US New Tariffs Will Not Affect Nearly Half of India's Exports

According to India's government statement, approximately 45% of the country's exports will not be subject to new additional tariffs imposed by the United States. The authorities assess that this is the result of trade negotiations conducted between the two countries.

According to India's Ministry of Commerce and Industry, the additional 10% tariff will not apply to generic medicines, smartphones, steel, aluminum, and auto parts. In the ministry's assessment, this will be favorable for Indian exporters, as they will incur lower additional costs in the American market compared to other countries.

On the other hand, a new 10% tariff will be imposed on the remaining 55% of India's exports, though India's government notes that the tariffs applicable to the country remain lower than those for most other states subject to the US's new trade policy.

Bilateral trade negotiations between India and the United States have been ongoing since last year. New Delhi states that the parties will continue working to conclude the agreement in the near term.

India continues to consider the possibility of the United States imposing additional tariffs on generic medicines. The United States is India's largest export market for pharmaceutical products, so any changes in this direction will have significant implications for the country's pharmaceutical industry.

Source: Investing.com