In the first response to Trump's recent tariff hikes, the Department of Commerce has stated it is "carefully examining the implications" of Donald Trump's imposition of 27 percent hike in tariffs.
As per reports, the official statement from the government also added that it is engaged with the domestic industry, stakeholders and exporters for their feedback on the issue.
"Keeping in view the vision of Viksit Bharat, the Department is engaged with all stakeholders, including Indian industry and exporters, taking feedback on their assessment of the tariffs and assessing the situation,” the ministry added.
On April 2, under 'Liberation Day', Trump announced revised and hikes tariff rates against almost all countries. India has been charged with a 27 percent tariff rate.
While Trump initially stated 26 percent tariffs against India, official documents from the White House have highlighted that India will be charged 27 percent.
Earlier today, an official told news agency PTI that the Commerce ministry is "analysing the impact of the announced tariffs."
PTI further reported that a universal tariff of 10 percent will be implemented on all imports into the US from April 5 onwards, and an additional 16 percent will take effect from April 10.
Ahead of Liberation Day, Union Minister of State for Finance Pankaj Chaudhary told reporters that the government will evaluate and study the tariffs.
“US President Trump believes in 'America First', PM Modi believes in 'India First'. We will evaluate and study the tariffs and then decide how the country will deal with it,” Chaudhary told reporters.
