The Union Commerce Ministry on Saturday said it was "studying" the developments for the implications of the US Supreme Court ruling that struck down President Donald Trump's sweeping tariffs on several countries, including India.
"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 said in a statement.
The statement comes amid Trump's announcement that despite the Supreme Court ruling, the framework for an interim trade deal with India, expected to be signed soon, "remained intact."
"Nothing changes. They'll (India) be paying tariffs, and we will not be paying tariffs. So deal with India is they pay tariffs. This is a reversal for what it used to be," Trump said.
In a major setback to Trump's pivotal economic agenda for his second term, the US Supreme Court, in a 6-3 verdict written by Chief Justice John Roberts, ruled that the tariffs imposed by the president on nations around the world were illegal and that he had exceeded his authority when he imposed the sweeping levies.
Within hours of the Supreme Court ruling, Trump signed a proclamation imposing a 10% temporary import duty for 150 days, saying it would "rebalance" US trade relationships. The measure takes effect at 12:01 a.m. on February 24.
Earlier this month, as the US and India announced they had reached a framework for an interim trade agreement, Trump issued an executive order removing the 25% punitive tariffs imposed on India over its purchases of Russian oil.
The US president cited a commitment by New Delhi to stop directly or indirectly importing energy from Moscow and to increase purchases of American energy products.
Under the agreement, Washington would lower its reciprocal tariff on Indian goods from 25% to 18%.
