look news india
American President Donald Trump has imposed 26 percent tariff on Indian goods. But instead of reacting, the Government of India is focusing on setting up a trade agreement with the US as soon as possible.
Trump said in his order that if a country takes appropriate steps to fix business related problems, then some relief can be given. The government is currently trusting his words.
Big claim in the report:
Speaking to Reuters, a government official said that after the US imposed 26% tariffs on Indian goods, India is currently planning to impose tariffs on any retaliation. Instead, India is now focusing on early trade agreement with the US.
The official also said that the government is relying on Trump’s order, stating that the countries who are trying to balance trade can get some relief from the tariff. Trump’s decision has led to a decline in the Indian stock market as well as the world market. There has been a major decline in the Sensex in just two days.
India is happy with this.
Another government official told the Reuters that India is happy that it is one of the first countries to have a trade agreement with the US. America’s tariff decision has affected many Asian countries. China has been imposed 34 percent tariffs, 46 percent on Vietnam and 32 percent on Indonesia. In response, China said that it would impose 34 percent tariffs on all goods coming from the US from April 10.
Therefore, Indonesia has made it clear that it will not retaliate. Vietnam, which is now emerging as a new manufacturing and export center in place of China, has agreed to completely eliminate its tariffs under a possible trade agreement.