India says studying impact of 27% US tariff, vows to push trade deal

Indian officials would hold virtual meetings this month with their US peers to discuss a trade deal, a source said

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India said on Thursday it was studying the impact of the 27% tariff slapped by the US on its imports and vowed to push for a trade deal this year, signalling a conciliatory tone despite failing to get relief from President Donald Trump's trade policy.

New Delhi's response came hours after Trump announced the drastic tariffs that piled more stress on an ailing global economy and sent world stock markets and oil prices tumbling.

While Trump said Indian goods will face a 26% tariff, the White House executive order put the rate at 27%. India's trade ministry too put the rate at 27%, citing the executive order.

A IO baseline tariff starts on Saturday before the remaining, higher reciprocal tariff takes effect from April 9.

India's trade department is "carefully examining the implications" of the US announcement and also holding talks with Indian industry and exporters on their assessment of the tariffs, a trade ministry statement said.

"The department is also studying the opportunities that may arise due to this new development in US trade policy," it said, and referred to the agreement between Trump and Indian Prime Minister Narendra Modi in February to work on the first phase of a trade deal by autumn 2025.