Tariff war: After the formation of Donald Trump’s government once again in the US, the shadow of tariff war has been covered on the whole world and India is also in its JD. Now India is preparing to reduce import duty on some things which are in small numbers. This will be under the proposed bilateral business agreement. According to media reports, discussions have started about this, such as stakeholders of automobiles and auto components sectors where American imports will not take much shock to domestic companies. The Commerce Department also says that the domestic industry can be given relief in duty without harming the domestic industry, negotiations have been started with the ministries to identify it and the focus is to save the agriculture sector.
Calculation is being done due to the impact of American decision
The US has proposed to impose reciperook on its business partners, eg, as a tax. How much effect this decision will have, the Government of India is calculating it. The government aims to analyze export competitions to evaluate the differences between the two countries and make strategies accordingly. The Commerce Department has also started talks with the ministries about this.
What is the situation now?
Auto components worth about $ 1500 million (about Rs 1.2 lakh crore) are currently sent to zero duty from India. At the same time, a tariff of 5-15 percent is imposed on their imports. In the meeting of ministers of both countries, this difference of tariff was recently discussed. India and America aims to take mutual business up to more than doubled to 50 thousand crore dollars by the year 2030 and to finalize the first phase of several sector business deal in the next few months. India has already reduced duty on some American things, such as duty on Borbon Whiskey has been reduced from 150 per cent to 100 per cent. Apart from this, American exporters have also been given relief on fish fodder, scrap materials, satellite ground installations, ethernet switches and motorcycles.
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