India to focus on trade deal, avoids retaliation on tariffs

India is unlikely to immediately retaliate against President Donald Trump’s tariff imposition, and is focusing efforts on negotiating a bilateral trade deal with the US to bring down duties, according to an Indian government official, Bloomberg reported.

India is seeking dialogue and not confrontation, the official said, adding that India has first mover advantage compared to rivals in the region. India plans to work toward a balanced and equitable trade deal with the US, the official said.

All options are up for negotiation, and both goods and services will be discussed, according to the official. The government is also in touch with exporters on the expected impact and will help if they reach out. 

Trump last week announced a 26% tariff on US imports from India, dealing a blow to exporters and risking exacerbating a slowdown in an economy already suffering from weak consumer confidence. A lower negotiated rate could provide some relief, though escalating global trade tensions are still a threat.

US tariffs likely to impact Indian seafood shipments adversely: Exporters

Seafood Exporters Association of India (SEAI) president G Pawan Kumar on Sunday said the reciprocal tariffs announced by US President Donald Trump will have a severe adverse impact on Indian seafood exports to the US market, whose value stands at USD 2.5 billion in 2023-24.

Out of the total seafood exports to the US, shrimps accounted for the lion's share of 92 per cent and India is the largest supplier of shrimps to the US, Kumar said. "This tariff will hurt all stakeholders in the value chain and cause all round distress," Kumar told PTI.

Steel cos evaluating possible impact of tariffs

Domestic steel players are evaluating the possible impact of reciprocal tariffs imposed by the US administration, saying it is premature to comment on the development. For India, the US has announced 26 per cent reciprocal tariffs. However, automobiles and auto parts and steel and aluminium articles, already subject to Section 232 tariffs at 25 per cent, announced in March, are not covered in the latest order.

When asked about Tata Steel's reaction, a company official told PTI, "We are evaluating the situation. It would be premature to comment".

"The tariff has come just yesterday. We will study its impact".  A senior official of Naveen Jindal-owned Jindal Steel and Power Ltd (JSPL) said the company is closely monitoring the impacts of the US announcements. "We are closely examining the US administration's announcement and will share our comments at an appropriate time," he noted.