Indo-US trade relations : The central government has come into action after the US recently started a tariff dispute with India. According to two government officials, the central government has immediately sent Union Minister Piyush Goyal to the US to pursue trade talks with the US. Goyal’s visit to America has been set after the US raised the issue of tariffs. Officials said that an immediate plan has been made to visit Industries Minister Goyal. Goyal had to have several meetings in the country before 8 March, however, he canceled all the meetings and left for the US.
Goyal, who has left for the US, can discuss the issue.
Union Minister Piyush Goyal will demand clarity on the US mutual tariff strategy to assess the impact of tariffs on India. According to government sources, Goyal can discuss efforts to reduce tariffs and promote bilateral trade along with possible Indian concessions and business deals.
America is India’s largest trading partner.
Significantly, America is the largest trade partner in India. In 10 months till January, bilateral trade between the two countries increased by about 8 percent to $ 108 billion. Experts say that if the US increases tariffs, it can have negative effects on India’s chemicals, metal products, jewelery, automobiles, pharmaceuticals and food products.
Prime Minister Modi met Trump last month.
In fact, Prime Minister Narendra Modi visited the US last month, where a joint press conference was held after his bilateral meeting with US President Donald Trump. In which it was announced to double trade between India and the US by 2030. Apart from this, Modi also invited Donald Trump to come to India.
India feared loss of $ 7 billion due to tariff war
Donald Trump has proposed to impose mutual tariffs on business partners including India since April, making Indian exporters, especially from the auto sector to the farmer. City Research analysts have speculated that this tariff war could result in a loss of about seven billion dollars per year.
