White House official says trade issues with India 'won't be resolved overnight': Report
Donald Trump on Wednesday had announced imposing 25% tariffs on Indian goods and an unspecified penalty over purchases from Russia.
"These are complex relationships and complex issues. I don't think things can be resolved overnight with India,' CNN quoted a senior White House official as saying.
Also Read: Trump signs executive order imposing reciprocal tariffs up to 41% on imports
The comment from the White House official comes as Trump announced his new trade policy with hours to go before the August 1 trade deadline. The order was issued shortly after 7pm on Thursday evening.
Trump announced the reciprocal tariffs between 10% and 41% for 68 countries and the 27-member European Union, with a baseline 10% rate to be charged on countries not listed in the order. A senior administration official said the rates were based on trade imbalance with the US and regional economic profiles.
Trump's tariff on India
Trump on Wednesday slapped 25 per cent tariffs on Indian goods, along with an unspecified penalty tied to energy and defence purchases from Russia.
Following the tariff announcement, Trump also maintained that the US was 'still negotiating' with India on trade. The 25% tariff is marginally lower than the rate announced in April, but is higher than those of other Asian countries that have struck preliminary trade agreements with Washington.
Reacting to the tariff, commerce minister Piyush Goyal has said that India will take 'all necessary steps' to secure its national interest.
'The implications of the recent development are being examined by the government,' Goyal said while addressing the Parliament. He further said the commerce ministry is engaged with all stakeholders, including exporters and industry for taking feedback on their assessment of the situation.
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