Union Finance Minister Nirmala Sitharaman has reacted to the US Supreme Court’s strike down of President Donald Trump’s global tariffs and his imposition of a 15% global tariff in response to the ruling, saying it is too early to comment on the impact of tariff changes on the Indian economy.
“As far as the Indian economy is concerned, I think it is a bit too early for me to comment,” she said at a press conference.
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While commenting on the bilateral trade agreement with the US, the Finance Minister said: “With regard to trade, especially with regard to the Indian economy in general, the Ministry of Commerce is reviewing the situation and the delegation will have to take a phone call on when they will go for further negotiations. It is a bit too early for me to comment.”
US Security Council rescinds Trump’s tariffs; The president imposes global tariffs of 15%.
The US Supreme Court dealt a strong blow to Trump by canceling many of the tariffs he imposed during the global trade war.
Just hours after the ruling, Trump announced new 10% tariffs on imports entering the United States from all countries starting Tuesday. It was later raised to 15% on Saturday.
As for India, the current rate (15%) is still better than the 18% fixed in the bilateral framework announced this month, and remains much lower than the level on the day of liberation (26%).
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What India said about the Supreme Court ruling and the latest tariffs
The Federal Department of Commerce said in a statement issued on Saturday that it was reviewing the impact of the ruling and Trump’s subsequent decisions.
She said, “We noted the US Supreme Court’s ruling on tariffs yesterday. President Trump also spoke at a press conference in this regard. The US administration has announced some steps. We are studying all these developments to know their effects.”
