Trump tariff declared illegal; India should reassess US commerce deal: GTRI – OXBIG NEWS NETWORK-OxBig News Network

New Delhi [India], May 29 (ANI): After a federal court docket of the United States struck down a reciprocal tariff introduced by US President Donald Trump, the Global Trade Research Initiative (GTRI) mentioned that India ought to proceed cautiously in its ongoing Free Trade Agreement (FTA) negotiations with the US.

A Manhattan-based federal court docket on May 28 struck down Trump’s transfer to impose reciprocal tariffs on the buying and selling companions of the US and dominated that he cannot use emergency energy to impose tariffs on international nations; it has to return from Congress.

The order of the court docket decided that the tariffs, together with these launched underneath emergency financial powers, had been illegal.

Analysing the affect of the ruling on Trade negotiations, Ajay Srivastava, founding father of GTRI, mentioned that India ought to resist any settlement formed by threats or based mostly on illegal measures.

Srivastava mentioned that Trump-era tariffs violate World Trade Organisation (WTO) guidelines in addition to the home legal guidelines of the US as confirmed by the federal court docket.

“With the Trump tariffs standing on shaky authorized floor, India should pause and reassess its negotiation technique earlier than committing to an FTA that might disproportionately favour U.S. pursuits,” mentioned Srivastava in an announcement.

ANI on May 23 reported via authorities sources that India and the United States are poised to signal the primary tranche of the much-anticipated Bilateral Trade Agreement (BTA) earlier than July.

The India-US commerce deal would mark a big milestone in financial relations between the 2 huge economies, doubtlessly opening new avenues for bilateral commerce and funding.

In 2024-25, for the fourth consecutive 12 months, the US was India’s largest buying and selling accomplice, with bilateral commerce valued at USD 131.84 billion. India had a commerce surplus of USD 41.18 billion in items with the US in 2024-25.

After the landmark ruling of the US federal court docket, the inventory markets globally reacted positively, with pleasure seen in main Asian markets of Japan and Korea. Japan’s Nikkei and Korea’s Kospi surged two per cent after the ruling.

In response, the Indian inventory market benchmark Sensex at BSE additionally jumped over 500 factors however misplaced steam quickly. (ANI)

(The story has come from a syndicated feed and has not been edited by OXBIG NEWS NETWORK Staff.)