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Greer told the Senate Finance Committee on Tuesday that nearly 50 countries have approached him to discuss the new tariffs imposed by Trump.
Trump imposes 26% reciprocal tariff on India (File image/Reuters)
US Trade Representative Jamieson Greer said Washington will work with India to address structural barriers to trade as the world reels with the fallout of President Donald Trump’s sweeping reciprocal tariffs on several countries.
Greer told the Senate Finance Committee on Tuesday that nearly 50 countries have approached him to discuss the new tariffs imposed by Trump. Earlier, US National Economic Council Director Kevin Hassett also said that more countries have reached out to the White House to begin trade negotiations.
During the hearing, the top US trade official said several countries, including Argentina, Vietnam and Israel, had suggested that they will reduce their tariffs and non-tariff barriers, according to a written testimony seen by Reuters. He said Trump’s plans were bearing fruit, but warned of difficulties in this transition.
He said the Trump administration will work with India to address intellectual property, structural barriers to trade, after the US imposed 26% tariffs on Indian exports. Notably, the government of India is working for the expeditious conclusion of a mutually beneficial, multi-sectoral Bilateral Trade Agreement.
‘Several Countries Not Retaliating’
Earlier on Monday, External Affairs Minister Dr S Jaishankar spoke with his US counterpart Marco Rubio and said that India and the US have agreed on the importance of the early conclusion of the Bilateral Trade Agreement.
Greer mentioned that several countries have assured that they would not retaliate to Trump’s tariffs, and many of them have already lowered tariffs. He also hit out at China, saying it did not comply in large part of tgrade deals and did not indicate that it wants to work towards reciprocity.
He spoke about a distinct difference between China and other countries that are seeking to negotiate and said the impact of Trump’s tariffs will affect companies that are largely dependent on imports from China and Asia.
Trump sparked a global trade war that escalated further on Monday when Trump threatened to increase duties on China and the European Union proposed counter-tariffs of its own, plunging global markets and heightening economic uncertainty.
Greer noted in his testimony that the US has lost 5 million manufacturing jobs and 90,000 factories since 1994, when the North American Free Trade Agreement was implemented, with the trend accelerating since China joined the World Trade Organization in 2001.
Meanwhile, Chief Executive Officer at JPMorgan Chase & Co Jamie Dimon has warned that the recent tariff measures announced by US President Donald Trump may spark inflation and lead to recession in the world’s biggest economy.
Dimon, in his annual letter to stakeholders, said that the US should foster stronger trade relationships with nations like India instead of asking them to align themselves with the US.
(with Reuters inputs)
- Location :
Washington D.C., United States of America (USA)
