“US is the largest and very important trade partner of India. We will continue to engage while protecting national interest at all times,” highly-placed sources told ET following Trump’s announcements.
“India -US BTA (bilateral trade agreement) discussions are already on as per the earlier agreement. The two sides will continue to craft a mutually beneficial deal,” a source said, adding that the government is studying the relative impact on competitiveness. The source pointed out that tariffs have been imposed on almost every country at differentiated levels.
The other two members of Quad — Japan and Australia — were hit by tariffs too. Sources claimed that the tariffs announced by Trump are unlikely to adversely impact the dynamics of Quad which is critical for Indo-Pacific stability even though tariffs have hit India, Japan and Australia.
Japan’s trade minister warned that the US levies could violate World Trade Organization rules, but said Tokyo will consider “various options” on how to respond. Given its strong national security ties with the United States, Japan hardly has the cards to apply except to work out a deal and seek concessions from the US, a source explained.
