India mulls lower tariffs, more imports to counter Trump’s tariff threat: report

India is evaluating its choices to counter US President Donald Trump’s tariff threats to foes and allies alike, according to a Bloomberg report on Wednesday, which range from presenting a trade deal, cutting tariffs and importing more goods from the US.

Citing people familiar with the matter, the report stated that the Modi-led government had mapped out several scenarios to counter steps the new US administration “may take to narrow India’s trade surplus with the US which was $35.3 billion for the year ended March 31”.

The US was India’s largest trading partner for the period, according to data from India’s commerce ministry.

“Among the options discussed, the government could buy more whiskey, steel and oil from the US,” Bloomberg said, adding that the officials also discussed decreasing import tariffs, with the list of likely products including “bourbon whiskey and farm goods like pecan nuts”.

Oher proposals under consideration included reducing duties on goods imported from the US deemed as politically important to Trump’s Republican party, the report said.

“The plans under discussion are part of India’s larger strategy to avoid any confrontation with Trump, and also benefit from any potential US-China trade war,” the report elaborated, adding that the plans had not been finalised.

Earlier, Bloomberg News had reported that India was “set to take back at least 18,000 illegal Indian immigrants from the US to help placate the Trump administration”.

India, according to the sources, is also considering “a limited trade deal” with the US, which the Modi administration tried to implement during Trump’s first term.

“The plan under discussion would include reducing some most-favored nation’ tariffs, which are imposed on countries with which India doesn’t have a bilateral trade deal,” the report highlighted.

The report also highlighted that India expected that new US administration to add pressure on issues such as data regulations, intellectual property rules and e-commerce.

According to the report, the Indian officials also discussed how “across the board tariffs” of 10 per cent to 20pc on all countries would help boost India’s exports of auto components and metals.

Additionally, higher tariffs and curbs on access to advanced technology on China could benefit Indian sectors such as electronics, hi-tech machinery, textiles, footwear and chemicals.

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