Union finance minister Nirmala Sitharaman reacted to the US Supreme Court quashing President Donald Trump’s global tariffs. She also responded to his decision to impose a 15% global tariff after the verdict. However, she said it was too soon to assess the impact on the Indian economy.
Addressing a press conference on Monday, Sitharaman stated, “On the Indian economy, I think it’s a bit too soon for me to comment.” She therefore avoided drawing conclusions about immediate economic consequences.
Commerce Ministry Reviews Trade Developments
While discussing the bilateral trade deal with the United States, she shifted focus to the Commerce Ministry’s role. She said, “On the trade, particularly aside from the Indian economy in general, the Commerce Ministry is reviewing the situation and the delegation will have to take a call on when they’re going to go for further negotiations. It’s a bit too early for me to comment,” she said. Consequently, officials will decide the timing of the next negotiation round.
US Supreme Court Strikes Down Tariffs
Meanwhile, the US Supreme Court delivered a major setback to Trump by scrapping several tariffs imposed during the global trade war. However, only hours after the ruling, Trump announced a new 10% duty on imports entering the US from all countries starting Tuesday. Later, he increased that rate to 15% on Saturday.
For India, the current 15% rate remains lower than the 18% fixed in the bilateral framework announced this month. Moreover, it stands far below the 26% Liberation Day level.
India Studies Implications Carefully
The Union commerce ministry issued a statement on Saturday regarding the developments. It said, “We have noted the US Supreme Court judgement on tariffs yesterday. President Trump has also addressed a press conference in that regard. Some steps have been announced by the US Administration. We are studying all these developments for their implications,” it said. Therefore, the government continues to evaluate the evolving situation before taking further action.
