Trade talks between the United States and India have been canceled amid disagreements over tariffs, but the talks are expected to be rescheduled.
The US team’s visit to India, scheduled for late August, was meant to further discussions on a trade agreement between the two countries. The trade talks have become a higher priority after the US imposed new tariffs on Indian goods in response to India’s oil purchases from Russia.
The talks were the sixth round of negotiations, and their timing was crucial, set around the date the new tariffs were to take effect. The discussions were also meant to precede the timeframe aimed at finalizing the agreement.
However, the visit is likely to be rescheduled.
During his Independence Day address, Prime Minister Modi emphasized the importance of ‘swadeshi’ (Made in India) products and offered strong support for farmers and fishermen.
Trump stated Russia had lost India as an oil customer due to Washington’s penalties, but hinted that secondary tariffs might not affect countries that continue purchasing Russian crude oil.
These comments were made after the US imposed a 25% tariff on Indian goods on top of existing tariffs. The new tariff is set to take effect on August 27.