The Congress on Saturday said that the “unilateral” imposition of high tariffs by President Donald Trump is “unprecedented.”
Trump on Wednesday announced the 26 per cent reciprocal tariffs on India, half the rate India imposes on imports of US goods. Additionally, the US President announced a 25 per cent tariff on all automobile imports.
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Addressing a press conference at the party office, senior Congress leader Anand Sharma said, “The unilateral imposition of high tariffs by US President Trump is unprecedented. It’s a matter of grave concern. It has created massive disruption. It threatens to create a major upheaval in all economies, big or small; whether rich countries and developed countries or the developing and poor countries.”
He claimed that it has also turned on its head the multilateral trade system and delivered a grave blow to the world’s economic trade and World Trade Organization (WTO).
Pointing out that US remains an important trading partner of India, Sharma said, “India must engage with America as an equal partner and in the proposed bilateral trade negotiations, we demand that they should be honorable, balanced and take India’s concerns and India’s interest on board, especially that of our farming community, dairy sector, poultry sector, textile sector and others, which have been adversely affected.”
“And to respond, it has to be a calibrated approach. The government, we hope, will put in place a strategy; it’s for them to do, but, what will be the strategy, there should be a national consensus. It’s a grave crisis, as I have said after 75 years we are seeing that the entire global trading system has been wrecked,” he added.
The senior Congress leader said all major political parties should be taken into confidence by the government on its strategy.
“There should be stakeholders’ negotiations. The stakeholders must know what we are going to discuss, before any concessions are made, which may hurt the Indian economy, agriculture and industry in the long term,” he added.
