"The U.S. may soon scrap the penal import tariff on Indian goods and also cut the reciprocal tariff to 10-15% from the existing 25%, India's Chief Economist Adviser V. Anantha Nageswaran said on Thursday. "My personal confidence is that in the next couple of months, if not earlier, we will see a resolution to at least to the extra penal tariff of 25%," Nageswaran said at an event in Kolkata."
"Trump slapped a punitive 25% levy on India from August 27, doubling overall tariffs to 50%, as part of Washington's efforts to step up pressure on Moscow over its invasion of Ukraine. Trump and Indian Prime Minister Narendra Modi said they spoke by phone on Tuesday with the U.S. president saying he thanked Modi for his help in ending the war between Russia and Ukraine."
The U.S. may scrap the 25% penal import tariff on Indian goods and reduce the reciprocal 25% tariff to roughly 10–15% within a couple of months. Positive, forward-looking trade discussions between India and the U.S. have raised hopes for a breakthrough after punitive U.S. tariffs were applied over Indian purchases of Russian oil. A 25% levy was imposed from August 27, doubling overall tariffs to 50% as part of pressure on Moscow over its invasion of Ukraine. A recent phone call between the U.S. president and India's prime minister signaled thawing tensions and coincided with gains in Indian stocks.
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