The commerce ministry said that it is also studying the opportunities that may arise due to this new development in the US trade policy.
The Department of Commerce is carefully examining the implications of the US reciprocal tariffs on India and is engaged with all stakeholders, including domestic industry and exporters to seek their feedback on the issue, an official statement said on Thursday.
The commerce ministry said that it is also studying the opportunities that may arise due to this new development in the US trade policy.
US President Donald Trump has announced the imposition of additional ad-valorem duties ranging from 10 per cent to 50 per cent on imports from all trading partners.
The baseline duty of 10 per cent will be effective from April 5 and the 27 per cent from April 9. Certain sectors are exempted from these duties include pharma, semiconductors and energy products.
The Department of Commerce is carefully examining the implications of the various measures/ announcements made by the President of the USA," it said.
It also said that discussions are ongoing between Indian and US trade teams for the expeditious conclusion of a mutually beneficial, multi-sectoral Bilateral Trade Agreement (BTA).
The BTA will cover a wide range of issues of mutual interest including deepening of supply chain integration.
The ongoing talks are focused on enabling both nations to grow trade, investments and technology transfers.
"We remain in touch with the Trump Administration on these issues and expect to take them forward in the coming days," it said.
It added that India values its Comprehensive Global Strategic Partnership with the United States and is committed to working closely with the US for the benefit of the people of both the countries.