US Tariffs on Indian Goods: Lawyer Says Impact Will Be Minimal
US President Trump announced a 25% tariff on Indian goods, but corporate lawyer HP Ranina believes the impact will be minor compared to other countries. Indian exports, especially leather, remain competitively priced. Despite penalties on Russian oil purchases, Ranina trusts India's diverse crude oil sources will mitigate issues.
- Country:
- India
In a bold trade maneuver, President Donald Trump declared a 25% tariff on Indian goods, with additional penalties linked to India's ongoing oil purchases from Russia. Despite potential challenges, senior corporate lawyer HP Ranina assures that the impact is negligible compared to tariffs faced by China and Bangladesh, particularly due to India's diverse oil import roster.
Ranina, speaking with ANI, emphasized that while many export contracts are currently stalled pending tariff resolutions, the relative mildness of the US-imposed duties places India in a favorable position. "I don't think 25% will greatly affect Indian goods," he noted, highlighting the comparative severity of US tariffs on other nations.
Amid diplomatic trade negotiations, India's Ministry of Commerce remains steadfast in protecting farmer and MSME interests, asserting commitment to a fair and beneficial trade agreement with the US. As India reviews the US President's trade remarks, the potential for importing American oil emerges as part of a broader strategic response.
(With inputs from agencies.)
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