No New U.S. Tariffs on Electronics, Pharma, Says Jitin
The minister also said the government continues to monitor the impact of additional tariffs imposed by the US on exports from India.
New Delhi:Minister of state for commerce and industry Jitin Prasada on Tuesday said that no additional tariffs have been imposed on Indian exports to the US in sectors like pharmaceuticals, and electronics so far. The minister also said the government continues to monitor the impact of additional tariffs imposed by the US on exports from India.
The minister’s statement came a day after the government has estimated that around 55 per cent of the total value of India's merchandise exports to the US is subjected to this reciprocal tariff, where an additional ad valorem rate of duty of 25 per cent with effect from August 27 has been imposed on certain goods exported from India.
In a written reply to the Lok Sabha, Prasada said that a reciprocal tariff at the rate of 25 per cent has been imposed on certain goods exported from India to the US, effective August 7. “No additional tariffs have been imposed on Indian exports to the US in sectors like pharmaceuticals, and electronics as yet,” Prasada said.
He also said the government is engaged with all stakeholders, including exporters and industry, for taking feedback of their assessment of the impact from the reciprocal tariffs imposed by the US. “The government attaches utmost importance to protecting and promoting welfare of farmers, workers, entrepreneurs, exporters, MSMEs and all sections of industry,” Prasada said.
In a separate reply, the minister also said the government continues to monitor the impact of additional tariffs imposed by the US on exports from India. “The department of commerce is engaged with stakeholders to help reduce the impact through export promotion and diversification measures,” he added.
