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India readies plans to tackle 'US first' policy
Business Standard
|December 02, 2024
India is working on various strategies and finance and commerce & industry ministries have already started brainstorming about the potential challenges that US President-elect Donald Trump's protectionist trade policies could pose, said a senior government official.
Trump champions his 'Make America Great Again' slogan and an 'America First' agenda. The incoming President's main tool for achieving these goals is tariffs. The US is India's largest trade partner, export destination, as well as the fourth-largest source of imported goods.
On Saturday, Trump threatened 100 per cent tariffs against nations of the Brics bloc, which includes India, if they act to undermine the US dollar.
"Brainstorming among ministries has already started. This is the biggest development that has happened and it will shape India's economic policy as well as policy decisions," a senior government official said.
The government is closely assessing Trump's election speeches and actions during his previous tenure, the official told Business Standard. "We don't know what the outcome will be, since Trump is known to be unpredictable, but we still want to be prepared," the official added.
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