India studying opportunities that may arise from new US trade policy: Commerce Ministry

The Ministry of Commerce said in a statement that it is carefully examining the implications of the various measures and announcements made by the US administration.

"The US President issued an Executive Order on Reciprocal Tariffs imposing additional ad-valorem duties ranging from 10% to 50% on imports from all trading partners. The baseline duty of 10% will be effective from April 05, 2025, and the remaining country-specific additional ad valorem duty will be effective from April 09, 2025. The additional duty on India, as per Annex I of the Executive Order, is 27%," the Ministry said.

"The Department of Commerce is carefully examining the implications of the various measures/announcements made by the President of the USA. Keeping in view the vision of Viksit Bharat, the Department is engaged with all stakeholders, including the Indian industry and exporters, taking feedback of their assessment of the tariffs and assessing the situation. The Department is also studying the opportunities that may arise due to this new development in the US trade policy," the Ministry added.

Prime Minister Narendra Modi and US President Donald Trump had announced 'Mission 500' on February 13, 2025, aiming to more than double bilateral trade to USD 500 billion by 2030.

"Accordingly, discussions are ongoing between Indian and US trade teams for the expeditious conclusion of a mutually beneficial, multi-sectoral Bilateral Trade Agreement," the commerce department said in its statement today. These cover a wide range of issues of mutual interest, including deepening supply chain integration.

"The ongoing talks are focused on enabling both nations to grow trade, investments and technology transfers. We remain in touch with the Trump Administration on these issues and expect to take them forward in the coming days," the statement added.

The commerce ministry said India values its Comprehensive Global Strategic Partnership with the United States and is committed to working closely with the US to implement the India-US 'Catalysing Opportunities for Military Partnership, Accelerated Commerce and Technology' (COMPACT) for the 21st century to ensure that the trade ties remain a pillar of mutual prosperity and drive transformative change for the benefit of the people of India and the US.

Since assuming office for his second term, President Trump has reiterated his stance on tariff reciprocity, emphasising that the United States will match tariffs imposed by other countries, including India, to ensure fair trade. (ANI)