An Indian commerce ministry official told the BBC that India and the US have postponed trade discussions scheduled for this week while they “study the implications” of the US Supreme Court’s decision to strike down the Donald Trump administration’s global tariffs.
This week, a group of Indians was supposed to go to Washington to settle the details of a temporary trade pact that was announced earlier this month. The deal lowered US taxes on Indian imports from 50% to 18%, even though some aspects remained unclear.
The Supreme Court’s decision has caused further confusion. Trump stated he would impose a 15% tax on all goods entering the US from around the world.We don’t know yet how the new tariffs and the court verdict will affect trade arrangements that the US already has with other countries.
After a few months of chaos for Indian exporters, things are finally starting to get better. Trump put 50% tariffs on Indian goods on August 27. The charges included a fine for importing Russian oil, something Trump had been against for a long time.
Trump said on February 2 that the two countries had negotiated a temporary trade deal after speaking with Indian Prime Minister Narendra Modi by phone. This made Indian markets feel better.
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