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U.S. products are currently facing tariffs that range from 5% to 30% in India.
The reciprocal duties in the US are set to take effect from April 2 under an executive order issued by President Donald Trump.
According to the agency's representatives, New Delhi has projected that these tariffs will impact 87% of India's overall exports to the US, totaling $66 billion. One source mentioned that the nation's administration is now prepared to “significantly” cut taxes or potentially abolish them entirely on a portion of the $23 billion in imports from the US.
As per data from the World Trade Organization referenced by the agency, the U.S. weighted average import tariff is currently around 2.2%, while India's is 12%. The trade deficit between the U.S. and India has hit $45.6 billion.
source: reuters.com
The reciprocal duties in the US are set to take effect from April 2 under an executive order issued by President Donald Trump.
According to the agency's representatives, New Delhi has projected that these tariffs will impact 87% of India's overall exports to the US, totaling $66 billion. One source mentioned that the nation's administration is now prepared to “significantly” cut taxes or potentially abolish them entirely on a portion of the $23 billion in imports from the US.
As per data from the World Trade Organization referenced by the agency, the U.S. weighted average import tariff is currently around 2.2%, while India's is 12%. The trade deficit between the U.S. and India has hit $45.6 billion.
source: reuters.com