India pushes ahead with US trade talks despite tariff hike to 50%
Shipping containers stacked on the KMTC Jebel Ali container ship at Jawaharlal Nehru Port in Navi Mumbai, Maharashtra, India.
NEW DELHI/MUMBAI - India hopes trade talks with the US will continue even as the US hiked tariffs on its exports to 50 per cent due to New Delhi's purchase of sanctioned Russian oil, two lawmakers said on Aug 11, citing a briefing to a parliamentary panel on foreign affairs.
Last week, President Donald Trump
imposed an additional 25 per cent tariff on Indian goods due to Delhi's continued purchase of Russian oil, bringing the total duty on Indian exports to the US to 50 per cent - among the highest of any American trading partner.
'Our relations with the US are multi-dimensional, and should not be seen only through the prism of trade,' one of the lawmakers said, citing the foreign secretary's briefing to the panel.
Mr Shashi Tharoor, an opposition Congress party leader, who heads the panel, said trade talks would continue.
'As of now, there is no change in the existing plans for the sixth round,' he said, referring to a scheduled visit of a US trade delegation to New Delhi from Aug 25.
Earlier, junior finance minister Pankaj Chaudhary told lawmakers that about 55 per cent of India's merchandise exports to the United States would covered by the new tariff.
His estimate factored in the initial 25 per cent levy, he said in a written response to a lawmaker's query.
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'The Department of Commerce is engaged with all stakeholders' for their assessment of the situation, Mr Chaudhary added.
Goods trade between the United States and India - the world's biggest and fifth-largest economies, respectively - was worth about US$87 billion (S$112 billion) in the last fiscal year, according to Indian government estimates.
The panel separately voiced concerns over Pakistani army chief Field Marshal Asim Munir's
reported remarks on nuclear threats in South Asia during a visit to the US.
'Nuclear blackmail will not work with India, and no party, or representative disagrees with this view,' Mr Tharoor said, adding the external affairs ministry had condemned the comments. REUTERS
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