New Delhi, Feb 25 : As the US plans to impose reciprocal tariffs across trading countries by April 2, the Indian government has formed a high-level committee which is tasked to review tariff relief on imports from the US.

The panel, formed under the Union Commerce Ministry, is likely to submit its report by March 15. The report would be submitted to both the Ministry of Commerce and the Ministry of Finance.

According to people close to the matter, the government review is looking at tariffs that currently range between 15'20 per cent, 50'70 per cent, and 70'80 per cent, and whether rate adjustment could be made in "8-digit code identifying a specific product for custom purposes".

The committee is assessing the scope of possible tariff reductions and is tasked to recommend the best course of action.

The mandate is to closely examine imported goods and propose tariff adjustments.

Once the recommendations are submitted, the final decision on the tariff relief will need to be vetted by the Prime Minister's Office before being implemented, according to reports. India has already been "extremely responsive" in addressing the perception that it imposes high tariffs on foreign goods.

The review panel's work will be crucial in determining India's response to the US's proposed tariffs.

In the Union Budget 2025-26, India cut duties on bourbon whisky from 150 per cent to 100 per cent and reduced tariffs on imports like fish hydrolysate, scrap materials, satellite equipment, ethernet switches, and high-end motorcycles.

Meanwhile, India is unlikely to experience any major short-term consequences due to the US tariff on semiconductors, as it is not a major exporter of chips to the nation.

Domestic automotive manufacturers are also not likely to face any major impact due to US reciprocal tariffs as these companies sell their products largely in the fast-growing Indian market.

Also, the US tariffs on the steel sector are unlikely to impact India because only 2 per cent of the country's total finished steel exports in the first nine months of this fiscal were to the US, according to a Crisil Intelligence report.

/IANS