India seeks reciprocal tariff exemption as US trade officials visit India

India Today

US trade official Brendan Lynch is on a five-day visit to India ahead of Donald Trump's reciprocal tariffs.

Transcript

00:00Let us bring you some international news as well now, days before Donald Trump's reciprocal

00:05tariff kicking in, US trade official Brendan Lynch is on a visit to India.

00:10The Assistant American Trade Representative for South and Central Asia will be on a five-day

00:14visit to India and he will hold talks with Commerce Minister Piyush Goyal, besides a

00:18meeting with senior number of Indian officials as well.

00:23It is learnt that Indian officials are also hopeful to discuss with Lynch the possibility

00:27of a waiver for India by Trump administration from the reciprocal tariff at least temporarily

00:33that remember has to come into effect from the 2nd of April.

00:38The two sides expected to hold meanwhile negotiations to firm up a framework for a bilateral trade

00:43agreement that will address issues relating to levies, market access and more.

00:47Speaking exclusively at the Business Today Mindrush event, External Affairs Minister

00:51Dr. S.J.

00:52Shankar made it very clear that India will put its own interests first in the future

00:55trade deal and stressing that free trade agreements are no longer just economic tools

01:01but also strategic choices sometimes.

01:06The underlying issue has been the accumulated consequences of over-concentrated manufacturing

01:14as well as massive subsidies and sectoral protection.

01:20The full impact of that was visible during the COVID-19 pandemic on the fragility of

01:27supply chains.

01:30The Ukraine conflict created an additional set of concerns, especially those pertaining

01:36to food, fuel and fertilizers.

01:41And when sourcing from key producers became challenging, its ripple impact spread across

01:48all businesses and geographies.

01:52The fighting that we have seen since October 2023 in West Asia has added another dimension

02:01because we have seen maritime shipping disrupted and this has particular consequences for the

02:07Asia-Europe traffic.

02:11From time to time, business, in fact international economy, has also experienced the effects

02:19of extreme climate events.

02:24On top of all this, there are the economic consequences of sharper geopolitical competition.

02:32The digital and technology worlds have felt the implication of this polarization most

02:39visibly.

02:41After decades of hearing the virtues of globalization, today the world is grappling with the reality

02:50of industrial policies, export controls and tariff wars.

02:58In such a scenario, it is essential to identify advantageous trends and adapt our policies

03:07accordingly.

03:09First and foremost, there is the widespread concern today about de-risking the global

03:15economy.

03:17The solution lies in more diversified manufacturing, Mr. Birla referred to it, in more innovation

03:26and technology, and in stronger trade, including those that pertain directly to food and health

03:32security.

03:34Put together, what that means is a re-globalization that is fairer, that is more democratic, that

03:44is less riskier than its earlier model.

03:50What is so exciting is April 2nd is just around the corner and that's American Liberation

03:56Day.

03:57It's a day when the rest of the world starts to treat America with respect and your leadership,

04:05understanding how the rest of the world treats us and what balance and what fair trade finally

04:10is going to be, is going to take care of America, it's going to launch the External Revenue

04:14Service to start to build the power and prestige of America back and I'm honored to be helping

04:21you on that course.

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