PM Modi and Trump
New Delhi: The first reaction from the Central Government said that Donald Trump’s announcement of 25% tariffs and ‘fine’ on goods exported from India to the US from India said that the government is studying the impact of the move and will take all steps to “protect its national interests”.
Composed to interaction on bilateral trade agreement
In a balanced statement issued by the Government of India, the Ministry of Commerce and Industry said that it has focused on the announcement and emphasized that India is committed to negotiating a fair bilateral trade agreement with the US. The ministry also said that the talks on this trade agreement have been going on for months.
Government studying effects
The ministry said in a statement released on Wednesday evening, “The government has focused on the statement of the US President on bilateral trade. The government is studying its effects. India and the US have been negotiating on a fair, balanced and mutually beneficial bilateral trade agreement for the last few months. We are committed to this purpose.”
Emphasizing that the central government gives “supreme importance to protect and promotion of welfare of farmers, entrepreneurs and MSMEs (Micro, Small and Medium Enterprises), the ministry also mentioned the recently free trade agreement with the United Kingdom. It further stated, “The government will take all necessary steps to protect its national interests, as has been in case of other trade agreements including the latest comprehensive economic and trade agreement with the UK.”
25 percent tariff from August 1
Let us tell you that US President Donald Trump has announced a 25 percent fee on India from August 1 on Wednesday amid some deadlock signs in a conversation between the two countries on the bilateral trade agreement (BTA). In addition, Trump also decided to impose additional fine for buying military equipment and crude oil from Russia. This amazing announcement has been made at a time when Indian officials said a day earlier that an American trade team would visit India from August 25 to negotiate the trade agreement. This announcement is being seen as a strategy to pressurize India to accept America’s demands, which has recently signed a favorable trade agreements with prominent partners such as Japan, Britain and European Union (EU).
A ‘fine’ will also have to be paid for purchase from Russia
Trump described India’s trade policies as ‘the most difficult and unpleasant’ in a post on social media. The US President said, “Everything is not right! So India will have to pay 25 percent fee from August 1 and ‘penalty’ for purchase from Russia.” The penalty was imposed because India has purchased a large purchase of oil and military equipment from Russia. India’s crude oil imports from Russia were 0.2 percent of the total purchase before the Russia-Ukraine War, which has now increased to 35-40 percent. After China, India is the largest buyer of Russian oil. However, the US President described India as his ‘friend’ in a social media post. He said, “India is our friend, but we have done relatively less trade with them over the years, because their fees are very high, which are ‘most’ in the world. They have ‘most rigid and unpleasant’ non-modern trade obstacles.” He said that in addition, India bought their military equipment and energy products from Russia when everyone wants Russia to stop murders in Ukraine.
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