While some trade and industry leaders warned of short-term disruptions, others expressed confidence that India's strong manufacturing base, especially in sectors such as pharmaceuticals and medical equipment, would help it withstand the impact and forge new trade partnerships.
Terming the move by US President Donald Trump to impose 25 per cent tariffs on India on as a "setback for the country", Congress leader Jairam Ramesh on Wednesday said that Prime Minister Narendra Modi "should not be scared" and "this is blackmail by the United States".
This came soon after Donald Trump announced that India will have to pay, starting August 1, a 25 per cent tariff, including an additional penalty for buying energy and arms from Russia.
Industry association FICCI on Wednesday expressed disappointment over US President Donald Trump's decision to impose a 25 per cent tariff on Indian goods and said the move is unfortunate and will have a clear bearing on India's exports.
"Certainly, the Government of India will take cognisance of it. We have to wait and watch how the Government of India reacts to it. In my personal opinion, it is unfortunate." BJP leader Praveen Khandelwal said
Minutes after Donald Trump announced that India will have to pay, starting August 1, a 25 per cent tariff including an additional penalty for buying energy and arms from Russia, Congress leader Jairam Ramesh hit out at the government, saying all the praise by Prime Minister Narendra Modi
"Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE - ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PL
US President Donald Trump on Wednesday hinted at reaching a new trade deal with India soon. While adding "maybe", he said that currently the US is in negotiations with India.
Trump said the US will now impose a 19 per cent tariff on Indonesian imports, down from the earlier proposed 32 per cent. The agreement comes after Trump held talks with Indonesian President Prabowo Subianto.