India, US rush to reach deal before Trump's tariffs take effect - Bloomberg
Photo: US President Donald Trump (Getty Images)
India and the United States will accelerate trade talks to conclude a deal that will bring early benefits to both sides. The countries are seeking to conclude it before Trump's tariffs take effect in July, according to Bloomberg.
According to the official, who asked not to be named, Indian and US trade representatives met in New Delhi for about a week. They discussed greater market access, digital trade, customs rules, and technical trade barriers.
Recent discussions also covered food, plant, and human health safety rules and standards. The source added that both sides have made good progress towards a balanced agreement.
Negotiations on the first tranche of the trade agreement will continue to accelerate.
India and the United States are working on a phased trade agreement, with a preliminary agreement scheduled for July, the deadline for introducing the so-called reciprocal tariffs proposed by the administration of US President Donald Trump. For India, they will amount to 26%.
Earlier this month, US Secretary of Commerce Howard Lighthizer said he was very optimistic about the prospects for a US-India trade agreement in the not-too-distant future.
Before that, in May, Indian Minister Piyush Goyal met with Lighthizer and characterized the meeting as constructive.
Bloomberg adds that India was one of the first countries to initiate trade talks with the United States this year. For his part, Indian Prime Minister Narendra Modi has made efforts to appease the White House by offering concessions on a range of issues from trade to immigration.
