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US Tariff Hike: Nirmala Sitharaman Outlines The Economic Challenges For India – More Details Inside

The Union Finance Minister asserted that the center is making allocations without any deficit for all the projects being done jointly by the center and the state.

US Tariff Hike: Union Finance Minister Nirmala Sitharaman on Thursday said that the impact of the US tariffs will be felt on India, adding that Union Minister Piyush Goyal is going to America and holding talks with the government there.

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Speaking at an event in Visakhapatnam, Sitharaman further stated that the tariffs are likely to increase with the decision of the US President. Sitharaman said, “We will have to see how the Commerce Ministry takes up negotiations with the U.S. to ensure that our interests are well-represented.”

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For context, On February 18, US President Donald Trump outlined a new trade policy focused on fairness and reciprocity and said that the US would implement reciprocal tariffs, charging other countries the same tariffs they impose on American goods.

Trump emphasized that this approach would address unfair trade practices, including non-monetary barriers, subsidies, and VAT systems to encourage foreign countries to either reduce or eliminate tariffs against the US or set up their manufacturing base in the US which will add to its growth in the long term.

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US Tariff Hike: What Else Did Nirmala Sitharaman Said?

The Union Finance Minister also spoke about the new income tax rebates announced in the Union Budget 2025.

She said that new methods have made the income tax payment system easier for taxpayers, adding that only three crore people pay taxes, so this number will be further reduced with the new tax relief. Going further, she said that the government is holding nationwide discussions on the Union Budget, adding that the discussions have been held in Mumbai and Visakhapatnam.

She said we met people from different sections of the society during our session in Visakhapatnam, and took their suggestions and recommendations on the budget, highlighting the government’s openness.

The Union Finance Minister asserted that the center is making allocations without any deficit for all the projects being done jointly by the center and the state.

ALSO READ: Rs 29,000 Crore In Foreign Assets! How 30,000 Taxpayers Justified Their Wealth — 7 Key Takeaways

ABOUT THE AUTHOR

Akshat Mittal

Akshat Mittal

Akshat Mittal is a journalist with over 6 years of experience, focusing on business, technology, and the auto industry. He has covered key developments in these areas, helping readers stay up-to-date with the latest trends. Akshat holds a degree in Journalism from NIU and has worked with well-known media outlets like Inshorts and Legacy India Magazine. Before joining News24, he wrote business and political stories for several newspapers and magazines, contributing editorial and analytical pieces. At News24, all of Akshat’s articles go through a thorough fact-checking process to ensure accuracy. His commitment to delivering reliable information has made him a trusted source for readers. Outside of work, Akshat enjoys reading, writing, traveling, and following the latest in cars. You can connect with him on Twitter (@mittalakshat1) for updates or on LinkedIn for professional conversations.

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First published on: Mar 07, 2025 10:36 AM IST


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