India assessing impact of reciprocal tariff imposed by US: MoS Finance

New Delhi: Minister of State for Finance Pankaj Chaudhary on Thursday said India is assessing tariff hike imposed by the US and its impact on the country.

"For (Donald) Trump, it's America first but for Modi, it's India first. We are assessing the impact of reciprocal tariffs imposed by the US," he said on the sidelines of an event organised by PFRDA here.

Asked about its impact on India, he said assessment is being done.

The US has announced 27 per cent reciprocal tariffs on India saying New Delhi imposes high import duties on American goods, as the Donald Trump administration aims to reduce the country's trade deficit and boost manufacturing.

The move is expected to impact India's exports to the US. However, experts say that India is better-placed than its competitors who also face increased levies.

President Trump, in a historic measure to counter higher duties on American products imposed globally, announced reciprocal tariffs on about 60 countries.