Overview
- A senior official said the interim pact is substantively complete, with negotiations continuing on non-tariff barriers and Section 232 issues, and stressed there is no standoff with Washington.
- The US Supreme Court invalidated IEEPA-based reciprocal tariffs, prompting a temporary 10% surcharge under Section 122 on all imports from February 24 for up to 150 days.
- India will sign only once country-specific tariff rates are clarified to secure a comparative advantage, following an earlier framework that envisioned about 18% tariffs on certain Indian goods.
- The US Trade Representative has launched accelerated Section 301 investigations covering India on excess capacity and forced-labour concerns, with reports indicating potential new measures as early as May.
- Official data show India’s February goods exports to the US fell 12.88% to $6.89 billion while imports rose 36.5%, as other partners reacted with Malaysia declaring its deal void and the EU putting talks on hold.