Trade ties must not compromise policy sovereignty, says Jayant Chaudhary

Union Minister Jayant Chaudhary on Friday said national interest is paramount and trade diplomacy cannot be at the cost of policy sovereignty, days after the US ratcheted up tariffs on Indian goods to 50 per cent.

Addressing a skills summit organised by FICCI here, the minister said the government is sensitive and allied to the strong support and solidarity extended by the Indian industry.

"Currently the global economy appears to be in a flux. Of course we need full support from the industry. This is the kind of conversation and you could almost call it a battle that the government of India is currently engaged in, but we have decided that trade diplomacy cannot be at the cost of policy sovereignty," the minister for Skill Development and Entrepreneurship said.

 

Last week, US President Donald Trump had announced 25 per cent tariff on India that came into effect from August 7.

Later, Trump also signed an executive order slapping an additional 25 per cent levy on India for New Delhi's purchases of Russian oil, bringing the total duty to 50 per cent.

The tariff on India is among the highest imposed by the US on any country in the world. The additional 25 per cent duty will come into effect from August 27.