(Bloomberg) -- India’s Finance Minister Nirmala Sitharaman said that the nation may ease some import taxes as long as the move doesn’t hurt local companies, indicating that the South Asian country could soften its trade restrictions after US president-elect Donald Trump called it the “biggest charger” of tariffs.
“It is possible to explain every tariff we have levied,” Sitharaman said at an event hosted by Republic Media Network in New Delhi on Tuesday, adding that she has a “responsibility” to protect domestic companies.
Sitharaman said the government can “lift tariffs” on imports provided it doesn’t hurt the nation’s ability to manufacture locally. “I have to balance the two.”
Her comments come after Trump vowed to take reciprocal action against countries like India for imposing high import duties on American goods.
The US is now India’s top trade partner with two-way trade of $119.7 billion in the past fiscal year, up more than a third in five years. The US’s trade deficit with India has steadily widened over the years as it shifts imports away from China.
©2024 Bloomberg L.P.
