NEW DELHI, July 30. /TASS/. Indian exporters are disappointed by the 25% US tariff on Indian goods, as it puts them in a difficult situation, Ajay Sahai, General and Chief Executive Officer of the Federation of Indian Export Organizations (FIEO), established by the Ministry of Trade and Industry of India, told TASS.
"The 25% tariff on India is little disappointing on us. So, this is a little difficult situation as of now.But I am sure in couple of days the situation will be much clear to all of us," Sahai said.
He added it was not clear from the statement of the American president what the additional fines would be.
Sahai said that India is constructively cooperating with the United States to sign a trade deal.
"At least we now know that whatever we have to do is with reference of 25%. I think the buyer and seller will start negotiating and see to what extent it can be absorbed," he said.
Earlier, US President Donald Trump said that the United States would impose trade duties of 25% on India from August 1. He said that despite the friendly relations between the two countries, the United States has relatively little trade with India due to the excessively high duties, some of the highest in the world, as well as harsh and nasty non-monetary barriers. Trump complained that India has always purchased most of its military equipment from Russia and is, along with China, the largest buyer of Russian energy. This will be punishable with a fine to be paid from August, according to Trump.
Trump postponed the deadline for the trade agreement from July 9 to August 1. An Indian delegation has visited Washington several times to negotiate a trade deal. However, the expected interim agreement has not yet been struck.