Mumbai: India on Saturday reacted cautiously to the US Supreme Court’s judgment which did away with tariffs imposed by the Trump Administration. The Ministry of Commerce and Industry said it was studying the implications.
“We have noted the US Supreme Court judgement on tariffs yesterday. President Trump has also addressed a press conference in that regard. Some steps have been announced by the US Administration. We are studying all these developments for their implications,” the ministry said.
The statement came after US President Donald Trump on Friday announced a new 10 percent global tariff under Section 122 of the Trade Act, saying “nothing changes” for India despite a recent court ruling that struck down certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA). “Nothing changes. They’ll be paying tariffs. And we will not be paying tariffs,” Trump said, referring to India.
He said the deal with India has reversed the earlier arrangement. “Our deal with India is they pay tariffs. This is a reversal from what it used to be, as you know. India, I think, Prime Minister Modi is a great gentleman, a great man, actually. But he was much smarter than the people that he was against in terms of the United States. He was ripping us off in India. So we made a deal with India, and it’s a fair deal now. And we are not paying tariffs to them, and they are paying tariffs. We did a little flip.” The new development comes after the Supreme Court ruled that Trump could not impose tariffs under IEEPA.
