NEW DELHI: US President Donald Trump has modified his April 2 executive order pertaining to reciprocal tariffs and expanded the list of exempted goods, the White House said on Saturday. These goods include bullion-related articles and certain critical minerals and pharmaceutical products subject to pending section 232 investigations regarding implications for national security.
India’s exports of the newly-exempt 50-odd items amount to about $20 million annually. The products include highly specialised: nitrile compounds used in pharmaceuticals and agrochemicals; nickel waste and scrap recycled into stainless steel and batteries; lidocaine, a local anaesthetic; nick el powders for catalysts and 3D printing; nickel flakes used in conductive coatings; and high-purity precious metal articles used as bullion and inelectronics.
“The order is an enabling clause which will be required by the US to operationalise its trade deals. The exemptions comprising gold impact $20-30 million of India’s exports but the exemptions are for all countries,” said an official, who did not wish to be identified.
Effective September 8, the order, called ‘Modifying the Scope of Reciprocal Tariffs and Establishing. Procedures for Implementing Trade and Security Agreements’, revised multiple annexes of the Harmonized Tariff Schedule of the US, altering products which face duties and those which are exempt.
With these additions, the value of India’s exports to the US that are tariff-exempt rises to $28.4 billion, or 31.3% of total exports of $91.2 billion in 2024, experts said.
“Exceptin rare circumstances, I will refrain from narrowing the scope of the reciprocal tariff or any relevant section 232 tariff before the conclusion of a final trade and security agreement (final agreement) between the foreign trading partner and the United States,” the White House said.
India’s exports of the newly-exempt 50-odd items amount to about $20 million annually. The products include highly specialised: nitrile compounds used in pharmaceuticals and agrochemicals; nickel waste and scrap recycled into stainless steel and batteries; lidocaine, a local anaesthetic; nick el powders for catalysts and 3D printing; nickel flakes used in conductive coatings; and high-purity precious metal articles used as bullion and inelectronics.
“The order is an enabling clause which will be required by the US to operationalise its trade deals. The exemptions comprising gold impact $20-30 million of India’s exports but the exemptions are for all countries,” said an official, who did not wish to be identified.
Effective September 8, the order, called ‘Modifying the Scope of Reciprocal Tariffs and Establishing. Procedures for Implementing Trade and Security Agreements’, revised multiple annexes of the Harmonized Tariff Schedule of the US, altering products which face duties and those which are exempt.
With these additions, the value of India’s exports to the US that are tariff-exempt rises to $28.4 billion, or 31.3% of total exports of $91.2 billion in 2024, experts said.
“Exceptin rare circumstances, I will refrain from narrowing the scope of the reciprocal tariff or any relevant section 232 tariff before the conclusion of a final trade and security agreement (final agreement) between the foreign trading partner and the United States,” the White House said.
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