PENAL US TARIFF LIKELY TO BE WITHDRAWN AFTER NOV 30, SAYS CEA NAGESWARAN

Saying that India’s export to touch $1 trillion, CEA signals likely withdrawal of penal US tariffs after November 30.

- AGENCIES

Chief Economic Adviser (CEA) V Anantha Nageswaran on Thursday expressed optimism that the penal tariff imposed on certain imports will likely be withdrawn after November 30, signalling a potential easing of trade restrictions amid ongoing economic discussions.

Speaking at an event organised by the Merchants’ Chamber of Commerce & Industry in Kolkata, CEA said, “All of us are already at work, and I will take some time to talk about the tariff here. Yes, the original reciprocal tariff of 25 per cent plus the penal tariff of 25 per cent both were not anticipated.

I still believe that geopolitical circumstances may have led to the second 25 per cent tariff, but considering recent developments in the last couple of weeks and so on, I do believe that and I have no particular reason to say so it is my intuition that I do believe the penal tariff will not be there after November 30.”