India rules out retaliatory tariffs on Trump’s trade policies - Reuters
Photo: US President Donald Trump (Getty Images)
India does not plan to take retaliatory actions against President Trump's tariffs. Negotiations between the two countries are ongoing, reports Reuters.
A government official stated that Prime Minister Narendra Modi's administration has examined a provision in US President Donald Trump’s executive order on tariffs. The provision offers the possibility of tariff relief for trade partners that "take significant steps to remedy non-reciprocal trade arrangements."
A second government official said that New Delhi sees an advantage in being one of the first countries to start trade agreement negotiations with Washington. He also pointed out that India is in a stronger position than China, Vietnam, and Indonesia, which have been hit harder by higher US tariffs.
Thus, India will join Taiwan and Indonesia, both of which have also refused to impose retaliatory measures.
EU readies a response to Trump
As Reuters reported, the European Union plans to take countermeasures against the tariffs imposed by Donald Trump in the coming days. A package of tariffs on imports from the US, worth up to $28 billion, is expected to be adopted.
For more details, read RBC-Ukraine's report.
