In a significant development reported on March 20th by COINOTAG, U.S. President Trump has announced that retaliatory tariffs will be imposed on India starting April 2nd, amidst ongoing trade negotiations. In a recent interview, Trump described India as “one of the highest taxing nations in the world,” underscoring the trade tensions between the two countries. He emphasized that despite expectations of a reduction in these tariffs, the U.S. will proceed with the current tariff structure as planned.
Indian officials remain hopeful about resolving the trade issues, with Commerce Minister Goyal highlighting positive discussions during his recent visit to the U.S. He expressed optimism about reaching a mutually beneficial trade agreement by fall 2023. This ongoing dialogue reflects a commitment from both nations to address trade barriers while navigating complex economic landscapes.