Too early to comment on US tariff changes, commerce ministry reviewing situation: FM Nirmala Sitharaman

Asked about the impact of tariff changes on the Indian economy, Sitharaman said it is a 'bit too soon' to comment.

New Delhi: Union Finance Minister Nirmala Sitharaman has reacted to the tariff changes announced by the United States and said that it is a little soon to comment on the same and that the commerce ministry is reviewing the situation.

The US Supreme Court on Friday gave a verdict against the sweeping import tariffs imposed by the Trump administration on trade partners. Following that, President Donald Trump said that he will raise a ⁠temporary tariff from 10% to 15% on US imports from all countries, the maximum level allowed under the law.

The new levies are grounded in a separate but untested law, known as Section 122, that allows tariffs up to 15% but requires congressional approval to extend them after 150 days.

"I, as President ‌of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been 'ripping' the ⁠U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level," he wrote in a Truth Social post.

Sitharaman, asked about the impact of tariff changes on the Indian economy, said it is a "bit too soon" to comment.

"But on the trade particularly, aside from the Indian economy in general, the commerce ministry is reviewing the situation. The delegation will have to take a call on when they are going to go for further negotiations. So it's a bit too early for me (to comment)," Sitharaman said.

On Sunday India and the US decided to reschedule the proposed meeting of their chief negotiators, supposed to be held in Washington from Monday, to finalise the text for the interim trade pact, according to sources.

Joint Secretary in the commerce ministry, Darpan Jain, is the chief negotiator of India for this agreement.