US-India Tariff Resolution on the Horizon

Chief Economic Advisor V Anantha Nageswaran anticipates resolving tariff issues between the US and India within eight to ten weeks. The US had imposed an additional 25% tariff on Indian goods owing to India's Russian oil purchases, cumulatively raising tariffs to 50%. Conversations continue between both governments.

Chief Economic Advisor V Anantha Nageswaran expressed optimism about resolving tariff disputes with the United States within the next two months. His remarks came during an interactive session organized by the Bharat Chamber of Commerce.

The US had previously enacted a 25% additional tariff on Indian products as a consequence of India's oil trades with Russia. This new levy brought total tariffs on Indian goods to 50% since August.

Nageswaran believes that ongoing government-level discussions will facilitate a resolution shortly, highlighting the significant economic relationship as India's exports to the US amount to USD 85 billion.

(With inputs from agencies.)