Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha on Monday that the government is assessing the impact of the 25 percent duty imposed by the US on steel and aluminum imports.
The minister said in a written reply that as per the announcement of the US President, the US government has imposed import duty from March 12. He said, as informed by the Department of Commerce, the impact of the above announcements on India is being assessed.
India's rating improved.
Responding to another question, the minister said that out of the 40 recommendations of the Financial Action Task Force, India has received compliance or largely compliance rating in 37. It received partially compliance rating in three recommendations and none was given non-compliance rating.
India was placed in the Regular Follow-Up category, which is the best possible rating given to any country being evaluated under FATF. There are only three other countries of the G-20 that have received this rating. This reflects India's strong position.
America will also suffer losses.
Some people also believe that Trump's tariff against India could become a noose around the neck for Americans as the prices of medicines in America may increase. Millions of Americans may have to pay more for their medicines.
According to a study by consulting firm 'IQVIA', Indian generic medicines saved $219 billion in 2022 alone. Experts say that without a trade agreement, Trump's tariffs could make some Indian generic medicines unviable. This could force companies to exit the market and worsen existing drug shortages.
Even after the announcement of a 25 percent duty and penalty on Indian imports from August 1, 202
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