USA's reciprocal tariffs create uncertainties; trade deal may help boost ties: Experts
Donald Trump's announcement on imposing reciprocal tariffs has created an uncertain trade environment between India and America, though the plan for a major trade deal could help promote two-way commerce, experts say. They said that India should take steps cautiously for protecting domestic industries and expanding exports to the US.
After talks with Prime Minister Narendra Modi in Washington, Trump has announced that India will buy more oil, gas and military hardware from America to bring down the trade deficit but asserted that Washington will not spare New Delhi from reciprocal tariffs.
Economic think tank Global Trade Research Initiative (GTRI) said that the two leaders talked about having a trade agreement soon, but the details remain unclear.
The US, GTRI Founder Ajay Srivastava said, is not clear if the reciprocal tariff applies to specific products or entire sectors.
Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said that India must strike a balance between protecting domestic industries and expanding exports to the US through targeted diplomacy.
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