India to follow wait and watch approach on US tariffs; not to act in hurry: Sources

import duties by the US on the global trade and not take any action in a hurry as America may itself face problems from its domestic industry, government sources said. US President Donald Trump on April 2 announced reciprocal tariffs ranging 11-49 per cent on about 60 countries, including India and China. It will come into effect from April 9.
The official said there are both challenges and opportunities for India as many of its competitor countries in exports, such as China Vietnam, Bangladesh, Cambodia and Thailand, face higher duties.
«As a country we need to watch the situation and need not be in a hurry. This is something new that has happened. It is unprecedented. The US industry too would be angry from this move and challenges will also be there. We need to wait, observe, and and see because we should not rush to conclusion that this is it for the future. We need to see what is there in store on their side,» one of the sources said.
The duties announced by the US are aimed at cutting down its trade deficit and boost manufacturing.
On the 27 per cent duty on India, they added that only 6-7 sectors like shrimp and carpet could face challenges from the steep taxes, but majority of other sectors like pharma and electronics would get opportunities to increase shipments as competitor nations would face higher duties than India.

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As per rough calculations, about 25 per cent of India's exports have got exemptions from taxes and the rest have «mixed scenarios».
They also said price-sensitive commodities such as gold jewellery and carpets would face the heat of duties.
From 2021-22 to 2023-24, the US was India's largest trading partner. The US accounts for about 18 per cent of India's total goods exports,