India's Finance Minister Nirmala Sitharaman expressed caution regarding the impact of recent US tariffs on India's economy, indicating that it might be premature to draw conclusions.
The recent decision by the US Supreme Court declared Donald Trump's tariffs illegal, followed by a sudden imposition of 10% and then 15% tariffs on all countries by Trump. In response to this tariff chaos, Finance Minister Nirmala Sitharaman addressed the potential impacts on the Indian economy during a press briefing. She emphasized that making comments on the consequences at this early stage could be premature, suggesting a wait-and-see approach as the situation unfolds.
Sitharaman also provided updates on the ongoing trade deal negotiations between India and the US, stating that while uncertainties are a constant in international trade, India is on the right path to concluding agreements. She referenced similar successful trade engagements with the UK and the EU, reinforcing India's commitment to expanding access for Indian products in global markets. This indicates a proactive approach to navigating the new tariff environment.
Moreover, she noted that the Ministry of Commerce is closely monitoring the situation, and discussions are ongoing regarding when a delegation might travel to the US for further negotiations. This approach reflects India's strategic positioning within global trade amidst shifting tariffs and the possible ramifications for its economy, underscoring the importance of timely actions and assessments in international trade relations.
