Lagatar24 Desk
New Delhi: In a significant development, India has received a 90-day exemption from the newly announced US tariffs, bringing temporary relief amid global trade tensions. Union Commerce and Industry Minister Piyush Goyal said on Tuesday that India is managing the entire situation very efficiently and diplomatically.
Goyal said that during Prime Minister Narendra Modi’s meeting with US President Donald Trump in February, both leaders agreed to work towards a bilateral trade agreement aimed at strengthening economic ties and facilitating smoother trade between the two nations.
“This agreement has the potential to increase bilateral trade to USD 500 billion, create more employment opportunities, and further strengthen India’s economy,” Goyal stated. He assured Indian businesses that the government is committed to safeguarding India’s interests while working on the trade deal.
He also expressed confidence that the upcoming agreement would play a crucial role in driving India’s vision of becoming a developed nation by 2047.
Trump’s Stand on Tariffs
US President Donald Trump, while announcing a 90-day freeze on the new tariffs for India and other non-retaliating nations, justified the move. At the same time, he declared a sharp increase in tariffs on China, raising them up to 125% in response to China’s retaliatory trade measures.
Trump said, “No other President has done what I have done. I gave a 90-day window to those who did not retaliate against us, but warned that if they do, we will double the tariffs.”
Regarding China, Trump said the increased tariffs were necessary due to their retaliatory actions against the US.
