Trump likely to remove tariffs on India after 30 November, Says Chief Economic Adviser

At an event held at the Merchants Chamber of Commerce and Industry in Kolkata, the Chief Economic Advisor stated that both the basic and punitive tariffs imposed by the US at 25 percent were unexpected.

New Delhi: India's Chief Economic Advisor (CEA) V Anantha Nageswaran recently indicated that the 25 percent additional tariff imposed by the US on India may be lifted after November 30th. This statement makes it clear that there is a possibility of positive change in the trade relationship between India and the US, which could significantly improve the trade deal between the two countries.

Major Statement on 25 Percent Additional Tariff

At an event held at the Merchants Chamber of Commerce and Industry in Kolkata, the Chief Economic Advisor stated that both the basic and punitive tariffs imposed by the US at 25 percent were unexpected. He also stated that this punitive tariff may have been imposed due to geopolitical circumstances. However, given recent developments, he believes that this punitive tariff will not be in effect after November 30th.

Nageshwaran said, "I don't have any specific reason for saying this, but it can be expected that the punitive tariffs will not be imposed after November 30th."

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India-US Trade Deal Progress

The atmosphere remains positive following the trade deal talks between India and the US on September 16th. The Chief Economic Advisor also stated that a resolution on punitive tariffs as well as reciprocal tariffs between the two countries could be reached within the next few months. This will further strengthen India-US trade relations.

India's exports to the US totaled US$85 billion last year, and a reduction in tariffs would provide significant relief to Indian traders.

US Tariff on Oil Purchases from Russia

In August, the US imposed an additional 25 percent tariff on Indian oil exports to Russia, bringing the total tariff to 50 percent. This move has made exports to the US market difficult for India. The Chief Economic Advisor's statement has raised hopes that this tariff may be reduced soon, improving trade conditions.

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Hopes for Trade Relief

The ongoing talks between India and the United States and the possible removal of tariffs on November 30th are generating considerable enthusiasm among Indian businesses. This will not only reduce trade barriers but also enhance economic cooperation between the two countries.

Therefore, after November 30th, a significant turning point in the India-US trade deal is likely, which will prove beneficial to the economic interests of both countries.