India-US Trade Deal on the Horizon: Trump Promises Lower Tariffs

Donald Trump has indicated that a trade deal between the United States and India is imminent, with a focus on reducing tariffs. He envisions a deal that will promote competition and open up markets. The two countries are currently working on a Bilateral Trade Agreement (BTA) facing a crucial July 9 deadline, which is linked to the 90-day pause on tariff increases. Negotiations are extended to reach an interim deal. Failure to agree before the deadline will reinstate the suspended 26% tariffs. India’s position on agricultural trade is firm due to concerns about the impact on small-scale farmers. The US is seeking lower duties on certain agricultural products, and India is pushing for improved access for its key exports. A long-term goal of this is to more than double the existing bilateral trade value from $191 billion to $500 billion by 2030.