India, tariff cuts for 23 billion USD of American imports - The decision aims to avoid reciprocal tariffs with the US
India plans to cut tariffs on more than half of its US imports to avoid retaliatory tariffs. The potential duties would affect 87% of India's exports to the US.
India plans to cut tariffs on more than half of US imports worth $23 billion in the first phase of a trade deal the two nations are negotiating, two government sources said. It is the biggest cut in years, aimed at avoiding reciprocal tariffs.
The South Asian nation wants to cushion the impact of US President Donald Trump's global trade embargoes set to take effect from April 2, a threat that has rattled markets even among Western allies.
In an internal analysis, New Delhi estimated that such reciprocal tariffs would affect 87% of its total exports to the United States worth $66 billion, two government sources with knowledge of the matter said.
Under the deal, India is open to reducing duties on 55% of the US goods it imports, which are now subject to duties ranging from 5% to 30%.
In this category of goods, New Delhi is willing to "significantly reduce" taxes or even eliminate some entirely, on imported goods worth more than $23 billion from the United States.
Overall, the weighted average tariff on U.S. trade has been about 2.2%, data from the World Trade Organization show, compared with India's 12%. The United States has a $45.6 billion trade deficit with New Delhi.
Indian government officials warned that lowering tariffs on more than half of U.S. imports depends on securing concessions on reciprocal taxes.
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