Trump Tariffs Exemptions: America has announced the tariff rate. Apart from this, a list has also been released which includes those commodities which have been kept away from the heat of this tariff. This list is very good news for India because the pharma sector has been temporarily kept away from this tariff. India currently imposes a tariff of 10 percent on pharma imports from America. On the other hand, America does not impose any duty on purchases from here and this trend is still continuing.
Which things are out of the tariff list?
The White House said in its statement after the Rose Garden ceremony that some commodities have been excluded from the tariff that will be imposed from April 5. Apart from pharma products, it includes semiconductors i.e. chips, wood items, copper and gold. This list also includes energy and some minerals that are not available in America. The White House also said that along with aluminum and steel, auto and auto components have also been excluded from this because they are already being duty-charged under Section 232.
How beneficial is it for India to have pharma products delisted
America has disclosed the tariff rate on other countries including India. Although earlier America was going to impose reciprocal tariff i.e. whatever tariff a country is imposing on America, America too was going to impose the same amount of tariff, but now America has imposed discounted tariff i.e. it has imposed tariff on other countries at half the rate. Now India is currently evaluating its impact but according to experts, the pharma sector has got a big relief. According to trade, India imports pharma products worth about $800 million from America and exports it worth $870 million. Apart from this, according to media reports, the electronics sector can also get a big benefit because heavy duty on countries like Vietnam can lead to a change in business.
