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India Closely Monitoring Impact of US Supreme Court Decision on Tariffs
Tariffs: Following the Supreme Court's decision on US tariffs, India is adopting a wait-and-see strategy. Piyush Goyal stated that the government is in dialogue with the US and is focusing on securing a better trade agreement while protecting the country's interests amid the evolving situation.
Industry Minister Piyush Goyal said that India is in a wait-and-see situation following the US Supreme Court decision on US tariffs, and things are constantly changing. He said that the government is keeping a close watch to ensure that the interests of India are protected.
Goyal stated that India is in constant dialogue with the US administration, and discussions are ongoing internally. He stated that this is an evolving situation. We are monitoring developments and will ensure that India's best interests are protected.
The Minister said that India remains committed to discussing and finding better opportunities and will continue to work towards improving its position in international trade. He said that the discussions with the US are aimed at reaching an agreement that would give India an advantage over other developing countries and provide new opportunities for cooperation in areas of importance to the country.
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Responding to a question about the status of India's negotiations, Goyal stated that the situation is dynamic and dialogue is ongoing at various levels. He indicated that the trade agreement also provides scope for rebalancing if circumstances change.
Regarding a question regarding tariff rates, the Minister stated that a 15 percent tariff rate instead of 18 percent would help ensure uninterrupted exports. However, he emphasized that any trade agreement should be evaluated not solely on the basis of tariffs, but on its broader positive aspects.
Goyal stated that international trade is based on comparative advantage. He stated that if India receives a lower tariff rate than its competitors, it would be a major boost to exports. He also added that India previously suffered significant export losses due to the 50 percent tariff, while reducing it to a lower level could prove to be a significant benefit for India.
He clarified that the full details of the final agreement cannot be shared yet, but it includes many positive aspects and stakeholders should wait until the situation becomes clearer.
