India says 'examining the implications' of US tariffs

India said Thursday it was "examining the implications" of sweeping US tariffs, saying it was eyeing "opportunities" after rival competitors were harder hit by US President Donald Trump's hike in duties.

New Delhi, which is in the process of negotiating the first tranche of a bilateral trade agreement with Washington, said it was pushing ahead with talks for a deal.

India's Department of Commerce said it is "carefully examining the implications of the various measures", adding in a statement that it was "also studying the opportunities that may arise due to this new development".

Trump, speaking while unveiling the tariffs at the White House on Wednesday, said that Indian Prime Minister Narendra Modi was a "great friend" but that he had not been "treating us right".

An initial White House chart revealing the tariffs listed India at 26 percent, but a subsequent annex -- cited by New Delhi -- put duties at 27 percent.

"Discussions are ongoing between Indian and US trade teams for the expeditious conclusion of a mutually beneficial, multi-sectoral Bilateral Trade Agreement," the statement said.

The commerce department added that talks "are focused on enabling both nations to grow trade, investments and technology transfers".

"We remain in touch with the Trump Administration on these issues and expect to take them forward in the coming days."

India's pharmaceutical sector, which exported more than $8 billion of products to the United States in the 2024 fiscal year, emerged unscathed -- with drugs exempt from its reciprocal tariff move.

Sri Lanka warns
Sri Lanka's apparel manufacturing industry warned on Thursday that sweeping US tariffs will disrupt the island's largest export sector and place thousands of jobs at risk.

"The tariff level is extremely high relative to our regional competitors," said Yohan Lawrence, head of the Joint Apparel Association Forum (JAAF), referring to a 44 percent tariff imposed by US President Donald Trump on Sri Lankan goods.

In comparison, neighbouring India was hit with a lower 27 percent and Bangladesh 37 percent. Both are Sri Lanka's competitors in the garment industry.

JAAF said in a statement the tariff hike could "significantly disrupt" the garment industry and threatened "thousands of jobs".

"Our focus now is on engagement, agility, and ensuring Sri Lanka remains a trusted sourcing destination," Lawrence said, adding that the government had appointed a committee to study the impact of the new tariffs.

Sri Lanka exported $3.0 billion worth of goods to the United States last year, while importing goods and services valued at $368 million, creating a huge trade surplus in favour of Colombo.

About two-thirds of Sri Lanka's exports to the United States are clothing.