New Delhi

India has started a sector-wise analysis and is drawing multiple scenarios to cope with any possible increase in tariffs on Indian products in US President-elect Donald Trump's second term in the White House. 

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"Ministries and departments are examining various scenarios, apprehending such a move by the US and possible remedies," said an Economic Times (ET) report on Thursday (Dec 19), citing a person familiar with the matter. 

Trump on Tuesday (Dec 17) said that the US will impose reciprocal tariffs on Indian products as India imposes high tariffs on American goods. 

An expert told ET that India will have to relook at some of the products on which tariffs could be tweaked to address the concerns of the US. 

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'They tax us, we tax them'

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"If they tax us, we tax them the same amount," Trump told reporters at his Mar-a-Lago resort in Florida on Monday (Dec 16).

"The word reciprocal is important because if somebody charges us - India, we don't have to talk about our own - if India charges us 100 per cent, do we charge them nothing for the same? You know, they send in a bicycle, and we send them a bicycle. They charge us 100 and 200," he added. 

"India charges a lot. Brazil charges a lot. If they want to charge us, that's fine, but we're going to charge them the same thing," he further said. 

'The idea that...'

On November 30, Trump issued a stark warning to India and other BRICS nations, threatening them with a 100 per cent tariff if they continue to pursue other currencies to replace the US dollar for trade.

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BRICS is a group of economies like Brazil, Russia, India, China, and South Africa, alongside recent additions like Iran, Egypt, and the UAE.

"The idea that the BRICS countries are trying to move away from the Dollar while we stand by and watch is OVER, "Trump said. 

(With inputs from agencies)