Indian pharma companies like CDMOs (Contract Development and Manufacturing Organizations) will not see major disruptions from the proposed US tariffs of 10-25 per cent, according to a report by B&K Securities.
Jairam Ramesh shared a trivia about how in 1913, the US Constitution was amended to introduce a federal income tax and the economist who championed for the same was a mentor of Dr B R Ambedkar.
To achieve this, both leaders have decided to designate senior representatives to advance the negotiations. This move demonstrates their commitment to strengthening trade ties and promoting economic cooperation between the two nations.
India's export growth has been hampered over the past decade due to a combination of high import tariffs and low foreign direct investment (FDI) in mid-tech manufacturing sectors, according to a report by HSBC.
The tariffs that US President Donald Trump imposed on Chinese goods present a significant opportunity for India, if it does internal reforms to capture a share of what China loses in exports.
Ajay Sahai, Director General and CEO of Federation of Indian Export Organisations (FIEO), said he sees US President Donald Trump's recurring statement against India- as a 'tariff king'- to be a negotiating posture.
China's finance ministry announced 15 per cent tariffs on imports of chicken, wheat, corn and cotton from the United States, as well as 10 per cent tariffs on imports of "sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products," Chinese state media said.
Canadian Prime Minister Justin Trudeau on Monday (local time) announced that retaliatory tariffs on US goods will go into force at midnight on Tuesday if the US tariffs on Canadian imports take effect.