Donald Trump shares update on India-US trade deal
US President Donald Trump has indicated that the ongoing negotiations between India and the US for a much-anticipated interim trade deal are on track and it could be sealed soon. Trump said the proposed deal could provide American companies greater access to the Indian market in line with the trade pact between the US and Indonesia.
India and the US have been holding negotiations for the trade pact primarily to keep the tariffs below 20 percent. “We made a deal with Indonesia…We have full access to Indonesia,” the US president told reporters. The US President said his administration is going to announce a few other trade deals and mentioned India in that context.
Under the trade deal, Indonesia is giving the US access to the country, which we never had, Trump said. “That’s probably the biggest part of the deal…India is basically working along that same line. We are going to have access to India,” he said. Washington has already sent letters to several countries sharing details of reciprocal tariff rates that would come into effect on August 1. New Delhi hopes it will be able to strike a deal with the US to avoid the reciprocal tariffs. At the same time, India has indicated that it will not enter into the trade deal in a hurry.
India does not enter into any trade agreement based on deadlines and will accept the proposed trade deal with the US only when it is fully finalized, properly concluded, and in the national interest, Commerce Minister Piyush Goyal said earlier this month. An Indian Commerce Ministry team is in Washington for another round of talks on the proposed trade agreement.
India has hardened its position on the US demand for duty concessions on agri and dairy products. New Delhi has, so far, not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector. New Delhi is seeking the removal of this additional tariff (26 percent). It is also seeking the easing of tariffs on steel and aluminium (50 percent) and the auto (25 percent) sectors. President Trump announced heavy tariffs on a number of countries, including India, on April 2. However, it was soon postponed for 90 days until July 9 and later to August 1.
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