s move has shook Dalal Street along with global markets. The Sensex has declined by 1.6%. The official said that the government is relying on an important section of the executive order signed by Trump last week, providing relief to countries that take important steps to improve non-communicable trade systems. Another government official said that India is satisfied that it is one of the first countries to start talks with America. Asian countries such as China (34%), Vietnam (46%) and Indonesia (32%) have been affected by high tariffs.
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China said that it would impose 34% tariffs on all imports from the US from April 10, Indonesia said that it would not retaliate. Vietnam, which is an emerging manufacturing and export option for China, has agreed to zero its tariffs in a potential business deal. Last week, Trump announced 26% mutual tariff on India, even though he has called Prime Minister Narendra Modi a great friend. The good thing for India is that semiconductor, copper and pharmaceuticals are exempted from American tariffs. India supplies about half of generic drugs in the US. However, exports in major areas such as electronics, auto parts, gems and jewelery may be affected.
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Trump has written in his tariff order that relief can be given to those business partners who will take important steps to improve the unbalanced trade deficit and want to capitalize on it PM Modi’s government. According to the report, the official has stated that India takes vigilance in its response to Tarif, but the opposition has attacked the government to fail to get relief despite “friendship” between PM Modi and Trump. Leader of the Opposition in the Lok Sabha Rahul Gandhi has said that the tariffs will completely destroy the economy. The proposed bilateral trade agreement (BTA) with the US has made considerable progress. Last month, the two countries agreed to the terms of reference for BTA.
