New Delhi, Aug. 27 -- Noting that the ongoing India-US trade negotiations will be 'crucial' to the country's economy, the Finance Ministry in its monthly report for July said that the immediate impact of Trump tariffs on India appears to be limited but may have ripple effects.

Published on Wednesday, the report urged for the redressal of the possible ripple effect of the US tariffs as they pose challenge on India's economy.

Slapped with 50 per cent US tariffs, India is not just doing trade negotiations with the US, but also pursuing a trade strategy with a diversified approach. Other than inking a crucial trade deal with Britain, India has struck some agreements with other European countries.

It also has ongoing talks with New Zealand ...