New Delhi, Feb 22: The proposed meeting of the chief negotiators of India and the US in Washingtion DC for finalising discussions on the proposed India-US trade deal will be rescheduled, sources in the Commerce Ministry said on Sunday.
"The two sides are of the view that the proposed visit of Indian Chief Negotiator and the team be scheduled after each side has had the time to evaluate the latest developments and its implications. The meeting will be rescheduled at a mutually convenient date," sources in the Commerce Ministry told ANI.
The government on Saturday said that it is studying the implications of the US Supreme Court judgement on tariffs and the steps announced by the President Donald Trump Administration.
"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 Commerce and Industry Ministry said in a brief statement.
The US Supreme Court on Friday ruled against most of Trump's sweeping tariff measures. Trump later signed an order making 10 per cent global tariff on all countries, effective "almost immediately".
A White House official told ANI that India is expected to pay this tariff, and this new tariff will remain in place until another authority is invoked, emphasising the expectation that trade partners abide by US trade deals.
"Yes, 10% until another authority is invoked," a White House Official stated when asked whether India will have to pay 10 per cent tariffs and whether they will replace previous tariffs under the International Emergency Economic Powers Act (IEEPA), the official said.
The official also advised all the trade partners to abide by the trade deals. The US Supreme Court ruled 6-3 that the Trump administration exceeded its legal authority by using the International Emergency Economic Powers Act (IEEPA) of 1977 to impose broad-based import tariffs.
Terming SC's ruling as a "terrible decision", Trump announced he would sign an executive order for a 10% global tariff under Section 122 of the Trade Act of 1974.This authority allows for a temporary import surcharge (up to 15%) for 150 days to address balance-of-payments deficits.
India and the United States had on February 7 announced that they have reached a framework for an Interim Agreement regarding reciprocal and mutually beneficial trade (Interim Agreement).
The framework reaffirmed the countries' commitment to the broader US-India Bilateral Trade Agreement (BTA) negotiations, which will include additional market access commitments and support more resilient supply chains. (ANI)
