New Delhi [India], April 3 : The Indian Pharmaceutical Alliance (IPA) on Thursday welcomed the exclusion of pharmaceuticals from US tariffs, with Secretary General Sudarshan Jain emphasising the deepening of India-US trade ties under the Mission 500 initiative, aiming to double bilateral trade to USD 500 billion.
In a statement, Jain said, "India and the US share a strong and growing bilateral trade relationship, with a shared vision to double trade to USD 500 billion under the Mission 500 initiative. Pharmaceuticals remain a cornerstone of this partnership, as India plays a vital role in global and US healthcare by ensuring a steady supply of affordable medicines."
Highlighting the tariff exemption, he added, "The decision underscores the critical role of cost-effective, life-saving generic medicines in public health, economic stability, and national security."
He reaffirmed the Indian pharmaceutical industry's commitment to bolstering supply chain resilience and ensuring access to affordable medicines, aligning with the shared priorities of both nations.
Earlier, US President Donald Trump announced new import tariffs on Wednesday (local time), outlining the rates to be imposed on countries around the world, with India facing a 26 per cent tariff.
Calling Prime Minister Narendra Modi a "great friend", Trump said that India charges the US 52 per cent, and "we charge them almost nothing."
Trump's announcement came while he addressed the Make America Wealthy Again Event, where he said, "India is very, very tough. The Prime Minister just left and is a great friend of mine, but you are not treating us right. They charge us 52 per cent, and we charge them almost nothing..."
Trump further said, "The United States charges other countries only a 2.4 per cent tariff on motorcycles. Meanwhile, Thailand and others are charging much higher prices like 60 per cent, India charges 70 per cent, Vietnam charges 75 per cent and others are even higher than that."
The US President further said that a 25 per cent tariff would be imposed on all foreign-made automobiles.
According to an earlier report by Jefferies, the possible trade agreement between India and the US could include key sectors such as agriculture, automobiles, and pharmaceuticals, as these sectors are considered politically and economically sensitive for India due to high tariff rates.
Meanwhile, the import tariffs imposed by Trump on other major countries are China at 34 per cent, European Union at 20 per cent, Vietnam at 46 per cent, Taiwan at 32 per cent, Japan at 24 per cent, India at 26 per cent, United Kingdom at 10 per cent, Bangladesh at 37 per cent, Pakistan at 29 per cent, Sri Lanka at 44 per cent, Israel at 17 per cent.