India likely to get reprieve from US tariffs; may not be treated like China, Canada
PTC News Desk: Amid the raging global tariff war, India is expected to get reprieve from the proposed US tariffs unlike China, Mexico or Canada.
Ahead of the April 2 deadline for US reciprocal tariffs, the talks are smoothly progressing between both the nations. According to the reports, officials are exploring a "tailored, sector-wise" approach, meaning it would lead to a phase-wise implementation of new trade measures.
As part of the deal, the high demand good with potentially higher trade volumes may witness moderate tariff surge. This will reduce the impact of tariffs on Indian exports to the US. On the other hand no concession will be provided on many items like wheat and maize owing to the sensitivity of the agriculture sector.
Meanwhile, President Donald Trump has declared a 25 per cent tariff on all imported vehicles entering the United States, a move he described as "very exciting" for domestic manufacturing. The tariffs, set to take effect on April 2, will impact nearly half of all vehicles sold in the United States, including American brands assembled overseas. The wide-ranging measure aims to incentivise car manufacturers to establish more production facilities within US borders.
According to the government officials, India has conducted an internal analysis that revealed that new US tariffs could impact 87% of Indian exports to the US, worth around $66 billion.
- With inputs from agencies
