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About 55 per cent of India's total merchandise exports to the US will be subject to 25 per cent reciprocal tariff, Minister of State for Finance Ministry Pankaj Chaudhary said on Monday.
In a written reply to a question in the Lok Sabha, Chaudhary said the government attaches utmost importance to protecting and promoting welfare of farmers, entrepreneurs, exporters, MSMEs, and will take all necessary steps to secure our national interest.
"A combination of different factors, such as product differentiation, demand, quality, and contractual arrangements, would determine the impact on India's exports," he said.
The minister was replying to a question about whether the government has made any assessment on the impact of the USA's reciprocal tariff threat on Indian goods.
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"It is estimated that around 55 per cent of the total value of India's merchandise exports to the US will be subject to this reciprocal tariff," Chaudhary said.
He said a reciprocal tariff of 25 per cent is proposed to be imposed on certain goods exported from India to the US starting from August 7.
US President Donald Trump has also announced an additional 25 per cent tariff, to be effective from August 27. With this, the total tariff on Indian goods to the US is now 50 per cent.
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