New Delhi, February 23 Finance Minister Nirmala Sitharaman said on Monday that it is too early to comment on the tariff changes announced by the United States, and the commerce ministry is reviewing the situation.
On Friday, the US Supreme Court ruled against the sweeping import tariffs imposed by the Trump administration on trade partners. Following that, President Donald Trump imposed a 10 per cent tariff on all countries, including India, from February 24 for 150 days. Later on Saturday, Trump announced raising these tariffs to 15 per cent.
Asked about the impact of tariff changes on the Indian economy, Sitharaman said it is "a bit too soon" to comment.
"But regarding trade, aside from the Indian economy in general, the commerce ministry is reviewing the situation. The delegation will need to decide when they will proceed with further negotiations. So, it is a bit too early for me (to comment)," Sitharaman said.
On Sunday, India and the US decided to reschedule the proposed meeting of their chief negotiators, which was supposed to be held in Washington from Monday, to finalize the text for the interim trade pact, according to sources.
Joint Secretary in the commerce ministry, Darpan Jain, is the chief negotiator for India in this agreement.
Speaking to reporters after addressing the RBI's Central Board here, Sitharaman said that India has been on a clear path of wanting to have trade deals, and has already signed agreements with Australia, New Zealand, the UAE, Qatar, Oman, the EU, and the UK.
"Therefore, our efforts to establish a trade agreement with countries will continue," she added, saying that India wants its economy to benefit from global trade and to be able to reach global markets.
