The list spells good information for India as pharmaceutical zone has ‘temporarily’ dodged the levies. At present, India charges 10% tariff on American pharma imports
As the world economy struggle with the effects of reciprocal tariffs introduced by US President Donald Trump, the White House issued a listing of commodities that have been spared, for now.
The list spells good information for India as pharmaceutical sector has ‘temporarily’ dodged the levies. At present, India charges 10% tariff on American pharma imports.
On the alternative hand, the United States does not price any levies on pharma imports from India. In a statement after the Rose Garden rite, the White House stated that certain commodities were kept out of the tariff extent so that it will start in April 5.
These include semiconductors, lumber articles, copper and gold aside from pharma products. The listing also includes energy and certain minerals that are not available in the US.
The White House also stated that aluminium and steel articles at the side of automobile and auto components also are exempted as they are already concern to Section 232 duties.
While India is analysing the effects of the ‘discounted tariffs,’ professionals say that pharma region is the biggest winner. In terms of trade, India imports pharma products worth almost $800 million from US, while exports to the country are worth $8.7 billion.
A BBC report, in the meantime, delivered that pharma is not just only sector that will heave a sigh of relief. The report stated that India’s electronics sector may also advantage from this new tariff policy as steeper duties on nations consisting of Vietnam can also trigger some re-routing of the business.
