India working on different scenarios to assess possible fallout of US tariffs: Sources
New Delhi, Apr 1 The commerce ministry is working on different scenarios to assess the possible fallout of reciprocal tariffs to be imposed by the US administration on April 2 on its key trading partners including India, sources said. Just a few hours before Trump's comments, the White House said India imposes a 100 per cent tariff on American agricultural products. Currently, US goods face a weighted average tariff of 7.7 per cent in India, while Indian exports to the US attract only 2.8 per cent, leading to a 4.9 per cent difference. Indian farm exports to the US currently face a 5.3 per cent duty, whereas US farm exports to India face a much higher 37.7 per cent, creating a 32.4 per cent gap. The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in bilateral trade.
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