Negotiations Continue to Find a Solution to Tariff Between the Two Countries
US President Donald Trump has spoken positively about agreeing on a trade deal with India in the near future. The US currently has tariffs of about 26% on Indian goods, and there are negotiations for finding a solution to this.
Speaking at the White House, President Trump mentioned that trade talks with India are progressing well. He highlighted that during Prime Minister Narendra Modi’s recent visit to the US, both leaders agreed to move forward on a potential trade deal. “I believe an agreement will be reached soon,” Trump stated.
US Officials Echo Positive Sentiment on Trade Progress
US Treasury Secretary Scott Besant also spoke on the matter, stating that there has been evident progress in the talks. He mentioned that India may make announcements about developments concerning the agreement in the near future. Besant also pointed out that negotiations with nations such as India are productive because of their cooperative nature.
Commerce Secretary Howard Lutnick further commented that, although a trade agreement has been prepared, its approval is needed from the governing bodies of each country, viz., the prime minister and the parliament. Again, he refused to mention what country's inner approval process was being referred to.
India's Approach Is Altered from the Rest of Countries
Earlier this month, the Trump administration imposed tariffs on a number of countries. In retaliation, the US government announced a 90-day suspension of the tariffs on a temporary basis. Though most countries took countermeasures, India opted for a different path. Rather than retaliating, New Delhi focused on moving towards a bilateral trade agreement.
During his visit to the US, Prime Minister Modi made significant strides in this direction with a view to enhancing economic partnerships. Leaders of the two countries have decided to seek an agreement that benefits mutual economic interests. The talks on trade are ongoing under this agreement.
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