Ministry of Commerce and Industry, India: India is studying the U.S. Supreme Court's ruling on Trump's tariffs
The Ministry of Commerce and Industry of India stated that India is studying the U.S. Supreme Court's ruling on the trade tariffs previously imposed by U.S. President Donald Trump.
The U.S. Supreme Court said on Friday that the Emergency Economic Powers Act, which Trump used as a basis for imposing import tariffs, did not allow him to do so. Trump called the court's ruling a disgrace and said he had a backup plan. Trump then announced that he had signed an executive order imposing a 10% import tariff on all countries around the world, which will take effect on February 24 and last for 150 days.
The Ministry of Commerce and Industry of India said: "We note the U.S. Supreme Court's ruling on tariffs yesterday. President Trump also held a press conference on this matter. The U.S. government has announced several measures. We are studying all these developments and their implications."
India and the United States had made progress in trade agreements. Specifically, India agreed to reduce or eliminate tariffs on U.S. industrial goods and some agricultural products. In exchange, the U.S. would reduce the tariffs on Indian goods to 18%. The U.S. also canceled the 25% punitive tariff on India's purchase of Russian oil. Meanwhile, U.S. President Donald Trump warned that if he learned that India continued to import Russian oil, he would restore the 25% tariff on Indian goods.
Original article: toutiao.com/article/1857773455124491/
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