India could see a loss of around USD 6 billion, or 0.16 per cent of its GDP, in exports to the US if broad tariffs of 10 per cent are enacted, Emkay Global, a research & investment firm, said in a latest report.
"And because India does apply tariff lines to a number of American exports to India, if you strictly understand what reciprocal means, it would mean that our exports to America will also be affected. So I'm hoping that in the talks they'll find some sensible outcome" he said
The Indian stock markets extended their strong rally into the second consecutive week, buoyed by strong foreign inflows and a recovery in domestic economic indicators.
President Donald Trump's reciprocal tariffs have started a global trade war and it will reduce not only the growth of the United States (US) and the world but also push up inflation and delay Federal Reserve rate cuts in US according to a report by Fitch Ratings.
The two met privately and then held an expanded bilateral meeting. Their meeting focused on promoting relations between the countries in all aspects. Minister Saar announced that he will soon hold a reciprocal visit to Ethiopia.
Patanjali Founder Baba Ramdev on Sunday strongly condemned US President Donald Trump's decision to impose reciprocal tariffs, which would be initiated from April 2, calling it a form of "tariff terrorism."
Congress' Pawan Khera slammed Prime Minister Narendra Modi-led government Donald Trump's statement on India agreeing to 'reduce' tariffs and questioned whether the reported deal was signed "under pressure."
Congress MP Manish Tewari on Saturday said that if India has decided to reduce tariff under the pressure of US then it is "unfortunate" and "does not make for good trade policy."
In a weekly briefing, MEA spokesperson Randhir Jaiswal said that the agreement aims to strengthen and deepen India-US two-way trade in goods and services, increase market access, and reduce tariff and non-tariff barriers.
US Commerce Secretary Howard Lutnick on Friday expressed optimism about India-US trade ties, emphasizing the need for India's agricultural trade to open up amid US President Donald Trump's plans to impose reciprocal tariffs on US trading partners, including India.
On the outset of trade wars with the United States, Beijing pledges to make domestic demand its main economic driver. The escalating trade war with the US is hitting Chinese exports, especially with the reciprocal tariffs that Trump has announced.
"The President has been very tough on China, not just now with 20 per cent and more with the reciprocal tariffs that will hit on April 2nd, but look at what he did in his first term. There were billions of dollars' worth of tariffs that he implemented on China, and it's quite telling that