India believes that it is unfair to double the US tariffs on Indian goods by the Trump administration to 50%. Along with this, India has kept the door open for talks with the purpose of trade agreement. Let us tell you that 25% of the punitive fee levied by US President Donald Trump came into effect from Wednesday due to the purchase of Russian oil by India, which is included in the 25% mutual fee already implemented on Indian products. Along with new punishments, total US fees on products such as apparel, gems and jewelery, shoes, furniture and chemicals have reached 50%. On the condition of anonymity, sources said that tariffs are unfair and India’s response to the Trump administration’s action has been restrained and responsible. A source said that contact between the two sides is going on with the aim of agreening on the matter and eventually agreed to a trade agreement.
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Another person said that in all these contacts, the Indian side will not compromise on the interests of its farmers, small producers and micro, small and medium enterprises (MSMEs). He said that we believe that issues will be resolved by negotiations, but we will not back down from our red lines. There was no official response to 25% punitive fee from the Ministry of Commerce or Ministry of External Affairs. People also said that it is unfair and unacceptable that the US has opted to punish India to buy oil from Russia, while no such action has been taken against big buyers of Russian crude oil like China. The punitive tariff to buy Russian oil was an unexpected blow, as it was not part of the terms of the reference (TOR) agreed by both sides for business talks in April, “the other person said, the Indian side hopes the Indian side hopes that this 25% tariff is temporary and can be eliminated bilaterally.
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People said that it is uncommon that the US has opted to punish India to trade with Russia, while the Trump administration is trying to improve relations with Russian President Vladimir Putin. A third person said, “The US is also trying to improve relations with China, for which the US has extended its tariff ceasefire for 90 days, while China buys a large amount of Russian oil.