India's Stance on New US Tariffs

India has described US President Donald Trump's announcement of 26% reciprocal tariffs as a 'mixed bag' rather than a 'setback'. The commerce ministry is currently evaluating the impact of these tariffs, which include a universal 10% tariff on all imports into the US from April 5, followed by an additional 16% from April 10.

Discussions Underway for Bilateral Trade Agreement

India and the US are engaged in talks aiming to finalize a bilateral trade agreement by fall this year. An official mentioned that there are provisions for the Trump administration to consider duty reductions for countries addressing US concerns.

Trump's Announcement and India's High Tariffs

During his announcement, Trump highlighted India's high tariffs on American products, implementing a 26% 'discounted' reciprocal tariff on India. He emphasized the need for fair treatment in trade relations, despite acknowledging the Indian Prime Minister as a great friend.