'Will Take Steps To Secure National Interest': India's first response over US 25 % tariffs
PTC News Desk: In a first response after Donald Trump announced 25 % tariffs on India amid trade negotiations along with additional penalty, the Centre has said it is studying the implications of the move and will take all steps to "secure our national interest".
In a faltering response to Trump's bombshell announcement, the Ministry of Commerce and Industry said it has taken note of the announcement and asserted that India maintained it commitment to negotiating a fair bilateral trade agreement with the United States. It also observed that the negotiations have been going on for months.
"The Government has taken note of a statement by the US President on bilateral trade. The Government is studying its implications. India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective," the ministry said in the statement on Wednesday evening.
Stressing that the Centre places the "utmost importance on protecting and promoting the welfare of" farmers, entrepreneurs, and MSMEs (Micro, Small and Medium Enterprises), the ministry also made a reference to the recently concluded free trade agreement with the United Kingdom.
"The Government will take all steps necessary to secure our national interest, as has been the case with other trade agreements, including the latest Comprehensive Economic and Trade Agreement with the UK," it added.
Earlier Trump on his social media platform Truth Social announced that, in addition to the 25% tariff, a "penalty" would also be imposed on India because it buys a large amount of oil from Russia, which is engaged in a conflict with Ukraine. Without specifying the quantum of the "penalty", Mr Trump also pointed to India's military purchases from the country.
- With inputs from agencies
