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For India, the US is an important commercialized spouse — successful 2023-24, bilateral commercialized betwixt the 2 countries was astir $120 billion.
Jan 24, 2025 07:39 IST First published on: Jan 24, 2025 astatine 07:39 IST
In the weeks starring up to Donald Trump’s inauguration, determination was sizeable anxiousness crossed the satellite implicit what the US president-elect would bash connected tariffs. Trump has repeatedly spoken astir imposing tariffs connected countries specified arsenic Mexico, Canada and China. He has attacked India’s tariff structure, pointing specifically astatine the 100 per cent complaint levied connected immoderate products. However, truthful far, days aft the inauguration, determination has been nary argumentation action. While Trump is present reported to person said that tariffs connected immoderate countries volition beryllium imposed connected February 1, determination is uncertainty implicit however this volition play out.
For India, the US is an important commercialized spouse — successful 2023-24, bilateral commercialized betwixt the 2 countries was astir $120 billion. Despite the existent rhetoric successful Washington, determination is simply a wide statement connected maintaining and strengthening India-US relations. Only successful October, the US and India signed an MoU to grow and diversify the captious minerals proviso chain. The menace of levying tariffs whitethorn good lone beryllium a negotiating instrumentality but the Indian authorities is mindful of imaginable changes successful the contours of US policy. As per a study successful this paper, the commerce ministry has begun holding inter-ministerial talks to hole for apt changes successful US commercialized argumentation that could impact tariffs. The Trump medication will, however, besides connection opportunities. The America First commercialized argumentation memorandum talks astir bilateral commercialized agreements. It says that the US commercialized typical “shall place countries with which the US tin negociate agreements connected a bilateral oregon sector-specific ground to get marketplace access”. As per reports, during Trump’s archetypal word arsenic president, India and the US had discussed a commercialized deal.
India’s attack to commercialized agreements has been mixed. In caller years, portion it has entered into pacts with countries similar the UAE and Australia, it has besides shied distant from agreements specified arsenic the RCEP, and has not joined the commercialized pillar of the Indo-Pacific Economic Framework. While a bilateral statement with the US should beryllium explored, determination are areas of concern. Trade deals whitethorn beryllium linked to labour mobility, which is simply a analyzable contented and requires deft handling. There whitethorn besides beryllium concerns astir intelligence property, labour markets, authorities procurement and information localisation, among others. Any specified woody volition needfully impact reducing tariffs. India should instrumentality the pb here. It indispensable undertake a broader and much broad introspection of its tariff operation and defy protectionism. Alongside, it indispensable propulsion done the EU and UK commercialized agreements, negotiations implicit which person been going connected for immoderate clip now. It indispensable besides propulsion done much-needed reforms to instrumentality vantage of the opportunities that a rapidly changing planetary situation whitethorn offer. The upcoming Union budget is an opportune infinitesimal for the authorities to instrumentality the archetypal steps towards this end.
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