In response to the US' decision to impose a 34 per cent tariff on imports from China, the country strongly criticised the move, calling it a violation of World Trade Organization (WTO) rules and a threat to the multilateral trading system.
Congress leader and Leader of Opposition in Lok Sabha Rahul Gandhi said on Thursday that the United States' decision to impose reciprocal tariffs will "completely devastate our economy" with the auto industry, pharmaceuticals and agriculture among sectors expected to face the brunt.
Aam Aadmi Party leader Raghav Chadha on Thursday took a swipe at the US imposing reciprocal tariffs on India and recalled lines of a popular Hindi number while stating that "Trump Tariff" could wreck the Indian economy.
Congress MP Manish Tewari on Thursday urged the Centre to develop "a spine" and stand up to the US for its imposition of a 26 per cent tariffs on Indian goods with President Donald Trump launching a global trade war. He said that the US tariff on India represented "abject failure" of the n
Reacting to this, RK Aggarwal (National President, Bulk Drugs Manufacturers Association of India) said that it will have no impact on the pharma sector.
The Indian stock indices closed Thursday's session lower, weighed down by the heat of the US administration's reciprocal tariffs imposed on partner countries, including India.
Faced with President Donald Trump's reciprocal tariffs, India on Thursday said it is studying the opportunities that may arise from this new development in US trade policy.
US President Donald Trump's reciprocal tariffs will impact the American economy more, leaving them with limited buying options to cater for their needs, Ranjeet Mehta, CEO and Secretary General of industry body PHDCCI, told ANI.
The imposition of reciprocal tariffs by the US President Donald Trump is set to slow down global trade significantly, according to a report by HSBC Research.
"... The friendship between them (US President Trump and PM Modi) and the way they embrace each other and talk and now these tarriffs. It shows that America (Donald Trump) is a businessman. 'Aur wo humara customer phas gaya'. (And our customers are getting trapped."
India is not so badly impacted by the imposition of tariffs by the US, which was announced by President Donald Trump on April 2, said ASSOCHAM president Sanjay Nayar.