The USA is India’s biggest trade partner for merchandise as well as service exports and imports. Within a month, the White House has issued more than 70 Executive Orders (EO), Memorandums and Proclamations along with wide ranging changes to US Tariffs as part of the ‘America First Policy’.
The policy changes include 10% additional tariffs on imports from China and Hong Kong and 25% tariffs on Steel and Aluminum, including certain derivative products. In addition, there is a proposal to impose reciprocal tariffs on country-to-country basis. Further, additional tariffs are proposed on automobiles, drugs and Chips to stem the imports of these goods into the US and promote their domestic manufacturing. These tariffs have wide implications for the global trade and in particular present unique challenges and opportunities for the Indian economy and Indian exporters and importers.
The EOs also cover varied subjects, such as, American Citizenship affecting people’s movement, Unleashing American Energy, US withdrawal from OECD’s Global Tax Deal, Withdrawal from the Paris Agreement, the WHO and all global US AID programs, promoting US Healthcare, Tightening Government Procurements and enhancing efficiency in Government departments and Good Governance. Some of these EOs may at first glance seem not so relevant for India’s trade but, a deep dive will show that the ripples they create will have huge implications for India. Thus, there is a need to understand the nitty gritties of these EOs and the way the Indian Industry should plan their steps in next four years.
On top of above trade headwinds from the US, there is an announcement to commence negotiations for India-US Free Trade Agreement and plans to increase the bilateral trade between India and the US to $500 billion by 2030 are real ‘food for thought’ for the Indian industry.
The seminar by Lakshmikumaran & Sridharan Attorneys (LKS) will inter-alia cover the following:
- Analysis of relevant EOs and revised tariffs issued by the new US Administration
- Implications for Indian trade (imports and exports from / to US)
- Identifying the tariff rate arbitrage and minimizing the impact of policy changes
- Utilizing the changing trade landscape for increasing Indian exports to the US while staying alert to the underlying challenges
Speakers
- Mr. V. Lakshmikumaran, Managing Partner, LKS
- Mr. B.V.R. Subrahmanyam, CEO, NITI Aayog
[Special invitee to the session]