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US Secretary of State Marco Rubio on Monday (local time) held a discussion with External Affairs Minister (EAM) S Jaishankar, focused on US reciprocal tariffs on India, as per a statement from the Spokesperson of the US State Department, Tammy Bruce.
According to the statement, both leaders spoke on the progress of a fair and balanced trade relationship between the two nations amid the tariffs imposed by US President Donald Trump, which had disrupted the global markets since its annoucement. Both leaders also emphasised the strength of the US-India strategic partnership, with both sides exploring opportunities to expand collaboration in the Indo-Pacific region. "Secretary of State Marco Rubio spoke with Indian External Affairs Minister Subrahmanyam Jaishankar today. The Secretary and External Affairs Minister affirmed the strength of the U.S.-India strategic partnership and discussed opportunities to deepen collaboration in the Indo-Pacific region. They also discussed U.S. reciprocal tariffs on India and how to make progress toward a fair and balanced trade relationship," the statement read. EAM Jaishankar also took to the social media platform X following the call to Rubio, stating that both had exchanged views on a wide range of geopolitical issues, including the Indo-Pacific, the Indian subcontinent, Europe, Middle East/West Asia and the Caribbean. "Good to speak with Secretary Marco Rubio today. Exchanged perspectives on the Indo-Pacific, the Indian Sub-continent, Europe, Middle East/West Asia and the Caribbean. Agreed on the importance of the early conclusion of the Bilateral Trade Agreement. Look forward to remaining in touch," Jaishankar stated. Meanwhile, according to a research report by the Global Trade Research Initiative (GTRI), India could see a decline of USD 5.76 billion or 6.41 per cent, in exports to the US because of the tariffs in 2025. The GTRI report is based on the evaluation of sector-specific exposure, changes in tariff rates, and competitive dynamics involving key players like China, Mexico, and Canada. The research also highlights sectors where India may gain or lose ground, offering a nuanced picture of the challenges and opportunities emerging from the new U.S. tariff regime. The tariffs are likely to give a mild blow to India's merchandise exports to the US. In 2024, India exported USD 89.81 billion worth of goods to the U.S, but this could decline by approximately USD 5.76 billion, a drop of 6.41 per cent, as a result of the new trade measures in 2025. (ANI)
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