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Budget Sends Positive Signal to Trump
February 03, 2025
|Mint Mumbai
We were keeping effective rates low, but keeping the tariff rates very high, creating bad optics.
The customs duty rejig announced in the Union budget for FY26 lowers India's average customs duty rate sharply from 11.65% to 10.66% and sends a positive signal to India's trading partners such as the US, Central Board of Indirect Taxes and Customs (CBIC) chairperson Sanjay Kumar Agarwal said in a post-budget interview.
The comments come as a trade war erupted between Canada, Mexico, and China on the one hand and the US on the other over President Donald Trump's move to hike tariffs on countries with which US has trade deficits.
What's the rationale for these customs duty changes?
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