The trade negotiations between India and the US, which were set to take place this week, have been postponed as both nations are assessing the implications of a significant decision by the US Supreme Court. The US Supreme Court has invalidated President Trump’s former drastic global tariffs, which have resulted in fresh uncertainties. Although an interim agreement had reduced tariffs on Indian exports from 50% to 18% recently, President Trump’s new strategy to impose a 15% global tariff under a different statute has caused fresh complications. Indian exporters and farmers are also being cautious as they await further clarity on what this means for the future of the trade agreement and the purchase of Russian oil.
Photo courtesy: The White House