India Rebuffs Unilateral US Tariff Hike, Seeks New Trade Opportunities
Following the US's decision to double tariffs on Indian goods to 50%, Indian officials criticized the move as illogical. Negotiations between the two countries are ongoing, with India aiming for a solution while exploring new trade opportunities in other global markets like the Middle East and Africa.
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The recent doubling of US tariffs on Indian goods to 50% has been labeled a 'unilateral decision' lacking justification by a senior Indian diplomat. India's Ministry of Commerce is actively pursuing negotiations with the US, with hopes of reaching a resolution.
Secretary for economic relations, Dammu Ravi, expressed confidence that ongoing talks could restore the progress in bilateral trade negotiations, which have momentarily stalled. He emphasized that the high tariffs will not adversely affect India's industrial sector, which is already exploring alternative markets.
India plans to redirect its trade efforts towards regions like the Middle East, Latin America, and Africa, seeking new economic opportunities, according to Ravi. The US tariff increase, a move under President Donald Trump's administration, is seen as a temporary issue among allies, with a long-term focus on fostering mutually beneficial trade partnerships globally.
(With inputs from agencies.)
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