Union Commerce Minister Piyush Goyal (file photo)
New Delhi. Union Commerce Minister Piyush Goyal said on Friday that India is keeping an eye on the developments after the US Supreme Court's decision on tariffs. In an event, the Union Minister said that in the joint statement on the proposed interim trade agreement, there is a provision to re-establish the balance of the agreement if circumstances change.
This statement of the Union Minister comes after US President Donald Trump's decision to impose 10 percent tariff on all trading partners for 150 days. This temporary 10 percent tariff was implemented on February 24, after the US Supreme Court rejected President Trump's decision to impose retaliatory tariffs on all imports through April 2025.
Both countries committed to amendment
On February 24 itself, Trump had also announced to increase the tariff by 15 percent. A joint statement issued on February 7 said that if there is any change in the agreed tariffs of any country, the US and India have agreed that the other country can modify its commitments. Referring to this statement, Goyal said that it shows that the sanctity of the agreement is there on both sides.
Under the agreement, the US had announced that it would reduce retaliatory tariffs on Indian goods from 25 percent to 18 percent. The US has also removed the 25 percent punitive tariff imposed on India. Both sides also agreed to reduce import duties on several items. India has agreed to eliminate or reduce tariffs on all US industrial goods and many food and agricultural products.