India won't retaliate against Trump's 25% tariff, sees no need to panic: Sources
Claiming there were excessive tariffs and restrictive non-monetary barriers, Trump, in a Truth Social post, emphasised that while India is considered a friend, trade relations between the two countries have remained limited.Trump also called India's tariffs on US imports "far too high" and expressed his reservations against the "most strenuous and obnoxious" non-monetary trade barriers of any country.Coming down heavily on India's long-standing trade ties with Russia, the US president also derided both nations as "dead economies" and brazenly declared he "does not care" what New Delhi does with Moscow.This came as both countries have been discussing a trade deal for months, but no final agreement has been reached. Trump has been pressing for greater access of American goods to the Indian market. He has often made similar demands in other trade negotiations.While some experts raised concerns about the US move, expecting it to adversely affect key sectors of the Indian economy, the government is apparently not too panicked about it."When we did nuclear testing, so many sanctions were put on us. At that time, we were a small economy. Today, we are such a self-sufficient economic power. Why should we worry now?" the sources added.Notably, when India carried out the Pokhran-II nuclear tests in 1998, the then-Bill Clinton administration in the US objected to it and asked the Indian government to backtrack. However, the Atal Bihari Vajpayee government still went ahead with it, giving little importance to US warnings of sanctions.Meanwhile, as Trump announced 25 per cent tariffs, among the highest on US trade partners, Opposition parties in India, especially the Congress, were quick to attack the Modi government.Congress leader and Leader of the Opposition in Lok Sabha, Rahul Gandhi, backed Trump's remark in which he called India, along with Russia, a "dead economy" and attacked the government for its alleged mismanagement.'Yes, he is right, everybody knows this except the Prime Minister and the Finance Minister. Everybody knows that the Indian economy is a dead economy. I am glad that President Trump has stated a fact. The entire world knows that the Indian economy is a dead economy. The BJP has finished the economy to help Adani," Rahul Gandhi said.advertisementMeanwhile, putting forth the government's perspective on the Trump tariffs in Parliament on Thursday, Union Commerce Minister Piyush Goyal said that the government was examining the impact the US move may have on Indian exporters and the economy.The Ministry of Commerce and Industry consulting exporters, industries, and other stakeholders to understand their concerns.Emphasising the welfare of farmers, workers, entrepreneurs, MSMEs, and industrial stakeholders, the government has stated it will take all necessary steps to protect national interests, Goyal added.- EndsMust Watch
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