Amid trade talks with US and looming reciprocal tariffs, India cuts industrial tariffs to 10.66%, eyes concessions

India has reduced its average industrial tariff by 10.66% to 10.66% in the face of mutual exchange talks and mutual tariffs. “According to WHO 2023, the level of simple average tariff of India is 17%. The tariff for industrial goods in 2023.

“Both countries focused on increasing the market access, improving tariff and non-tariff barriers, improving the supply chain and a solution to bilateral trade,” Prasada added.

The development was made as a result of the information that India is thinking about the reduction of the largest tariffs in recent years, it is possible to completely penetrate some tariffs. New Delhi, who threatens mutual tariffs for US President Donald Trump, is discussing New Delhi, more than half of our more than $ 23 billion imports, Reuters reports.

The central government aims to reduce the impact of trade tariffs, which threatens to influence 87% of India’s exports to the United States, is worth about $ 66 billion, reports.

Trump’s mutual tariffs are scheduled for April 2.

In discussions with the United States, India said she was ready to reduce tariffs at 55% of US goods currently importing tariffs, making tariffs from 5% to 30%.

This proposal is due to India, acquiring concessions on mutual tariffs from the United States. The dialogue is part of the continuous efforts to complete the commercial agreement aimed at the tariff for the two countries.

India also thinks about wider tariff reforms to reduce uniform barriers, but these discussions remain in the preliminary stages and may not be directly addressed to the US negotiations.

The United States retains $ 45.6 billion in trade with India, while the weighted average tariff for its trade is about 2.2% compared to 12% of India. The latest talks, which have initiated Prime Minister Naryilla Modi’s visit to the United States, seek to resolve these disproportion. The tariff talks are part of a wider discussion, which is led by US Assistant United States Trade Representative Brange Lynch, now visiting India for further negotiations with the delegation.

Meanwhile, according to reports, the White House thinks a milder approach, as the industries such as cars, pharmaceuticals and semiconductors are unlikely to turn to immediate charges. India has not finished possible tariff reductions, the officials of which say that these options, such as sectoral adjustments and product negotiations, can be studied instead of spread cuts.