India’s Response to U.S. Tariffs

• India has remained calm despite U.S. officials’ provocative statements, focusing on dealing with the 50% tariffs.

• Despite paused trade talks with the U.S., the additional 25% ‘penalty’ tariff is not a deal breaker, despite rendering any trade deal inconsequential.

• The government has communicated to industry that a plan is in the works to alleviate the pain, not a flashy fiscal incentive.

• The government is focusing on addressing the impending liquidity crunch exporters will face, rather than announcing flashy fiscal incentives.

• The government has been pragmatic about securing the overall economy from the tariff impact, focusing on rekindling dialogues with China and promoting domestic consumption through GST rate cuts.

• There is talk about easing the norms laid out in the COVID-19-era Press Note 3, which curtails Chinese foreign direct investment in India.

• Cooperation between the Centre and States is needed to ensure that the GST rate cuts go through without compromising on the States’ fiscal health.

India Trade Tariff Reaction is important topic for Civil service exam (WBCS).

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