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Bloomberg Quint
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US Suspends Tariffs on India for 90 Days, Provides Relief for Exporters
- The US has suspended additional tariffs on India for 90 days until July 9, providing relief to exporters and creating an opportunity for bilateral trade talks.
- The suspension aims to fast-track trade negotiations between India and the US and potentially lead to a bilateral agreement.
- President Trump's move to impose tariffs on multiple countries, including India, was aimed at reducing the trade deficit and boosting domestic manufacturing.
- The suspension does not apply to China, Hong Kong, and Macau, while the baseline tariff of 10% remains in place.
- Certain products like steel, aluminum, auto components, semiconductors, pharmaceuticals, and energy products are exempt from tariffs.
- Indian exporters welcomed the 90-day tariff deferral, emphasizing the importance of negotiating a trade agreement with the US.
- Commerce Minister Piyush Goyal assured exporters of working towards a favorable trade deal with the US while maintaining a balanced approach.
- India and US aim to conclude the first phase of their bilateral trade agreement by fall, with a goal to increase trade to $500 billion by 2023.
- In fiscal 2023-24, the US was India's largest trading partner, while China was the second-largest, highlighting the significance of US-India trade relations.
- Negotiations are ongoing to ensure a mutually beneficial trade agreement that addresses national and economic security concerns of both countries.
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