India and US Near Solution to Tariff Dispute: CEA's Insights
Chief Economic Advisor V Anantha Nageswaran expressed optimism that a resolution to the ongoing tariff dispute with the US could emerge in the coming weeks. The US imposed an additional 25% tariff on Indian products in response to India's Russian oil purchases, substantially affecting India-US trade relations.
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In a recent statement, Chief Economic Advisor V Anantha Nageswaran conveyed optimism regarding the resolution of tariff issues with the United States, projecting a potential breakthrough within the next eight to ten weeks.
The United States had earlier imposed an additional 25% tariff on Indian products due to India's oil purchases from Russia, bringing the total levy on New Delhi to 50%. This move has had a significant impact on the bilateral trade relationship between the two countries.
Speaking at a session organized by the Bharat Chamber of Commerce, Nageswaran hinted that ongoing discussions between the Indian and US governments might soon culminate in resolving the trade tensions, thus potentially easing the burdens on India's exports, which currently amount to USD 85 billion.
(With inputs from agencies.)
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