The US has not imposed reciprocal tariffs on India as on date, Minister of State for Commerce and Industry Jitin Prasada informed Parliament on Tuesday.
“Both countries plan to negotiate a mutually beneficial, multi-sector bilateral trade agreement. Both countries would focus on increasing market access, reducing tariff and non-tariff barriers, and enhancing supply chain integration,” Prasada said in a written reply to the Lok Sabha.
The US has issued memorandum on reciprocal trade and tariffs on February 13, 2025, wherein the Secretary of Commerce and United States Trade Representative are to take necessary actions to investigate harm to US from any non-reciprocal trade arrangements adopted by trading partners, the reply pointed out. They would then provide a report with detailed proposed remedies for each trading partner, based on which, US action against relevant trading partner could, thereafter, be undertaken under any of the relevant US legislations. “As on date, reciprocal tariffs have not been applied by US on India,” he said.
Under the ambitious “Mission 500”, both countries aim to more than double US-India trade to $500 billion by 2030 to be achieved by deepening the trade relationship across multiple sectors, Prasada added.
US President Donald Trump has said that the country would impose reciprocal tariffs on ‘high tariff charging countries’ on April 2. “… whatever they tariff us, other countries, we will tariff them. That’s reciprocal back and forth. Whatever they tax us, we will tax them. If they do non-monetary tariffs to keep us out of their market, then we will do non-monetary barriers to keep them out of our market,” he said at his Congressional address last week.
