Finance Minister Nirmala Sitharaman stated on Monday that it is too early to assess the impact of recent US tariff changes on the Indian economy, noting that the commerce ministry is currently reviewing the situation. Her comments follow the US Supreme Court’s Friday verdict against the Trump administration’s sweeping import tariffs, after which President Trump imposed a 10 percent tariff on all countries, including India, effective February 24 for 150 days. Trump subsequently raised these tariffs to 15 percent on Saturday.
Speaking to reporters after addressing the RBI’s Central Board, Sitharaman explained that the commerce ministry is evaluating the implications for Indian trade specifically, beyond the general economic impact. She noted that India’s trade delegation will need to decide on the timing of further negotiations with the US.
In light of these developments, India and the US have rescheduled the proposed meeting of their chief negotiators, originally set to begin Monday in Washington, which was to finalize the text for an interim trade pact. Darpan Jain, Joint Secretary in the commerce ministry, serves as India’s chief negotiator for this agreement.
Sitharaman reaffirmed India’s commitment to pursuing trade agreements globally, highlighting recent pacts with Australia, New Zealand, the UAE, Qatar, Oman, the EU, and the UK. She emphasized that India wants its economy to benefit from global trade access while continuing negotiations with multiple countries.
