New Delhi, Aug 11 The government gives utmost importance to protecting and promoting the welfare of farmers, entrepreneurs, exporters and MSMEs, and will take all necessary steps to secure national interest, the Parliament was informed on Monday.
It is estimated that around 55 per cent of the total value of India’s merchandise exports to the US will be subject to this reciprocal tariff, Minister of State for Finance, Pankaj Chaudhary, said in a written reply to a question in Lok Sabha.
Reciprocal tariff at the rate of 25 per cent came into effect on certain goods exported from India to the US from August 7, with another set of 25 per cent tariffs scheduled from August 27 for buying Russian energy.
"Combination of different factors, such as product differentiation, demand, quality, and contractual arrangements, would determine the impact on India’s exports," Chaudhary said.
"The Department of Commerce is engaged with all stakeholders, including exporters and industry, for taking feedback of their assessment of the situation. The government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, exporters, MSMEs, etc. and will take all necessary steps to secure our national interest," the minister added.
New Delhi has reiterated that the latest tariff actions by US President Donald Trump are "unfair, unjustified and unreasonable". "We have already made clear our position on these issues, including the fact that our imports are based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India," the government had said in a statement.
"It is therefore extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest," said the official statement.
The new tariffs will be applied to all eligible Indian goods entering the US from 21 days after the order’s signing, except for shipments already in transit before the deadline and cleared before September 17.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor