US President Donald Trump confirmed on Tuesday (local time) that the India-US would soon attack a business deal with “very low tariff”, allowing both countries to compete.
“I think we are going to make a deal with India. And it is going to be a different deal. It is going to be a deal where we are capable of going inside and competing. Right now, India does not accept anyone. I think India is going to do so, and if they do so, we are going to do a deal for very little tariff,” Donald Trump said.
India and the United States are interacting on a bilateral trade agreement (BTA), which are interacting before the 90-day stagnation of the 90-day stagnation of the 90-day stop at tariff escalation before the 90-day staging deadline.
Meanwhile, India has taken a strong stance on agricultural affairs as high-day trade talks with the United States reach a significant moment, saying government sources on Monday.
The Indian delegation led by the chief negotiator Rajesh Aggarwal has increased its stay in Washington, as stated by ANI earlier. Both dialogues were scheduled on Thursday and Friday, but both nations have been done immediately to finalize an important trade agreement before the time limit of 9 July.
Extended dialogues come as the two countries face suspended return of 26% mutual tariffs suspended. These punitive measures initially launched during the Trump administration on 2 April were temporarily suspended for 90 days, but will start automatically if no agreement is reached.
A senior official warned, “The failure of these trade discussions will trigger the immediate revaluation of the 26% tariff structure.”
India’s rigorous position reflects the politically sensitive nature of its agriculture sector. The country’s farming scenario dominates small -scale farmer with limited land holdings, especially challenging from both economic and political perspectives.
In particular, India has never opened its dairy sector for foreign competition in any previous free trade agreement – an example it seems reluctant to break it even under American pressure.
The United States is emphasizing for low duties on agricultural products, including apples, trees nuts and genetically modified crops.
Meanwhile, India wants preference access to its labor-intensive exports, such as textiles and textiles, gems and jewelery, leather items, and agricultural products such as shrimp, oilseeds, grapes and bananas.
Beyond the immediate interim agreement, both nations are working towards a comprehensive bilateral trade agreement (BTA), which is accompanied by the first phase targeted to be completed by 2024. The final goal is ambitious: more than doubling bilateral trade from the current $ 191 billion to $ 500 billion to 2030. (Ani)