Feb. 22 at 5:34 PM
India's trade negotiators will reschedule their planned visit to Washington this week aimed at firming up an interim trade deal w/ the US - India is currently facing a 25% reciprocal tariff, which was due to be cut to 18% after the 2 sides agreed to an interim deal.
The development comes after the SCOTUS struck down President Trump's tariffs as illegal on Friday. Within hours, President Trump invoked Section 122 of the Trade Act of 1974 to first impose a 10% global import tariff, before increasing that to 15%, one day latter
Global Trade Research Initiative & a former Indian trade negotiator: At this stage, it appears that India, like other countries, will be facing a 15% tariff in addition to the most-favored-nation status rates (usually around 2-3%)
"The 18% tariff negotiations were based on a certain premise of some benefits which is now gone. Now, both sides have to rethink their strategy, and the US has to deal w/ more pressing issues”
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