The Cente on Saturday said it is studying the implications of the US Supreme Court verdict on tariffs and President Donald Trump's decision that followed.
“We have noted the US Supreme Court judgement on tariffs yesterday. President Trump has also addressed a press conference in that regard. Some steps have been announced by the US Administration. We are studying all these developments for their implications," the Ministry of Commerce and Industry wrote in an official statement.
The response comes on the heels of US Supreme Court decision to strike down the reciprocal tariffs imposed by Trump administration in a 6-3 split verdict, pointing out that the president could not levy duties under IEEPA 1974 without nod from Congress.
Following this, Trump signed an executive order imposing a 10 per cent tariff on imports from all nations. It will become effective from February 24. "It is my Great Honour to have just signed, from the Oval Office, a Global 10% Tariff on all Countries, which will be effective almost immediately," Trump posted on Truth Social.
Trump also clarified that there is no change in the trade deal with India and emphasised that the India deal is on. "Nothing changes. They will be paying tariffs. And we will not be paying tariffs. This is a reversal for what it used to be," he said.
Earlier in the day, Union minister Pralhad Joshi said the Centre will examine the ruling, pointing out that either the commerce ministry or the external affairs ministry will officially respond to it. "I have read in the media that the US top court has given some judgment and the Indian government will study that, and whatever the reaction needs to be given, that will be given by the Commerce Ministry and MEA, not by me,” ANI quoted Joshi as saying.