big Cabinet meet today
Trump’s 26% tariffs on India come into effect, big Cabinet meet today . US President Donald Trump’s market-hammering 26% tariffs on India came into effect on Wednesday, with the stock market opening in the red amid concerns of a global trade war. With markets in a free fall since Trump’s reciprocal tariff announcement last week, the Union Cabinet will hold a crucial meeting today to strategise on ways to minimise the impact.
US President Donald Trump’s market-hammering 26% tariffs on India came into effect on Wednesday, with the stock market opening in the red amid concerns of a global trade war. With markets in a free fall since Trump’s reciprocal tariff announcement last week, the Union Cabinet will hold a crucial meeting today to strategise on ways to minimise the impact.
One upside for India is that semiconductors, copper and pharmaceuticals have been exempt from the US tariffs. India, which has been called a “big abuser” of trade ties repeatedly by Trump, supplies nearly half of all generic medicines in the US.
Instead, the government is actively working on the US-India trade deal that was announced during Prime Minister Narendra Modi’s US visit earlier this year. In March, the two nations agreed to the terms of reference for the Bilateral Trade Agreement (BTA).
Trump’s 26% tariffs on India come into effect
During his April 3 announcement, Trump had called Prime Minister Narendra Modi ‘a great friend’ but added that the country was ‘not treating us right’. “Their Prime Minister (Narendra Modi) just left (US recently). He is a great friend of mine, but I said to him that ‘you’re a friend of mine, but you’ve not been treating us right’. India charges us 52%, so we will charge them half of that – 26%,” he said.
In response, India said that it is carefully examining the implications of Trump’s announcement and studying the opportunities that may arise due to this development in the American trade policy. The Union commerce ministry had said it was engaged with all stakeholders, including Indian industry and exporters, taking feedback on their assessment of the tariffs and assessing the situation keeping in view the vision of a developed India.
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