The US administration's 25 per cent blanket tariffs on Indian goods is "unfortunate" but are poised to be short-lived, as both the partner countries are working on a Bilateral Trade Agreement (BTA), Vimal Pruthi, Partner, International Trade, EY India, said on Friday.
In an exclusive interview with ANI, he said that the tariffs won't have a significant disruptive impact on the US economy, given India's relatively small share of US international trade, around 2.5%.
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The new tariffs imposed by the United States are expected to significantly impact American households, with average bills likely to rise by around USD 2,400 in the short term due to inflation driven by these tariffs, according to a research report by the State Bank of India (SBI).
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The government told the Parliament on Thursday that US President Donald Trump has announced a reciprocal tariff on Indian goods, and it is examining the impact of the recent events and will take all necessary steps to safeguard national interest.
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The recently signed Free Trade Agreement (FTA) between India and the United Kingdom is expected to help India manage the impact of 25 per cent tariff announced by the United States President Donald Trump, noted Economist Dipanwita Mazumdar.
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Earlier in the day, Congress MP Shashi Tharoor noted the impact of the 25 per cent tariff announced by US President Donald Trump on the Indian economy and termed the matter very "serious", which will "destroy" India's trade with America.
Congress MP Shashi Tharoor on Thursday noted the impact of the 25 per cent tariff announced by US President Donald Trump on the Indian economy and termed the matter very "serious", which will "destroy" India's trade with America.
The recent announcement by US President Donald Trump to impose a 25 per cent tariff on Indian imports will severely impact India's gem and jewellery industry, a major contributor to the country's export economy, highlighted the jewellery manufacturers and exporters in a conversation with ANI