NEW DELHI: Former finance minister P Chidambaram on Friday said the result of US Supreme Court striking down President Trump’s tariff regime “will be that the USA and India will revert to the status quo ante (before April 2, 2025)” and that it was for the government to explain the impact of the judgement on the trade deal announced early this month.
“The government must explain the impact of the judgement on the ‘deal’ that was announced on February 6 between the US and India,” Chidambaram said on X.
“Meanwhile, the US has extracted several concessions from India without conceding any. What will happen to those concessions? The joint statement announced Zero tariff on many goods that the US will export to India; that India intends to import $500 billion worth of goods from the US; that India will not buy Russian oil; that India will address the non-tariff barriers to US goods, and so on. What will happen to those promises? An Indian team is now in the US to finalise the text of the Framework Agreement. What will the team do now?,” he further asked.
