Nirmala Sitharaman Says It Is Too Early to Assess Impact of New US Tariffs as Commerce Ministry Reviews Situation

New Delhi, February 23: Finance Minister Nirmala Sitharaman on Monday said it is too early to assess the impact of the latest tariff changes announced by the United States, adding that the commerce ministry is currently reviewing the developments.

Her remarks come after a series of swift policy moves by US President Donald Trump that have altered the global trade landscape over the weekend.

US Tariff Changes Trigger Fresh Trade Uncertainty​

On Friday, the US Supreme Court ruled against the sweeping import tariffs imposed by the Trump administration on several trade partners. Following the ruling, President Trump imposed a 10 percent tariff on all countries, including India, effective February 24 for a period of 150 days.

A day later, on Saturday, the US administration raised these tariffs to 15 percent, escalating trade concerns further.

When asked about the likely impact of these tariff changes on the Indian economy, Sitharaman said it was “a bit too soon” to comment.

“But regarding trade, aside from the Indian economy in general, the commerce ministry is reviewing the situation. The delegation will need to decide when they will proceed with further negotiations. So, it is a bit too early for me to comment,” she said.

India US Interim Trade Pact Meeting Rescheduled​

Amid the shifting trade environment, India and the US have decided to reschedule a proposed meeting of their chief negotiators. The meeting, which was slated to take place in Washington from Monday, was aimed at finalizing the text of an interim trade pact.

According to sources, the decision to defer the talks follows the recent tariff announcements.

Darpan Jain, Joint Secretary in the commerce ministry, is leading negotiations on behalf of India in the proposed agreement.

India Remains Committed to Expanding Trade Agreements​

Speaking to reporters after addressing the Reserve Bank of India Central Board, Sitharaman reiterated that India remains committed to expanding its global trade footprint.

India has been pursuing trade agreements actively and has already signed deals with several countries, including:

• Australia
• New Zealand
• United Arab Emirates
• Qatar
• Oman
• European Union
• United Kingdom

“Therefore, our efforts to establish a trade agreement with countries will continue,” she said, emphasizing that India wants its economy to benefit from global trade and expand access to international markets.

As the commerce ministry evaluates the implications of the new US tariffs, India’s broader strategy of negotiating trade deals and strengthening global economic integration remains on track.